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Professional or Non-Professional User?

Some exchanges grant a reduced prefererential fee for the dissemination of licensedinformation to private individuals, such preferential fees shall only apply to thosesubscribers which satisfy all the criteria set forth below.

You are classified as a non-professional user when the following requirements are fulfilled:

  1. The subscriber is a natural person;
  2. the subscriber does not operate a credit institution of financial services institution;
  3. the subscriber is not subject to any domestic or foreign banking, stock exchange, securities trading or investment supervision;
  4. the subscriber will use the information exclusively for his/her private purposes, such as, in particular, the management of his/her own assets;
  5. the subscriber will not use the information for business purposes, such as commercial securities trading or the professional management of third-party assets, or for his/her activities with a credit institution, a financial services institution or any other company which is subject to any domestic or foreign banking, stock exchange securities trading or investment supervision;
  6. the subscriber will also not use the information in any other manner for the purposes of third parties, such as, for instance, the non-professional management of third-party assets or within the framework of a non-professional investment club; and
  7. the subscriber will not distribute the information onward to third parties and will not make the information available to third parties, in particular such third parties which do not qualify as private individuals.

You are classified as a professional user when you do not meet the requirements of being a non-professional user.