i am not sure if there are any Uk-based traders here, but here goes... I have been trading my own money profitably for the last couple of years in the US stock markets... 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.