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Full Time Stock Trader - Tax info, Advise from a tax lawyer friend
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SUSxander83
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 Feb 14 2021, 05:55 PM
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QUOTE(maxmahen87 @ Feb 14 2021, 03:17 PM) According to my friend, make sure the name under the brokerage account, the company, and the bank account has to be the same (either individual or multiple partners) So if you want to trade for others, it's better to include them as your partner as if you guys are doing the trading together rather than you doing it for him (which I think is illegal if you're not a licensed fund manager) Unless a person has CMSL by SC then they can trade for otherwise by the book will be considered as an investigation justification for AMLA If you wanna trade other betters have an agreement being drawn together with the brokerage account custody in the person name I feel you wanna trade otherwise it willing be taxable to the trader who has the bear more taxation for it |
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SUSxander83
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Feb 14 2021, 06:16 PM
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QUOTE(MUM @ Feb 14 2021, 06:03 PM) does one need to have license to collect "deposits" for the investment? Yes if you are following by the book Only those with CMSL are legally allowed to collect deposits and any disputes can be filed to consumer tribunal for legal protection and civil suit Otherwise by Polis definition it is scam, money laundering, Macau scam or illegal proceeds which they have the right freeze or frozen the account which is why most of us trading overseas brokerage to bypass this matter if not can be charge under AMLA |
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SUSxander83
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Feb 24 2021, 08:34 PM
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QUOTE(tehoice @ Feb 24 2021, 10:19 AM) i dont think this is completely right. taking of deposits is under the purview of BNM, surely there's another type of licence issued by BNM. CMSL or CMSRL are issued by the SC to mainly the investment/merchant banks. SC's role is to uphold the capital market. am a CMSRL holder If direct deposit yes it is under the Banking and Financial Institutions Act 1989 (BAFIA), only licensed financial institutions are allowed to accept deposits. But in CMSL most of it are piggybacking on financial license holder under BAFIA rules through using the trust or trustee in order to skirt AMLA enforcement in order to satisfy requirements The question is does CMSL consider as direct deposit takers or not which SC stillness hasn’t satisfy to many savvy investors  |
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