Hello everyone, I'm pretty familiar with Forex managed account regulations but I do understand it is substantially more strict for the Futures market. I have a few questions for one of my trading partners. From my understanding, one can keep 14 accounts or a "commodity pool" and either/or has to be under $400,000. Besides that, you really have to be licensed with a Series 3? WHAT IF... a) You operated overseas with an offshore broker? b) You took in the funds as a "general investment" like an investment club or something and then invested the funds "at your own discretion. (I assume this would be an accounting problem?). If someone could let me know what they think as to loopholes thatd be great... Series 3 seems to be a pain!! Regards.