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B-330281 1 (2018-08-17)

handle is hein.gao/gaobadvaq0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-330281 August 17, 2018 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Regulation of NMS Stock Alternative Trading Systems Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Regulation of NMS Stock Alternative Trading Systems (RIN: 3235-AL66). We received the rule on July 24, 2018. It was published in the Federal Register as a final rule on August 7, 2018. 83 Fed. Reg. 38,768. The effective date of the final rule is October 9, 2018. The final rule amends regulatory requirements in Regulation ATS applicable to alternative trading systems (ATS) that trade National Market System (NMS) stocks (hereinafter NMS Stock ATSs) including so called dark pools. First, the rule adopts new Form ATS-N, which will require NMS Stock ATSs to disclose information about their manner of operations, the broker- dealer that operates the ATS (broker-dealer operator), and the ATS-related activities of the broker-dealer operator and its affiliates. Second, the rule requires public posting of certain Form ATS-N filings on the Commission's website, which will be accomplished through the Commission's Electronic Data Gathering, Analysis, and Retrieval system and require each NMS Stock ATS that has a website to post a direct URL hyperlink to the Commission's website. Third, the rule provides a process for the Commission to review Form ATS-N and, after notice and opportunity for hearing, declare an NMS Stock ATS-N ineffective. Fourth, the rule requires all ATSs subject to the regulations to place in writing its safeguards and procedures to protect subscribers' confidential trading information.

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