Compliance Services for Alternative Trading Systems (ATS)
Your Partner in ATS Compliance
Operating an ATS comes with high regulatory expectations. We help you meet SEC and FINRA requirements through licensing support, compliance program development, and day-to-day operations tailored to your trading platform.
As seen on:
As seen on:
As seen on:
Challenges
Running an ATS Means Dealing With Complex Rules
Running an ATS Means Dealing With Complex Rules
Alternative Trading Systems are subject to overlapping regulatory requirements. Between Form ATS filings, access standards, data protection, and daily supervision, operating an ATS requires a strong compliance structure.
Alternative Trading Systems are subject to overlapping regulatory requirements. Between Form ATS filings, access standards, data protection, and daily supervision, operating an ATS requires a strong compliance structure.
So Many Rules, Constantly Changing
SEC regulations, Form ATS amendments, FINRA reviews, and growing disclosure demands mean there’s always something new to manage.
So Many Rules, Constantly Changing
SEC regulations, Form ATS amendments, FINRA reviews, and growing disclosure demands mean there’s always something new to manage.
So Many Rules, Constantly Changing
SEC regulations, Form ATS amendments, FINRA reviews, and growing disclosure demands mean there’s always something new to manage.
High Expectations, Even Without Public Orders
Even if your ATS doesn't display quotes or match public orders, regulators expect thorough supervision, reporting, and access control.
High Expectations, Even Without Public Orders
Even if your ATS doesn't display quotes or match public orders, regulators expect thorough supervision, reporting, and access control.
High Expectations, Even Without Public Orders
Even if your ATS doesn't display quotes or match public orders, regulators expect thorough supervision, reporting, and access control.
It’s Not Just About Code
Strong systems are essential, but without clear policies, supervision, and regulatory filings, tech alone won’t keep you compliant.
It’s Not Just About Code
Strong systems are essential, but without clear policies, supervision, and regulatory filings, tech alone won’t keep you compliant.
It’s Not Just About Code
Strong systems are essential, but without clear policies, supervision, and regulatory filings, tech alone won’t keep you compliant.
Regulators
Who Regulates Alternative Trading Systems?
Alternative Trading Systems operate under a mix of federal and self-regulatory oversight. The SEC sets the rules through Regulation ATS, while FINRA supervises day-to-day operations. If an ATS facilitates trading in commodities or commodity-based derivatives, oversight from the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) may also apply.
Frameworks
Regulatory Frameworks That Apply to ATS Operators
Regulatory Frameworks That Apply to ATS Operators
ATS platforms must follow a detailed rule set. These include SEC and FINRA rules, as well as other common frameworks from the financial industry.
ATS platforms must follow a detailed rule set. These include SEC and FINRA rules, as well as other common frameworks from the financial industry.
How We Help
Let Us Manage Compliance While You Focus on Growth
01
Getting Your ATS Off the Ground
We work with your legal and business teams to prepare the filings and policies needed to launch your ATS, submitting the Form ATS with your NMA/CMA.
01
Getting Your ATS Off the Ground
We work with your legal and business teams to prepare the filings and policies needed to launch your ATS, submitting the Form ATS with your NMA/CMA.
02
Setting Up Policies and Controls
We create tailored compliance manuals, onboarding processes, and internal training that fit your ATS model and help meet disclosure expectations.
02
Setting Up Policies and Controls
We create tailored compliance manuals, onboarding processes, and internal training that fit your ATS model and help meet disclosure expectations.
03
Handling Your Compliance Day to Day
From ongoing trade surveillance to FINRA exam support, we handle the routine tasks that can help keep your ATS running smoothly.
03
Handling Your Compliance Day to Day
From ongoing trade surveillance to FINRA exam support, we handle the routine tasks that can help keep your ATS running smoothly.
04
Outsourced Compliance Roles
We provide experienced professionals to serve in registered roles, which is ideal for fast-moving teams that need flexibility.
04
Outsourced Compliance Roles
We provide experienced professionals to serve in registered roles, which is ideal for fast-moving teams that need flexibility.
Why InnReg
We Know What It Takes to Support an ATS
InnReg has supported more than 100 fintechs over the last decade, including broker-dealers and ATSs with high-growth, high-regulation models. We’re used to helping founders turn new trading ideas into operations with mitigated risks, without overcomplicating the process. We plug into your workflow and give you the support of a full compliance team without the full-time hires.
Decades of Experience
Our team brings together multiple decades of cumulative experience in regulatory compliance and fintech.
Decades of Experience
Our team brings together multiple decades of cumulative experience in regulatory compliance and fintech.
Full-Service Solutions
InnReg can cover your entire compliance journey, from strategic planning to daily operations.
Full-Service Solutions
InnReg can cover your entire compliance journey, from strategic planning to daily operations.
Seamless Integration
InnReg's team integrates into your organization to complement your existing resources and structures.
Seamless Integration
InnReg's team integrates into your organization to complement your existing resources and structures.
Expertise on Your Niche
Work directly with our regulatory specialists, each selected for their unique expertise in your specific niche.
Expertise on Your Niche
Work directly with our regulatory specialists, each selected for their unique expertise in your specific niche.
Worldwide Expertise
With a diverse team around the globe, InnReg supports international firms in navigating multi-jurisdictional landscapes.
Worldwide Expertise
With a diverse team around the globe, InnReg supports international firms in navigating multi-jurisdictional landscapes.
Cost-Effective Services
Compliance outsourcing for financial services firms can provide significant cost savings while promoting innovation.
Cost-Effective Services
Compliance outsourcing for financial services firms can provide significant cost savings while promoting innovation.
Resources
Latest Content
Articles
Downloads
Apr 22, 2025
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16 min read
May 30, 2024
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16 min read
Articles
Downloads
Apr 22, 2025
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16 min read
May 30, 2024
·
16 min read
FAQ
Your Questions About ATS Compliance, Answered
Your Questions About ATS Compliance, Answered
How is FINRA different from the SEC?
How is FINRA different from the SEC?
What is a supervisory system?
What is a supervisory system?
What are the consequences of deficiencies found during a FINRA exam?
What are the consequences of deficiencies found during a FINRA exam?
What is the FINRA New Member Application?
What is the FINRA New Member Application?
When is a Continuing Membership Application required?
When is a Continuing Membership Application required?
How long does FINRA take to review an NMA?
How long does FINRA take to review an NMA?
What are FINRA’s Standards for Admission?
What are FINRA’s Standards for Admission?
What is an Alternative Trading System (ATS)?
What is an Alternative Trading System (ATS)?
Do I need to be a broker-dealer to run an ATS?
Do I need to be a broker-dealer to run an ATS?
What is Form ATS, and when is it required?
What is Form ATS, and when is it required?
Get in Touch with an Expert
Get in Touch with an Expert
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.