Traders: Millions by the Minute

[LongTermInvester]

If I am not mistaken ( I ll have to check again) Up to 14 investors in fx you do not need registration.

FX is unregulated but discretionary management is always regulated, whether it uses unregulated or regulated instruments (e.g. FX vs equities).

Your quote of up to a handful of investors is correct but only when done for friends / family with no fees being charged. Once you get beyond this small handful you are seen to be running a business, whether you are charging fees or not. This is to stop someone building a financial management business un-regulated on a no-fees basis then charging fees later. If you are charging fees you must be regulated from the get go.

For what the guys on the TV were doing they absolutely must be regulated.