Form ATS-N/UA Filings

What Is SEC Form ATS-N/UA?

SEC Form ATS-N/UA is an amendment filed under Rule 304 of Regulation ATS by alternative trading systems that trade NMS stocks (“NMS Stock ATSs”). It is used to update information in a previously filed Form ATS-N that has become inaccurate or incomplete. For further reference, the SEC provides guidance on Form ATS-N filings and information

This form is typically filed when an NMS Stock ATS needs to correct routine changes to its operations, relationships, or disclosures that do not qualify as a “material amendment” and are not otherwise required to be filed as another specific Form ATS-N amendment type. An ATS-N/UA is generally used to keep public Form ATS-N disclosures up to date over time.

Form ATS-N/UA supports transparency by ensuring that information about an NMS Stock ATS’s manner of operations and related broker-dealer activities remains accurate and complete. Because Form ATS-N filings are public, these updates can be reviewed by market participants and regulators, thereby helping maintain an up-to-date disclosure record for the ATS.

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

• Name of the NMS Stock ATS and the broker-dealer operator
• SEC file number and CRD number of the broker-dealer operator
• Membership and identifying information for the relevant self-regulatory organization and ATS identifier(s)
• Updated disclosures about the ATS’s manner of operations and trading functionality
• Updates to information regarding affiliates, order handling, and interaction protocols disclosed on Form ATS-N
• Exhibits and supporting documents required by the Form ATS-N instructions, as applicable

SEC Form ATS-N/UA Filing Deadlines

SEC Form ATS-N/UA is filed on a periodic schedule tied to calendar quarter-end for updating information that has become inaccurate or incomplete. These timing requirements help ensure that public Form ATS-N disclosures remain current.

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

• Updating Amendment Category: Form ATS-N/UA is used for “updating amendments” to Form ATS-N, filed every quarter to keep prior disclosures accurate and complete when another Form ATS-N amendment category does not apply.
• Quarter-End Timing Requirement: An ATS-N/UA is generally due no later than 30 calendar days after the end of each calendar quarter when updating is required, making it a periodic compliance filing rather than an event-driven deadline.
• Public Disclosure Standard Applies: Form ATS-N/UA updates are part of the public Form ATS-N disclosure regime, and they are intended to provide transparent, current information about an NMS Stock ATS’s operations and related broker-dealer activities.
• Not a Substitute for Material or Other Amendments: If a change requires a different Form ATS-N amendment type (such as a material amendment, correcting amendment, or other specified amendment category), it should not be handled solely through ATS-N/UA.
• Exhibits and Supporting Information May Be Required: Depending on what is being updated, the filing may include revised exhibits or supporting documents consistent with the Form ATS-N instructions and disclosure requirements.

This form can be retrieved through the SEC’s EDGAR system. For a step-by-step walkthrough, see the process of Using the EDGAR API to Access SEC Filing Data. Many issuers rely on third-party service providers to prepare and submit this form.

These updates, along with other alternative trading system update filings, provide a comprehensive view of ATS regulatory disclosures.