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SEC Proposes Rules to Enhance Oversight of Dark Pools

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November 19, 2015

Dear Friends,

The SEC has voted to propose new rules to enhance transparency and regulatory oversight of dark pools.

Pursuant to the new rules, alternative trading systems (ATS) that trade stocks listed on a national securities exchange (NMS stocks), including dark pools, would be required to publicly disclose detailed information via the new form ATS-N, including:

  • Information regarding trading by the broker-dealer operator and its affiliates on the ATS;
  • The types of orders and market data used on the ATS; and
  • The ATS’ execution and priority procedures.

“Investors and other market participants need more and better information about how alternative trading systems work. The proposed changes would represent a critical step forward in delivering greater transparency to investors and enhancing equity market structure,” said SEC Chair Mary Jo White.

Please click here for the SEC’s release. Please feel free to contact us with any questions at (212) 867-0200 or email us at info@counselworksllc.com.

Thank you,



About CounselWorks LLC

CounselWorks is a strategic business and regulatory consulting firm, that provides project-based consulting and manages compliance and regulatory programs for hedge funds, private equity firms, investment companies, broker-dealers and investment banks.
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