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Is posting live trade with profit and loss Legal?
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Is posting live trade with profit and loss Legal?

  #21 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received


grausch View Post
If you are wiring funds without them being queried, then it is possibly because it is not unusual. In my case, it was the first time I ever withdrew money from OANDA. If it had been TDAmeritrade, they would have asked no questions.

Do I need to be authorised? - Financial Conduct Authority. I checked the website and could not find the friends and family exemption (or any exemption based on AUM, etc.). If you do find it, please let me know. However, this will only be applicable if your friends and family are in the UK. Even if everyone involved has an account with Interactive Brokers UK, if you are providing advice to a CZ client, then CZ laws apply and you would need to research those.

In my situation, I understand the laws applicable quite clearly. This may differ from yours. If you are truly interested in having your friend invest money with you, then I would suggest contacting a lawyer who specializes in this. My take on the situation - if your friend deposits money into your account to trade with, then you are accepting client money and that nasty section of AIFMD applies to you. If you are merely letting him tag along on your trades, then you are still in breach of the law (see Scalpingtrader's post on page 1), but I am unsure whether this is criminal or civil.

Edit: I see you had PAMM accounts previously. I am not sure what the legal requirements for those brokers are, i.e. whether they need to report it or not. All I am saying, is before you accept client money whether PAMM or otherwise, it might be a good idea to get legal advice.

Look like to me the good idea is either do nothing and spend money instead on booze and dope, or do like smart people do in these times - in cash and with gentleman's word.

Trade to live. Not live to trade.
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  #22 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

I think we had derailed this thread dramatically. I would like to apologize to the topic starter.

Trade to live. Not live to trade.
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