Form ATS-N Filings

What Is SEC Form ATS-N?

SEC Form ATS-N is a public disclosure filing required under Rule 304 of Regulation ATS. It is used by NMS Stock ATSs to file an initial Form ATS-N, amendments, and notices of cessations of operations, and the Commission makes effective filings publicly available on its website.

This form is typically filed before an NMS Stock ATS commences operations and is updated through amendments when there are material changes, periodic updates, or corrections to previously disclosed information. Once a Form ATS-N filing is submitted, it supports the regulatory process for public transparency about the ATS’s manner of operations and related activities.

Form ATS-N promotes transparency by providing standardised disclosures about how an NMS Stock ATS operates and how the broker-dealer operator and its affiliates may be involved in ATS-related activities. While it is a public filing, it does not replace other broker-dealer regulatory obligations or other applicable SEC requirements.

Key elements typically found in SEC Form ATS-N include:

• Name of the NMS Stock ATS and broker-dealer operator
• Types of NMS stocks and order types handled by the ATS
• How orders are displayed, ranked, matched, and executed
• Subscriber eligibility, access standards, and participation requirements
• Fees, rebates, and other material economic arrangements
• Conflicts of interest and policies, controls, and safeguards related to ATS operations

SEC Form ATS-N Filing Deadlines

SEC Form ATS-N is an event-driven filing with specific timing requirements that apply when an NMS Stock ATS begins operations, makes reportable changes, or ceases operations. These timing requirements are important for regulatory compliance and to ensure timely public disclosure.

Key Things to Know About Form ATS-N Filing Rules

• Public Filing Requirement Applies to NMS Stock ATSs: Rule 304 of Regulation ATS requires NMS Stock ATSs to publicly file an initial Form ATS-N, amendments, and notices of cessation of operations.
• Effectiveness Is Required for Initial Operations: An NMS Stock ATS generally must have an initial Form ATS-N become effective before commencing operations as an NMS Stock ATS.
• Amendments Have Different Timing Standards: Material amendments are filed in advance of implementation, while updating and correcting amendments are filed on a quarterly basis or on a prompt correction basis, as applicable.
• Commission May Declare Filings Ineffective: The Commission may declare an initial Form ATS-N or certain amendments ineffective after notice and an opportunity for a hearing if it finds that such action is necessary or appropriate in the public interest and consistent with investor protection.
• Cessation Must Be Noticed in Advance: A notice of cessation is required before an NMS Stock ATS will stop operating, and the notice causes the Form ATS-N to become ineffective on the designated date.