Let's assume you're going through the process of joining a pro firm. In the meantime, you still maintain an account with a retail brokerage, which supplies you with live quotes. You complete the following steps: 1) On July 15, along with your application you pay a check to whatever stock exchange your firm belongs 2) On Aug 15, you pass the Series 7 exam 3) On Sep 1, you begin trading with the pro firm On which date would you have to begin paying professional exchange fees for the RETAIL (not the pro) account? A) July 1, since you paid money to the exchange in July B) Aug 1, since you passed your test in August C) Sept 1, since you joined the pro firm in September (assuming you continue to maintain the retail account, of course)
I would think it is September 1, when you are eligible to begin trading. There may be an arguement that when you are able to take the Series 7 test, but since you cannot trade until you have the Series 7 (thus being classified "professional"), you're probably ok. Don