FSA registration

[alientrade]

I was wondering if anyone can help me out here....
I have been trading my own money profitably for the last couple of years...
Recently a friend has asked me to manage his account for him, in return he will pay me a small portion of the profits that i generate in his account.
Now, I am living in London and am UK resident. This friend of mine is however non-UK resident. He has nothing whatsoever to do with the UK. Furthermore, the markets that will be traded are the US markets, and the account will be with a small US brokerage, which have no links to the UK.

In such an event, Would i need to be FSA registered?

I would really prefer not to be registered. If there are any ways around it, can anyone please advise? This would be very much appreciated.

Thank you.

 

[dcarrigan]

I was wondering if anyone can help me out here....
I have been trading my own money profitably for the last couple of years...
Recently a friend has asked me to manage his account for him, in return he will pay me a small portion of the profits that i generate in his account.
Now, I am living in London and am UK resident. This friend of mine is however non-UK resident. He has nothing whatsoever to do with the UK. Furthermore, the markets that will be traded are the US markets, and the account will be with a small US brokerage, which have no links to the UK.

In such an event, Would i need to be FSA registered?

I would really prefer not to be registered. If there are any ways around it, can anyone please advise? This would be very much appreciated.

Thank you.

dont think there is any way a company trading out of the uk would be covered by the fsa. have you thought of the tax implications as a uk resident you would be liable. imo.

 

[rog1111]

I think that you need to exercise some caution with this, as you may fall under several regulated activities. Not likely to be a problem unless something goes wrong ! Some light background reading :

http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/R?definition=G974

http://fsahandbook.info/FSA/html/handbook/AUTH/3/3

You could set up an offshore company and trade through that, but even then your UK residency might create a problem

GL
rog1111

 

[sandyg]

Alien,

You may find this link interesting:

http://www.fsa.gov.uk/register/indivSearchForm.do