SEC Adopts New Transparency Requirements for NMS Stock Alternative Trading Systems
The SEC recently adopted amendments to Regulation ATS and related rules under the Exchange Act to enhance operational transparency and regulatory oversight of alternative trading systems that trade National Market System stocks (“NMS Stock ATSs”). New Rule 304 of Regulation ATS will require NMS Stock ATSs to file with the SEC a new Form ATS-N, which will require detailed public disclosures regarding the activities of the NMS Stock ATS’s broker-dealer operator and its affiliates and the manner of operation of the NMS Stock ATS.
This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post