The Securities and Exchange Commission adopted amendments to Regulation ATS to, among other things, require certain alternative trading systems to file detailed public disclosures on a new form – Form ATS-N. The disclosures will include information on how an ATS operates, including order types; use of terms and conditions regarding conditional orders and indications of interest; segmentation of orders and trading interest and requiring notice regarding segmentation; fees; the ATS’s execution and priority procedures; and the sources and uses of market data. The objective of the SEC’s amended rules – which will be effective 60 days after their publication in the Federal Register – is to enable market participants to learn about differences that may exist between the treatment of subscribers and the broker-dealer operator and its affiliate, and to assess potential conflicts of interest. Compliance with the SEC’s new filing requirements generally must begin on January 7, 2019, or shortly afterward for an existing ATS. An ATS is a registered broker-dealer operated non-exchange venue that matches buyers and sellers of securities. (Click here for further details regarding the SEC’s proposal in the article “SEC Adopts New Form ATS-N and Amendments to Regulation ATS and Exchange Act Rule 3a-1 to Enhance Transparency and Oversight of Alternative Trading Systems” in the July 20, 2018 edition of Corporate & Financial Weekly Digest by Katten Muchin Rosenman, LLP.)