Regulatory Alerts2022-03-18 | 2022-01975Added
Amendments Regarding the Definition of Exchange and Alternative Trading Systems That Trade U.S. Treasury and Agency Securities, NMS Stocks, and Other Securities
The Securities and Exchange Commission proposes to amend Rule 3b-16 to expand the statutory definition of an exchange to include Communication Protocol Systems that bring together buyers and sellers of securities. The Commission also re-proposes amendments to Regulation ATS and Regulation SCI to eliminate exemptions for Government Securities ATSs, require enhanced disclosures via Form ATS-N, and impose fair access and systems integrity requirements on ATSs meeting specific volume thresholds. Additionally, the proposal mandates the electronic filing and modernization of Forms ATS and ATS-R to improve operational transparency and investor protection.
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