The Securities and Exchange Commission published proposed new rules to enhance the transparency of alternative trading systems, including so-called “dark pools,” as well as to augment its oversight of such entities. These rules would apply to all ATSs that trade stocks that are listed on a national securities exchange. Among other things, each applicable ATS would be required to prepare and file with the SEC certain information about its broker-dealer operator and affiliates, as well as the nature of its operations, on a new form ATS-N, as well as all subsequent amendments. This form and amendments would be included on the SEC’s website, and each ATS would be obligated to provide on its own website a direct URL hyperlink to the SEC location of its Form ATS-N. Among other things, ATSs would be obligated to disclose differences in the availability of services and processes available to subscribers as opposed to the broker-dealer operator, as well as types of orders; segmentation of order flow; procedures governing trading during a suspension; and opening, reopening and closing processes. The SEC would review all Form ATS-Ns and amendments, and declare them effective or ineffective. Under the SEC’s proposals, applicable ATSs would also have to maintain written safeguards and procedures to protect subscribers’ confidential trading information. Comments will be due by 60 days after publication of the proposed rules in the Federal Register.