Does a manager need a Series 7 license to manage a Hedge Fund?
No. Series 7 is a license that is required before an individual can sell securities. Those who pass the exam for a Series 7 license are eligible to become a registered representative of broker-dealers in the United States. In general, an individual cannot legally advise clients, solicit transactions, or execute transactions for clients until he or she has passed the Series 7 exam, obtained the corresponding license.
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No. A Series 7 exam license is not required to manage a hedge fund. However, if the hedge fund, or an affiliate, is registered as a broker-dealer, the manager may need the Series 7 depending on his duties with the fund or affiliate. For more information please see: What Licenses Does a Manager Need to Run a Hedge Fund, Hedge Fund Series 7 questions. Does a manager need a Series 7 license to manage a Forex Hedge Fund. Generally no. However, depending on the nature of the forex hedge fund, the manager may need to be registered as a commodity pool operator. If the hedge fund manager were required to be a commodity pool operator the principal, and traders, would need to have a Series 3 exam license. For more information, please see: How to Register as a CPO or CTA, Hedge Fund CPO exemptions.
