An alternative trading system is required to comply
with the requirements in this Regulation ATS, unless such alternative trading
Is registered as a national securities exchange;
Is exempt from registration as a national
securities exchange based on the limited volume of transactions effected
on the alternative trading system; or
Trades only government securities and certain
other related instruments.
All alternative trading systems must comply with the antifraud, antimanipulation,
and other applicable provisions of the federal securities laws.
The requirements imposed upon an alternative trading
system by Regulation ATS are in addition to any requirements applicable to
broker-dealers registered under section 15
of the Act.
An alternative trading system must comply with
any applicable state law relating to the offer or sale of securities or the
registration or regulation of persons or entities effecting transactions in
The disclosures made pursuant to the provisions
of this section are in addition to any other disclosure requirements under
the federal securities laws.
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