Nasdaq said Wednesday that it wants public comment on its ideas for distinguishing between professional users of market data and Main Street investors when it comes to fees.
Following a comment period ending Aug. 1, Nasdaq said it will assess responses and then file a set of proposals with the Securities and Exchange Commission.
A priority for those proposals is making certain that individuals investing their own money are not paying professional fees or discouraged from participating in the markets, Nasdaq said, adding that the current distinction between professional and non-professional customers complicates market data administration and adds costs.
"Main Street investors seeking to build and protect wealth are vital to the economy and to our future. We're engaging with the public to build support for positive regulatory change and increase access to our financial system for more investors around the globe," Oliver Albers, Nasdaq senior vice president and head of strategic partnerships, said in a statement.
Nasdaq is considering four proposals to clarify the distinction between professional and non-professional investors:
• Ensuring all Main Street investors are considered non-professionals.
• Allowing non-financial small businesses to operate as non-professionals.
• Eliminating compliance liability for distributors for good-faith errors in reporting.
• Ensuring that occupational traders are treated as professionals.
