The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget (OMB) to extend an existing requirement for record-keeping under Rule 303 of Regulation ATS, which governs alternative trading systems (ATSs). Regulation ATS requires ATSs that register as broker-dealers to maintain certain records to ensure regulatory compliance. These records help regulatory bodies monitor ATSs and promote fair and orderly markets. The SEC estimates that ATSs will spend an average of 1,607 hours annually maintaining these records. The public can comment on this request by emailing or visiting a provided website by March 3, 2025.
Simple Explanation
The SEC wants to keep checking on special places where people buy and sell stocks, called ATSs, to make sure everything is fair. They want ATSs to spend some time each year keeping papers and information organized, and they're asking people to share their thoughts about this plan by March 3, 2025.