I'm hoping someone can help me with my "Pro vs. Non-Pro" status question.. I used to work for a Prop Firm, was registered, and have my Series 56 License (I believe it lasts 2 Years without continuing education (please correct me if I wrong)) and I am trying to find out if I can be considered a "Non-Pro" now that I am on my own. Before I set up an account with Interactive Brokers and fund it I need to find out. Their website states: "Non-Professional/Professional Subscriber Definitions NONPROFESSIONAL SUBSCRIBER - "A Non-professional Subscriber" is any natural person* whom a market data vendor has determined qualifies as a "Nonprofessional Subscriber" and who is not: (a) registered or qualified with: the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association, nor (b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor (c) employed by a bank or another organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt. Any person who does meet the above criteria (a,b, & c) is considered a Professional Subscriber." According to the above, I do not have to worry about (b) or (c) but I am wondering if my Series 56 License and/or recent history with a Prop Firm (I had to be registered and fingerprinted with CBOE) makes it so I qualify as a "Pro" under section (a); even though I am no longer associated with the Prop Firm. Does anyone have any answers and/or can provide links to statements that back up their answer? I just want to make sure that I am giving IB accurate and honest information so I don't break any rules. Thanks!
Bump... I'm really curious if anyone has any insight on this. If you have a Series 56 license, does this mean you are forever registered with the exchanges and/or considered "Pro" or once you leave the firm, are you no longer registered and can trade and receive data feeds under the "non-pro" status? Any help would be appreciated. Cheers
I believe that if you use the market data for your personal trading, you should be qualified as non-professional. Here is a link I found that I believe correctly describes professional status: http://mbtsoftware.com/community/modal/DeterminingTradingStatus.aspx?a=anonymous