Seems like CFTC/NFA requirements mirror SEC. From NFA site: Commodity Trading Advisor (CTA) A CTA is an individual or organization which, for compensation or profit, advises others as to the value of or the advisability of buying or selling futures contracts or commodity options. Providing advice indirectly includes exercising trading authority over a customer's account as well as giving advice through written publications or other media. Registration is required unless: You have provided advice to 15 or fewer persons during the past 12 months and do not generally hold yourself out to the public as a CTA or You are in one of a number of businesses or professions listed in the Commodity Exchange Act or are registered in another capacity and your advice is solely incidental to your principal business or profession. http://www.nfa.futures.org/registration/cta.asp Some of the above registration requirements from SEC site: Registration Under the Advisers Act of Certain Hedge Fund Advisers http://www.sec.gov/rules/final/ia-2333.htm
From my state: CHAPTER 2 SECURITIES Part 1 48-2-102. Part definitions. (10) "Investment adviser" means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, buying, or selling securities, or who for compensation and as a part of a regular business issues or promulgates analyses or reports concerning securities. "Investment adviser" does not include: (A) A bank (unless it is acting as an investment adviser for a registered investment company), savings institution, or trust company; (B) A lawyer, accountant, engineer, or teacher whose performance of investment advisory services is solely incidental to the practice of such lawyer's, accountant's, engineer's or teacher's profession; (C) A broker-dealer whose performance of investment advisory services is solely incidental to the conduct of such person's business as a broker-dealer and who receives no special compensation for such services; (D) A publisher of any bona fide newspaper, news magazine, or business or financial publication of general, regular, and paid circulation; (E) A person who has no place of business in this state if: (i) The person's only clients in this state are other investment advisers, broker-dealers, or institutional investors; or (ii) During any period of twelve (12) consecutive months, the person does not direct business communications into this state in any manner to more than five (5) clients (other than those specified in subdivision (10)(E)(i)), whether or not such person or any of the persons to whom the communications are directed are then present in this state; or (F) Such other persons not within the intent of this subdivision (10) as the commissioner may by rule exempt from this definition as not in the public interest and necessary for the protection of investors; ******************************** So pretty much the SEC default.