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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 17:6.16 Independent Monitor.........................................17-102 § 17:6.17 Obligation to Provide Independent, Third-Party Research..........................................17-103 § 17:6.18 Additional Disclosures.......................................17-104 [A] Disclosures in Research Reports ........................17-104 [B] Disclosures Regarding Analyst Performance......17-104 § 17:6.19 Amendments and Compliance Certification .....17-105 § 17:6.20 Savings Clauses..................................................17-106 VOLUME 2 Table of Chapters ............................................................................ vii PART VI: Trading Practices Chapter 18 Electronic Trading Andre E. Owens & Christie Farris Öberg § 18:1 Overview........................................................................18-4 § 18:2 General Obligations Related to Trading Activities.........18-4 § 18:2.1 Generally................................................................18-4 § 18:2.2 The Customer Relationship...................................18-5 § 18:2.3 Order Handling and Regulations NMS and ATS .................................................................18-5 § 18:2.4 Short Sales .............................................................18-6 § 18:2.5 Single-Stock Circuit Breakers.................................18-9 § 18:2.6 Other Requirements.............................................18-10 § 18:3 Rise of Electronic Trading............................................18-11 § 18:4 Exchange Act Section 11A...........................................18-13 § 18:4.1 Generally..............................................................18-13 § 18:4.2 The SEC’s Mandate and the Objectives of Section 11A..........................................................18-13 § 18:4.3 Multiple Competing Markets ..............................18-14 § 18:4.4 Market Developments..........................................18-16 § 18:4.5 Recent Market Developments..............................18-18 [A] The 2010 Market Structure Concept Release......18-18 [A][1] Undisplayed Liquidity.......................................18-19 [A][2] High-Frequency Trading....................................18-21 [B] The “Flash Crash” ...............................................18-22 § 18:5 Regulation ATS............................................................18-24 § 18:5.1 Overview of Regulation ATS ................................18-24 [A] Policy Considerations ..........................................18-24 [B] Regulatory Framework .........................................18-25 lxxxvi

§ 18:5.2 Definition of Exchange ....................................... 18-27 [A] Generally ............................................................ 18-27 [B] Rule 3b-16 Definition ......................................... 18-27 [C] Exclusions........................................................... 18-28 [D] Exemptions ......................................................... 18-29 § 18:5.3 Definition of an ATS .......................................... 18-29 § 18:5.4 ATSs That Are Not Required to Comply with Regulation ATS ............................. 18-30 [A] Systems Subject to Other Appropriate [B] Regulations ......................................................... 18-30 Systems Trading Solely Government and Related Securities......................................... 18-31 [C] Systems Exempted by the SEC ........................... 18-31 § 18:5.5 Requirements of Regulation ATS ........................ 18-31 [A] Requirements Applicable to All ATSs ................. 18-32 [A][1] Membership in an SRO................................... 18-32 [A][2] Notice of Operation As an Alternative Trading System and Amendments................... 18-32 [A][3] Procedures to Ensure Confidential Treatment of Trading Information................... 18-33 [A][4] Filing Requirements......................................... 18-33 [A][5] Recordkeeping.................................................. 18-34 [B] Additional Requirements for ATSs Meeting 5% Trading Volume Threshold ........................... 18-34 [B][1] Public Order Display and Execution Access Requirements................................................... 18-34 [B][1][a] Market Transparency..................................... 18-34 [B][1][b] [B][1][c] Obligations of ATSs Under the Public Display Requirement..................................... 18-35 Execution Access to Publicly Displayed Orders ........................................................... 18-36 [B][1][d] Execution Access Fees ................................... 18-36 [B][2] Fair Access Requirement.................................. 18-37 [B][2][a] Importance of Fair Access ............................. 18-37 [B][2][b] Fair Access Requirement ............................... 18-37 [C] Additional Requirements for ATSs Meeting 20% Trading Volume Threshold ......................... 18-38 § 18:5.6 Regulation of ATSs As Exchanges....................... 18-39 [A] Generally ............................................................ 18-39 [B] Self-Regulatory Responsibilities .......................... 18-39 [C] Fair Representation ............................................. 18-39 [D] Limitations on Membership ............................... 18-40 [E] Table of Contents Prohibitions on Trading Unregistered Securities............................................................. 18-40 [F] Participation in the NMS.................................... 18-40 [G] Trading Halts ...................................................... 18-41 (Broker-Dealer Reg., Rel. #3, 5/13) lxxxvii

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