SEC Extends ATS Recordkeeping Rules Without Changes
Published Date: 1/30/2025
Notice
Summary
The SEC is asking to extend the rules that require alternative trading systems (ATSs) to keep detailed records about their trades, subscribers, and access decisions. This affects ATS operators who must keep these records safe and organized for a set time, helping keep trading fair and transparent. No new costs or changes are planned—just continuing the current record-keeping rules.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
ATSs Must Keep Multi-Year Trading Records
If you operate an alternative trading system (ATS), Rule 303 of Regulation ATS requires you to preserve records (including subscriber information, trading summaries, time-sequenced order information, access notices, and certain governance documents) for at least three years, with the first two years in an easily accessible place. Some records (e.g., partnership articles, articles of incorporation, minutes, and certain Rule 301(b)(5) records) must be preserved for the life of the ATS. The Commission estimates there are 107 ATS respondents and an average ongoing burden of about 15 hours per ATS per year (aggregate ~1,605 hours), with a total estimated aggregate annual burden of approximately 1,607 hours.
Recorded Data Available for Regulator Examinations
The preserved records required by Rule 303 are available to Commission examiners, state securities regulatory authorities, and self‑regulatory organizations (SROs) to check ATS compliance with Regulation ATS. The notice states that, subject to the Freedom of Information Act and Commission rules, the Commission does not generally publish or make available information arising out of examinations or inspections.
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