Registration for CTAs is required under the Commodity Exchange Act, which was passed in 1936 to better oversee the futures and options markets. Registration is required for any individual or firm profiting from the advice they give, unless they have not provided more than 15 persons with advice over the last year and they do not advertise themselves as a CTA. There is also no required registration if the individual or firm is a registered investment advisor with the SEC and only provides options and futures advice incidentally.