2022-10195: Reopening of Comment Periods for “Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews” and “Amendments Regarding the Definition of `Exchange' and Alternative Trading Systems (ATSs) That Trade U.S. Treasury and Agency Securities, National Market System (NMS) Stocks, and Other Securities”

Summary

The Securities and Exchange Commission ("Commission") is reopening the comment period for a release proposing new rules and amendments to an existing rule under the Investment Advisers Act of 1940 ("Advisers Act") that would affect private fund advisers and proposing amendments to the Advisers Act compliance rule, which would affect all registered investment advisers ("Advisers Act Proposing Release"). The Commission is also reopening the comment period for a release proposing amendments to its rules under the Securities Exchange Act of 1934 ("Exchange Act") that would amend a rule under the Exchange Act, which defines certain terms used in the statutory definition of "exchange" under the Exchange Act, re-propose amendments to Regulation ATS for ATSs that trade government securities as defined under the Exchange Act or repurchase and reverse repurchase agreements on government securities ("Government Securities ATSs"), re-propose amendments to Regulation SCI to apply to ATSs that meet certain volume thresholds in U.S. Treasury Securities or in a debt security issued or guaranteed by a U.S. executive agency or government- sponsored enterprise ("Agency Securities"), amend the fair access rule for ATSs, and amend Form ATS-N, Form ATS-R, and Form ATS ("Exchange Act Proposing Release"). These actions will allow interested persons additional time to analyze the issues and prepare their comments, which would benefit the Commission in its consideration of final rules.

The agency’s own summary, as published.

What this changes

Amends 5 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

• 17 CFR 232 Regulation S-T—General Rules and Regulations for Electronic Filings
• 17 CFR 240 General Rules and Regulations, Securities Exchange Act of 1934
• 17 CFR 242 Regulations M, Sho, ATS, AC, NMS, SE, and SBSR, and Customer Margin Requirements for Security Futures
• 17 CFR 249 Forms, Securities Exchange Act of 1934
• 17 CFR 275 Rules and Regulations, Investment Advisers Act of 1940