Form ATS-N/MA Filings

What Is SEC Form ATS-N/MA?

SEC Form ATS-N/MA is an amendment filing required under Rule 304 of Regulation ATS. NMS Stock ATSs use it to report material changes to information previously disclosed on Form ATS-N, and those filings are made publicly available through the SEC’s ATS-N posting process.

This form is typically filed when an NMS Stock ATS plans to implement a material change to its operations, or to the broker-dealer operator’s or affiliates’ activities that are subject to disclosure on Form ATS-N. A material amendment is generally required at least 30 calendar days before the change is implemented.

Form ATS-N/MA supports market transparency by updating public disclosures about how an NMS Stock ATS operates and related activities. While the cover page of a material amendment is made public upon filing, the full amendment is generally posted after the Commission review period expires, unless the amendment is declared ineffective.

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

• Identification of the NMS Stock ATS and broker-dealer operator
• Description of the material change and the affected Form ATS-N disclosures
• Updated responses to applicable Form ATS-N items and related exhibits
• Timing information for the implementation of the material change
• Signatures and required attestations

SEC Form ATS-N/MA Filing Deadlines

SEC Form ATS-N/MA is an event-driven filing tied to the implementation of a material change. These timing requirements help ensure that regulators and market participants receive advance notice of significant operational updates.

Key Things to Know About Form ATS-N/MA Filing Rules

• Material Amendment Timing Required: A material amendment generally must be filed at least 30 calendar days before implementing the material change disclosed in the amendment.
• Commission Review Applies: The SEC may review the material amendment and may declare it ineffective within the applicable review period.
• Public Disclosure Mechanics Differ by Amendment Type: For a material amendment, the cover page is posted upon filing, while the full amendment is generally made public after the review period expires.
• Filed as a Distinct EDGAR Submission Type: ATS-N/MA is the EDGAR submission type used specifically for material amendments to Form ATS-N.
• Used for Significant Operational or Activity Changes: This form is used when the change is material and relates to the operations of the NMS Stock ATS or activities of the broker-dealer operator or its affiliates that are required to be disclosed on Form ATS-N.

For compliance teams and market participants, understanding Form ATS-N Filings and Information is essential to track initial filings. To monitor ATS-N material amendments and related submission types, our platform provides tools to monitor EDGAR submission activity, including programmatic access through the SEC EDGAR API For a step-by-step walkthrough, see the process of Using the EDGAR API to Access SEC filing data