Alternative Trading Systems Face New Regulatory Burdens

On July 18, 2018, the U.S. Securities and Exchange Commission approved amendments to Regulation ATS and Rule 3a1-1 under the Securities Exchange Act of 1934, as amended. The amendments impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System ("NMS") stocks. In this article, partner Julian Rainero and associate William Barbera discuss the amendments and the effect the new requirements will have on NMS Stocks transactions.