On July 18, 2018, the Securities and Exchange Commission voted unanimously to adopt significant amendments to Regulation ATS. The amendments, which impose heightened public disclosure requirements on alternative trading systems (ATSs) that trade national market system stocks (NMS Stock ATSs), are designed to enhance operational transparency, expand the Commission's oversight and limit potential conflicts of interest relating to these trading venues.

Under the amended rules, NMS Stock ATSs must comply with the heightened disclosure requirements of new Form ATS-N starting January 7, 2019. All NMS Stock ATSs currently operating under a previously filed Form ATS must file a Form ATS-N by February 8, 2019, but no earlier than January 7, 2019. The approaching effective date may pose challenges for certain NMS Stock ATSs in light of the work required.

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