my friends an individual non licensed llc and he just signed up with assent and they now have a form you must sign that says you can't overide any non licensed people in your llc. looks like the gig really is coming to an end.
Does this mean if you have an LLC with Assent, for any traders you have that are non-licensed (retail 25) you will not be able to accept an over-ride on them? What is the managing member of the LLC is licensed?
I just spoke witih assent who said you MUST have a series 7, 55, & 66 (I think those are the correct numbers)
7 (General Securities Representative) 55 (Registered Equity Trader License) and 63 (The Uniform Securities Agent State Law Examination) not 66 which is a combo of the 63 and 65
Can people from Canada or China get series 7? If not how are these overseas trading offices (swift) going to operate?
monstercat, seriously that doesn't sound right to me, i haven't heard anything. you stated your friend is not licensed that has the llc. now does it change if your are a licensed llc under assent? now are we talking a retail account or individual that an override can't get charged? Correct me if i am wrong but Assent does not know what rate their LLC's charge their traders, that is between the trader and the LLC, nothing is documented on the Assent end. not buying it
This is to trade prop with assent correct? So your only options are to have license or pony up 25K and trade retail (with Assent)? -Guru
Not sure on the details of the Assent requirements but as for the non licenced LLC charging its traders overrides........... that is exactly the kind of shit that causes problems with the SEC. A non-registered entity cannot accept deposit monies or charge commissions. This a big no-no with the SEC, as you are seen to be acting as a 'non-registered broker/dealer' , and we all know they (the SEC) don't like that. Seems like the SEC making an example of TUCO (even if the circumstances were different), is having the desired effect of, 'tightening the noose' industry wide where LLCs are concerned. Auto
ny trader its exactly as i said. my friend trades under his llc and has no sub traders. BUT HE SAID ASSENT IN THE LAST WEEK HAS A NEW FORM FOR ALL LLC'S TO SIGN. the office he's under had never seen this form. he said the form he signed said that no llc can accept an overide on other traders. if i'm not mistaken with assent if you're under an office with a series 7 then you're under assents llc and not the office. so basically i guess what the form means is no llc can have traders under it and all traders threw assent will have to be licensed. somebody on another thread said there assent llc is shutting down. i bet 1/2 of assents traders are non licensed under llc's. what happens to all those llcs i have no idea. the question is are clearing houses and trading firms getting contacted by the sec?