SEC Reopens Comment Periods for Proposals on Private Fund Advisers and Regulation ATS

May 9, 2022

The SEC has announced that it is reopening the comment periods for the following two proposed rules:

Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews — This proposal would amend an existing rule under the Investment Advisers Act of 1940 that would affect private fund advisers and investment advisers.
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 — This proposal 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 . . . , 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 . . . , amend the fair access rule for ATSs, and amend Form ATS-N, Form ATS-R, and Form ATS.”

The reopening of the comment period is intended to give respondents additional time to review the proposals and prepare their comments. The comment periods will be reopened for 30 days after publication of the reopening release in the Federal Register.

For more information, see the press release and fact sheet, as well as statements by SEC Chair Gary Gensler and Commissioners Allison H. Lee, Caroline A. Crenshaw, and Hester M. Peirce, on the SEC’s Web site.