Professional/non-professional status

Discussion in 'Taxes and Accounting' started by insidedraw, Aug 16, 2010.

  1. Does anyone know whether you can have a series 7 and still qualify as a market non-professional with regards to market data fees? I have been told by FINRA(one guy) that yes I can since I would have a 7 but not have it registered(u-4), thereby qualifying as unregistered. However, I then call IB and they tell me as long as I have a CRD number I will come up on a NYSE audit for market professionals. So which one is right? It really sucks since I just took the continuing ed last month. I didn't know I was going to leave my prop firm and trade retail then. I've also learned that I cannot voluntarily give up my 7. What are my outs? Could I have a relation sign up for esignal for charts and data as a non-pro and have this account connected to my front end and IB account. Thank you for your thoughts and EDUCATED opinions.