What to do to get licensed to trade (lose) people's money

[Stormin_Norman]

to trade currencies on behalf of other people (or take their money into a fund to trade) what licenses, regulations do you need to have?

 

[prawn_86]

Essentially if your starting a fund you need:

AFSL
Asic approval
Responsible entity
Proper auditors

Probably a few other things also

 

[dasmith1973]

Hi Storman..

ASIC licencing is the big one & if you are a fund you need responsible managers etc which cost a lot. I responded to a another post somewhere here recently with comments from a friend who set a similar fund up this year, if you have cash or a backer its ok but it takes a fair no of $ to start (but who cares if you have a few $m being invested right!).....

see pm..

Chrs, Dave

 

[lasty]

to trade currencies on behalf of other people (or take their money into a fund to trade) what licenses, regulations do you need to have?

There are other ways to trade peoples money without going to the extreme expense of setting up a fund, which requires PDS's,administration, that could cost u $100k to set up.

I wont go into it on here in detail but you could get a license from someone who has an AFSL.

 

[MS+Tradesim]

Stormin, you might be better off getting a position at a prop shop. You get to trade more money but you won't have the hassles of dealing with whiners...*coff*...oops, I meant investors. You also won't have all the regulatory hassle and paperwork.

 

[CFD]

I assumed Norman was inquiring into the competency of others rather than looking to bring his own in to question.

 

[Stormin_Norman]

no was talking about myself.

i have a couple of hundred k's under management via companies (ie some shareholders contribute money capital, others intellectual IP).

however some rather large(r) potential investors would rather see a license then participate in a convoluted company structure.

i had thought it was a rather complicated process to obtain said license; and was throwing it out there to see if anyone had any general knowledge or personal experiences before i ventured into the regulatory minefield.

 

[Naked shorts]

lol at whoever changed the threads name

 

[Stormin_Norman]

lol at whoever changed the threads name

it got changed??

 

[Naked shorts]

Didnt someone add the "(lose)" part to it? I dont remember it being there when i first read the thread.

 

[Stormin_Norman]

Didnt someone add the "(lose)" part to it? I dont remember it being there when i first read the thread.

no, i put that in the original title. my gallows humour

is most of the expense in getting the legals done for the PDS?

someone was talking about managers...so im not good enough?

seems like such a nightmare.

 

[lasty]

no, i put that in the original title. my gallows humour

is most of the expense in getting the legals done for the PDS?

someone was talking about managers...so im not good enough?

seems like such a nightmare.

The first thing is the AFSL for asset managment.. ASIC dont hand these out willy nilly.. harder to get than a "normal" AFSL.
You will need loads of compliance for starters

 

[white_goodman]

no, i put that in the original title. my gallows humour

is most of the expense in getting the legals done for the PDS?

someone was talking about managers...so im not good enough?

seems like such a nightmare.

maby you need 'managers' to stop another leeson/madoff scenario

 

[Stormin_Norman]

maby you need 'managers' to stop another leeson/madoff scenario

clearly it worked in those situations well

reading, and getting confused by the asic forms atm.

makes setting up in the cayman islands much more appealing...