Regulatory Alerts2022-01-26
Amendments Regarding the Definition of Exchange and Alternative Trading Systems Trading U.S. Treasury and Agency Securities
The Securities and Exchange Commission proposes amending Rule 3b-16 to include Communication Protocol Systems within the statutory definition of an exchange, thereby subjecting them to exchange regulation. The Commission also re-proposes amendments to Regulation ATS and Regulation SCI to eliminate exemptions for Government Securities ATSs and require enhanced disclosures, fair access standards, and systems integrity compliance for those meeting specific volume thresholds. Additionally, the proposal modernizes electronic filing requirements for Form ATS and Form ATS-R while revising Form ATS-N to apply to both NMS Stock ATSs and Government Securities ATSs.
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