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SEC Proposes Enhanced Disclosure and Oversight Rules for Alternative Trading Systems
3 December 2015
View Client Update
On November 18, 2015, the Securities and Exchange Commission ( the “SEC” ) announced proposed rules (the “Proposed Rules”) to enhance operational transparency and regulatory oversight of alternative trading systems that trade stocks listed on a national securities exchange (“NMS ATSs”).
The Proposed Rules would (i) require enhanced disclosures for NMS ATSs on new Form ATS-N; (ii) provide the process for broker-dealer operators to make Form ATS-N filings; (iii) provide for the SEC to declare such filings "effective" or "ineffective," and to limit, suspend or revoke the ATS's permission to operate; and (iv) require NMS ATSs to develop written safeguards and procedures with respect to confidential information.
If the Proposed Rules are adopted, NMS ATSs can expect increased scrutiny from not only the SEC and FINRA, but also market participants that will have greater information about their activities.
Zila Reyes Acosta-Grimes
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