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Form ATS-N-C Filings

SEC Form ATS-N-C is a formal notice filing used by an NMS Stock alternative trading system (ATS) to report that it will cease operating as an NMS Stock ATS under Regulation ATS.

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What Is SEC Form ATS-N-C?

SEC Form ATS-N-C is a filing used under Rule 304 of Regulation ATS for an NMS Stock ATS to provide notice that it will cease operating as an NMS Stock ATS. It is submitted electronically on EDGAR and is part of the Form ATS-N framework that applies to NMS Stock ATSs seeking to rely on the exemption from exchange registration.

This form is typically filed when an NMS Stock ATS plans to discontinue operations as an NMS Stock ATS, including situations involving business decisions to wind down, restructure, or transition the platform. The notice of cessation must be filed in advance of the cessation date, and it causes the related Form ATS-N to become ineffective on the date designated by the NMS Stock ATS.

For further reference, the SEC provides guidance on Form ATS-N filings and information.

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

  • Name of the NMS Stock ATS and filer identification information
  • Planned date the NMS Stock ATS will cease operating as an NMS Stock ATS
  • Statement that the filing is a notice of cessation under Rule 304(a)(3)
  • Contact information for submission questions and SEC correspondence
  • Signature block and consent to service of process information

SEC Form ATS-N-C Filing Deadlines

SEC Form ATS-N-C has specific timing requirements that NMS Stock ATSs must follow when providing notice of a planned cessation. These deadlines are crucial to ensure regulatory compliance and provide proper notice to the SEC and market participants.

Filing Stage Timeline Details
Cessation Planning As needed The NMS Stock ATS determines the intended cessation date and prepares the required notice information
ATS-N-C Filing At least 10 business days before cessation Filed electronically with the SEC as a notice of cessation of operations as an NMS Stock ATS
Form ATS-N Becomes Ineffective On the date designated by the NMS Stock ATS The notice of cessation causes the Form ATS-N to become ineffective on the specified date
Amendments to ATS-N-C Not applicable Notices of cessation cannot be amended; a correct filing must be submitted if changes are needed

Key Things to Know About Form ATS-N-C Filing Rules

Advance Notice Required: An NMS Stock ATS must file a notice of cessation at least 10 business days before the date it will cease operating as an NMS Stock ATS.

Cessation Makes Form ATS-N Ineffective: The notice of cessation causes the NMS Stock ATS’s Form ATS-N to become ineffective on the date designated in the filing.

ATS-N-C Cannot Be Amended: EDGAR validation rules treat ATS-N-C (and ATS-N-W) submissions as non-amendable; filers must submit the correct filing rather than amend an existing notice of cessation.

Form-Type Scope Is Limited: ATS-N-C is used specifically for NMS Stock ATSs subject to Rule 304, and it is distinct from the separate Form ATS regime that applies to other alternative trading systems.

Tracking and Monitoring: To monitor ATS-related submissions by form type, you can reference an ATS-N filings list, check our SEC Edgar Search tools for related filing categories, and also check our  SEC filers database to view the full list of SEC filers.

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