SEC Extends Oversight on Alternative Trading Systems
Published Date: 12/23/2025
Notice
Summary
The SEC is asking for comments to keep collecting info under Rule 302, which helps regulate alternative trading systems (ATSs). These ATSs must follow certain rules but get a break from registering as full exchanges. This extension won’t add new costs but keeps the current system running smoothly for brokers and traders.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
ATS Recordkeeping Requirements Stay In Place
If you operate an alternative trading system (ATS) using the Regulation ATS exemption, you must make and keep current the records required by Rule 302, including records of subscribers, daily trading summaries, and time‑sequenced order information. You must preserve records as required by Rule 303 for at least three years, with the first two years kept in an easily accessible place.
Estimated Annual Compliance Burden & Cost
The SEC estimates there are 111 ATS respondents who each spend about 43 burden hours per year complying with Rule 302, for a total of 4,773 hours per year. At an average cost of $89 per burden hour, the SEC estimates total related internal compliance costs of approximately $424,797 per year.
Collection Aids Regulator Oversight and Investor Protection
The SEC says the information collected under Rule 302 helps the Commission, state securities regulators, and self‑regulatory organizations ensure ATS compliance and helps protect investors and maintain fair and orderly markets. If the records were not collected or were collected less frequently, regulators would be more limited in carrying out those duties.
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Key Dates
Department and Agencies
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