Securities Law Updates | New Releases/No Action Letters
January 23, 2009
SEC Grants BATS Exchange's Request for Exemption from Disclosure Requirements
No-Action Letter to BATS Exchange, Inc.
10-23-2008, 10/23/2008
The Securities and Exchange Commission (“SEC”) has issued a no-action letter to BATS Exchange, Inc. (“Exchange”), granting its request for an exemption from disclosure requirements imposed by Rule l0b-10(a)(2)(i)(A) of the Securities Exchange Act of 1934 (‘Act”).
By way of background, the Exchange is a registered national securities exchange under Section 6 of the Act. The members of the Exchange (“Members”) consist of those broker-dealers admitted to membership and entitled to enter orders in, and receive executions through, the Exchange’s order book or otherwise.
The Exchange will operate a fully automated electronic book (“order book”) for orders to buy or sell…
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