Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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Regulation ATS

Preliminary Notes

  1. An alternative trading system is required to comply with the requirements in this Regulation ATS, unless such alternative trading system:

    1. Is registered as a national securities exchange;

    2. Is exempt from registration as a national securities exchange based on the limited volume of transactions effected on the alternative trading system; or

    3. Trades only government securities and certain other related instruments.

      All alternative trading systems must comply with the antifraud, antimanipulation, and other applicable provisions of the federal securities laws.

  2. The requirements imposed upon an alternative trading system by Regulation ATS are in addition to any requirements applicable to broker-dealers registered under section 15 of the Act.

  3. An alternative trading system must comply with any applicable state law relating to the offer or sale of securities or the registration or regulation of persons or entities effecting transactions in securities.

  4. The disclosures made pursuant to the provisions of this section are in addition to any other disclosure requirements under the federal securities laws.

Regulatory History

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