At the time of registration, Stockwatch subscribers are required to identify themselves as either "Professionals" or "Non-Professionals" for the purpose of obtaining third-party data, including but not limited to real-time stock market data.
A Stockwatch subscriber may only be classified as a Non-Professional if they meet all the requirements defined on the Stockwatch website and in all supplemental third-party data agreements ("Exchange Agreements") applicable to their Stockwatch subscription. (These supplemental agreements may be viewed on the www.stockwatch.com website by going to Your Account -> Subscription Options and then viewing the links to the Exchange Agreements near the bottom of the page.) The definitions of Professional and Non-Professional vary to some extent among both Stockwatch and the various stock markets and data providers ("Third-Party Data Suppliers") whose data is available through Stockwatch. However, if a Stockwatch subscriber is deemed to be a Professional by ANY such applicable definition, Stockwatch will deem that subscriber to be a Professional both for Stockwatch and for ALL Third-Party Data Suppliers.
Stockwatch does not condone or tolerate Professional subscribers who claim to be Non-Professionals to avoid professional-level market data fees. Stockwatch reserves the right to pass through to such subscribers any additional fees imposed on Stockwatch by any Third-Party Data Supplier.
Stockwatch
subscribers who have any doubt about their Professional or Non-Professional
status are advised to carefully review the individual Exchange Agreements (as
described above) applicable to their services. Also review the example
definitions on the following page. Any Non-Professional Stockwatch subscriber
who feels they should be re-classified as a Professional, perhaps due to change
in employment or job function, may contact Stockwatch by email at webmaster@stockwatch.com. Any
questions or concerns on this topic may be directed to the same email address.
Example
Definitions of "Non-Professional"
The following examples (not a complete list) are provided for general information only. They are excerpts from various third-party data agreements ("Exchange Agreements") applicable to Stockwatch services. If there is any discrepancy between the example definitions below and any applicable agreement, the latter shall prevail.
For the Toronto
Stock Exchange and the Toronto Venture Exchange:
“Non-Professional” shall mean a natural person who is not a securities
professional and who is acting in his/her personal capacity and not as a
principal, officer, partner, employee nor agent of any business nor on behalf
of any individual. This definition excludes brokers, dealers, investment
advisors or persons otherwise employed by organizations conducting professional
activities involving the buying and selling of instruments, such as stocks,
bonds, options, futures contracts and other trading vehicles. Also excluded are
persons engaged as consultants, independent contractors, software developers
and others that use market information for any purpose for profit other than
the trading of that person’s personal account.
For the New
York Stock Exchange (NYSE):
"Nonprofessional Subscriber" means any natural person who
receives market data solely for his/her personal, non-business use and who is
not a “Securities Professional.” A “Securities Professional” includes an
individual who, if working in the United States, is:
(a) registered or qualified with the Securities and Exchange Commission
(the "SEC"), the Commodities Futures Trading Commission, any state
securities agency, any securities exchange or association, or any commodities
or futures contract market or association.
(b) 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
(c) employed by a bank or other organization 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.
A person who works outside of the United States will be considered a
“Securities Professional” if he or she performs the same functions as someone
who would be considered a “Securities Professional” in the United States.
For the
Nasdaq Stock Market:
The phrase "Non-Professional Subscriber" means any natural
person who is neither: (a) registered or qualified in any capacity with the
SEC, the Commodities Futures Trading Commission, any state securities agency,
any securities exchange or association, or any commodities or futures contract
market or association; (b) engaged as an "investment advisor" as that
term is defined in Section 201 (11) of the Investment Advisors Act of 1940
(whether or not registered or qualified under that Act); nor, (c) employed by a
bank or other organization exempt from registration under federal or state
securities laws to perform functions that would require registration or
qualification if such functions were performed for an organization not so
exempt. The phrase "Professional Subscriber" means all other persons
who do not meet the definition of Non-Professional Subscriber.