Title: Do not PM me for investment advice
Description: I am not licensed to do so
Description: I am not licensed to do so
csk - May 21, 2005 04:48 AM (GMT)
Today I received yet again another PM for specific investment advice pertaining to specific buy/sell action, pertaining to a certain instrument, pertaining to certain price. Any of this I cannot advise.
I am not a registered investment adviser and therefore by law I am not allowed to provide any such advice whether in private or in public. The law is very clear on this. If I do so as I am liable to be prosecuted and punished.
I know a lot of people has the habit of asking for specific advice and when they are not answered they get so hot under their collar. I have seen plenty of such reaction. One example is right here in this forum. (The link don't seems to be working. Look ofr my post on 3Apr 2:13pm local time.)
So even at the risk of igniting further outburst of ignorant anger I have to state my position in respect to the law of the land we live in. Actually, no such anger can be ignited if such seekers are not ignorant.
Do not ask me for specific investment advice - specific buy/sell action, specific price level , etc. - whether in public or private. If you need to ask, ask a licensed investment adviser or a licensed dealer's representative. I am not one.
csk - August 14, 2005 04:23 AM (GMT)
I was doing the round of forums to find out comments/feedback about data
vendors. Accurate and reliable data is so important if you want to do analysis and
backtesting seriously.
I stumbled onto this forum and it reminded me that I was not the only one having
to handle this type of problem. I attached a screenshot.
I hope this helps to clarify the real undisputabled position, shrouded from
realization because of ignorance.
pirate - November 18, 2005 07:35 AM (GMT)
Hi CSK,
why are you so particular about giving specific buy sell advise? Are you very sure that it against the law here to do that? If that the case, all remisters, lion & HC must be doing some illegal stuffs here as I doubt they are registered investment advisors.
I thought the law apply to those that manage funds for other people? You must be a registered investment advisor in order to manage other people money. other than that, you need not be a registered investment advisor. Or am I ignorant here?
every website I read, there are a lot of these types of disclaimers that sometimes puzzle me. I mean they're not managing funds for other people, what are they scared of.
from my understanding, you're free to give specific buy-sell advise, but you need to state if you're holding any of the shares, and specific that your advise is not a solicitation to buy or sell. he/she need to seek professional advice if he/she wants to buy/sell. am I right?
Thanks and best regards!
why are you so particular about giving specific buy sell advise? Are you very sure that it against the law here to do that? If that the case, all remisters, lion & HC must be doing some illegal stuffs here as I doubt they are registered investment advisors.
I thought the law apply to those that manage funds for other people? You must be a registered investment advisor in order to manage other people money. other than that, you need not be a registered investment advisor. Or am I ignorant here?
every website I read, there are a lot of these types of disclaimers that sometimes puzzle me. I mean they're not managing funds for other people, what are they scared of.
from my understanding, you're free to give specific buy-sell advise, but you need to state if you're holding any of the shares, and specific that your advise is not a solicitation to buy or sell. he/she need to seek professional advice if he/she wants to buy/sell. am I right?
Thanks and best regards!
| QUOTE |
| Investment Advisors An investment advisor is one who manages the investments of others for a fee, typically calculated as a percentage (e.g., 1%) of assets under management on an annual basis. Investment advisors must be registered under either federal or state law depending on the amount of money under management. Common examples of investment advisors include pension fund managers, mutual fund managers, trust fund managers and also individuals granted discretionary authority by private clients to manage their personal investments. Stock brokers (known as "registered representatives" under federal law) are not necessarily (and often are not) registered investment advisors. The vast majority of stockbrokers simply take orders for sales and purchases of stocks, bonds and other financial instruments and provide financial advice (and recommend sales and purchases) only as an incidental service to their primary brokerage service -- they usually do not have discretion to manage client investments. Although the lines between the two often blur, the distinction is important. In general, under U.S. law, investment advisors owe their clients an ongoing fiduciary duty to exercise their discretion in selecting investments with their clients' best interests in mind. Stock brokers on the other hand, typically do not owe a fiduciary duty to clients beyond the proper execution of buy and sell orders. |
csk - November 18, 2005 06:10 PM (GMT)
| CODE |
| why are you so particular about giving specific buy sell advise? Are you very sure that it against the law here to do that? If that the case, all remisters, lion & HC must be doing some illegal stuffs here as I doubt they are registered investment advisors. I thought the law apply to those that manage funds for other people? You must be a registered investment advisor in order to manage other people money. other than that, you need not be a registered investment advisor. Or am I ignorant here? |
Very very very ignorant!!! The law is cast in stone.
Remisiers are required to pass exams, after which they have to be registered by the MAS as Dealer's Representative. Only when registered can they then talk to customers, take orders and give investment advice. There are similar laws for the futures industry too.
I don't see Lion or Hc giving investment advice here. I don't see specific buy/sell and I don't see specific buy/sell price levels.
I was NASD Series 3 and Series 7 passed and was once registered with the SEC and CFTC, a neccessity by US law since I dealt with US exchanges and account contracts subjected to US laws. At he same time I was also once registered with the MAS as a Dealer's Representative, again a neccssity by Singapore law because in Singapore and within Singapore jurisdiction. The law on this still stand.
There are many very very ignorant pople around and they easily get angry if you don't give them advice. There are also very many people around who like to stir up trouble by giving encouragement to those ignorant peolpe to make noise with ignorant perception of the law and often not citing the correct statues or act, but incorrect and often third party interpretation of the law. Often done with selfish interest.
My only advice, which I know will fall on deaf ears, is do not interpret the law your own way. Check with your lawyers, not ignorant half-past-six types, but only those who know their workmanship.
I have no interest to continue with this dialogue. Human nature will never change and there will always be ignorant people around and at the same time there will always be trouble-inciters around to start fires using and taking advantage of ignorant people.
I have no such interest.