Overview of Professional Subscriber status
Professional Subscriber status refers to individuals or organizations that use financial data for commercial purposes rather than for personal use.
This status comes with a price tag and is subject to regulatory compliance and usage obligations. Professional subscribers are issued unique identifiers by regulating bodies, which they use to report about their data usage and access information that is tailored to their needs. It is imperative to understand the distinction between professional and non-professional subscriber status, as failing to comply with the associated regulations can result in significant legal and financial implications.
Who qualifies as Professional Subscriber?
If you meet one or more of the requirements, you can be called a Professional Subscriber.
- Registration with regulatory bodies: Those who provide investment advice or asset management services to individuals or entities.
- Investment advice or asset management: Individuals or entities who are registered or qualified with securities or commodities regulatory bodies such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). This applies whether they operate within or outside of the United States.
- Trading with others' capital: Individuals or entities engaged in trading activities using the capital of others. This includes arrangements where they share the profits from these activities or receive compensation.
- Receiving benefits for financial services: Those who receive benefits, such as office space or equipment, in exchange for their services related to financial consultancy or trading activities.
- Trading for organizations: Individuals or entities that conduct trading activities for the benefit of various types of organizations. This includes corporations, partnerships, Limited Liability Companies (LLCs), tax-exempt organizations, and trusts.
How is it different from Non-Professional Subscriber status?
Professional Subscriber status differs significantly from Non-Professional Subscriber status in the following aspects:
Price: As a Professional Subscriber, you can expect higher costs than a Non-Professional Subscriber. Although the range of services offered to both types of subscribers is the same, Professional Subscribers typically have higher usage of services and the capacity to generate greater profits. Consequently, their cost is higher.
Onboarding process: The onboarding process for Professional Subscribers is more comprehensive and detailed. Applicants must complete an in-depth onboarding procedure, detailing how, where, and by whom the data will be used.
Reporting: Reporting requirements for Professional Subscribers are more stringent than those for Non-Professional Subscribers. Professional Subscribers, due to their nature of work and the entities they represent, are obligated to adhere to strict regulatory reporting and compliance protocols. For example, if you redistribute data outside your organization, you must provide a comprehensive list of users and pertinent information about them.
Frequently Asked Questions
Q1: Can I change my status from Professional to Non-Professional?
A: Yes, you can change your status to Non-Professional once you have fully ceased operating in a professional capacity. This would involve no longer performing any of the activities that qualify one as a Professional Subscriber.
Q2: What happens if I misreport my Professional status?
A: Misreporting your status can lead to severe consequences, including substantial retroactive fees imposed by exchanges. It's crucial to accurately report your status to avoid such complications.
Q3: How long does it take to access data with Professional status?
A: The process to access data as a Professional Subscriber can be quite lengthy when using traditional data providers or contacting exchanges directly, often taking up to two months due to extensive bureaucratic procedures. However, at Finazon, we have streamlined this process, reducing the timeframe to just 2-3 weeks by utilizing our automated form processing system.
Access market data as a Professional Subscriber using Finazon
As a Professional Subscriber, accessing market data through Finazon is a straightforward process. Follow the steps outlined below to initiate your subscription:
- Navigate to the US Stock Market Data API dataset in the Finazon Catalog.
- Ensure that Commercial usage option is selected.
- Click on View agreements. This will bring up the terms and conditions that you must agree to in order to access the data.
- Review the process outline carefully. If you are in agreement, click Proceed with agreement form.
- You will then be asked to fill out an order form which Finazon will submit on your behalf. This form captures necessary information that is essential for your subscription.
- That's it! Once the form has been completed and submitted, Finazon will reach out to you with further instructions and provide assistance along the way.
If you have any additional questions or concerns about Non-Professional Subscriber status, our support team is ready and willing to assist you. Please don't hesitate to reach out to us for any clarifications or further assistance you might need.