Introducing

Understanding Professional Status

May 8, 2020

Many major exchanges, trading venues, regulatory bodies, and other data providers require data vendors like Massive to collect and maintain specific personal and employment information from subscribers accessing certain market data. This is necessary to determine whether a user qualifies as a Professional Subscriber or a Non-Professional Subscriber.

Accurate classification is essential. Providing complete and truthful information helps ensure uninterrupted access to Massive’s services and avoids potential penalties, fines, or access restrictions that may result from misclassification under exchange and vendor rules.

At Massive, these classifications directly impact which plans you are eligible for. Our plans labeled for "Individual Use" and "Non-Pro Use" are exclusively for Non-Professional Subscribers. Conversely, Professional Subscribers are required to utilize our designated Business plans, which are structured to meet the more extensive licensing and usage requirements associated with professional data consumption.

If you are unsure of your classification, please review the information below or contact our support team for guidance.

Who is a Non-Professional Subscriber?

A Non-Professional Subscriber is any natural person who receives stock market data solely for their personal, non-business use and who is not otherwise a Professional Subscriber.

This means that a corporation, limited liability company, trust, joint venture, limited or general partnership, unincorporated organization, or other entity cannot be a Non-Professional Subscriber.

Who is a Professional Subscriber?

A Professional Subscriber is any individual working in the United States who is:

• Registered or qualified in any capacity 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, or self-regulatory body;
• Engaged as an "investment advisor" as that term is defined in Section 202(a)(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), or
• Employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require that individual to be so registered or qualified if they were to perform such functions for an organization not so exempt.

Additionally, a person who works outside of the United States is a Securities Professional if they perform the same function(s) as a person who would be considered a Professional Subscriber in the United States.

How do I qualify as a Non-Professional Subscriber?

During the registration process, we ask you to answer 11 questions to determine your subscriber status. If you answer "No" to the first question or if you answer “Yes” to any of the subsequent questions (questions 2-11) you will remain qualified as a Professional Subscriber.

1. Do you use market data solely for your personal, non-business use?
2. Do you receive market data for your business or any other entity?
3. Are you currently registered or qualified with the SEC or the CFTC?
4. Are you currently registered or qualified with any securities agency, any securities exchange, association or regulatory body, or any commodities or futures contract market, association or regulatory body, in the United States or elsewhere?
5. Whether you are located within or outside of the United States, do you perform any functions that are similar to those that require an individual to register or qualify with the SEC, the CFTC, any other securities agency or regulatory body, any securities exchange or association, or any commodities or futures contract market, association or regulatory body?
6. Are you engaged to provide investment advice to any individual or entity?
7. Are you engaged as an asset manager?
8. Do you use the capital of any other individual or entity in the conduct of your trading? (trading on margin is ok)
9. Do you conduct trading for the benefit of a corporation, partnership, or other entity?
10. Have you entered into any agreement to share the profit of your trading activities or receive compensation for your trading activities?
11. Are you receiving office space, and equipment or other benefits in exchange for your trading or work as a financial consultant to any person, firm or business entity?

Can I qualify as a Non-Professional Subscriber if I use my organization information, but I use the market data for my personal, non-business use?

If you receive market data for your personal, non-business use through your organization's account or using your organization's information, you would qualify as a Professional Subscriber. Your account must be in your own name to qualify as a Non-Professional Subscriber.

Can I qualify as a Non-Professional Subscriber if I am a retired or inactive Professional Subscriber?

Yes, retired, non-working, or inactive Professional Subscribers no longer providing services as a Professional Subscriber may qualify as a Non-Professional Subscriber if they are listed as Not-Registered with FINRA. Please keep in mind that you must contact us if your status changes, and you must re-verify your status as well.

Can I qualify as a Non-Professional Subscriber if I am a trader?

Yes, but only if you can answer "Yes" to the first question and "No" to the other ten questions.

Can I qualify as a Non-Professional Subscriber if I am a trustee or beneficiary?

Yes, if you, as the trustee or beneficiary, are unpaid natural persons that otherwise qualify as Non-Professional Subscribers.

Can I sign up my investment club as a Non-Professional Subscriber?

No, the Investment Club is an organization; therefore, the Investment Club is not a natural person and cannot be a Non-Professional Subscriber.

Individual members of an Investment Club may still qualify as Non-Professional Subscribers individually if they are an unpaid natural person associated with the Investment Club, who otherwise qualifies as a Non-Professional Subscriber as well.

Can I still sign up for Massive.com as a Professional Subscriber?

Yes, absolutely! You will need to contact us so that we can help you determine which one of our many Enterprise APIs is right for your use case.

If you have any questions or would like to learn more about any of our products, please don’t hesitate to contact us.

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  Peter Stacho

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