Alternative Trading System Registration for Security Tokens
Complete guide to ATS registration under Regulation ATS for security token trading platforms — Form ATS-N filing, fair access requirements, FINRA membership, and operational compliance for digital asset secondary markets. 47 ATS platforms registered as of Q1 2026.
Broker-Dealer Requirements for Security Token Operations
Comprehensive analysis of SEC and FINRA broker-dealer registration and compliance requirements for firms facilitating security token transactions — net capital rules, customer protection, books and records, and special purpose broker-dealer frameworks.
Clearing and Settlement Framework for Tokenized Securities
Deep dive into clearing and settlement infrastructure for tokenized securities — T+0 atomic settlement on blockchain, DTCC integration, CCP requirements, delivery-versus-payment mechanisms, and the regulatory path to instant settlement.
Custody Frameworks for Digital Securities Under SEC Rules
Analysis of SEC custody requirements for digital securities — qualified custodian definitions, custody rule compliance, special purpose broker-dealer custody, SAB 121 impact, and emerging custody solutions for institutional tokenized assets.
FINRA Rules Applicable to Digital Security Trading
Comprehensive mapping of FINRA rules to digital security trading activities — suitability obligations, best execution, trade reporting, margin requirements, and supervision standards for broker-dealers facilitating tokenized securities transactions.
Market Making for Tokenized Securities: Obligations and Incentives
Analysis of market-making activities in tokenized securities — registered market maker obligations, designated market maker programs on ATS platforms, algorithmic market making, and the economics of providing liquidity in thin token markets.
Real Estate Tokenization Under the SEC Framework
Analysis of SEC securities law applied to tokenized real estate — Reg D and Reg A+ real estate token offerings, REIT tokenization, fractional ownership structures, and secondary market trading for tokenized property interests.
Regulation ATS and Form ATS-N Filing Requirements
Detailed guide to Regulation ATS compliance for security token trading platforms — Form ATS-N disclosures, amendment triggers, operational transparency requirements, and the SEC review process for digital asset ATS operators.
Secondary Market Liquidity for Security Tokens: Current State and Outlook
Data-driven analysis of secondary market liquidity conditions for security tokens — ATS trading volumes, bid-ask spreads, market maker participation, and structural factors affecting price discovery in tokenized securities markets.
Security Token Interoperability and Technical Standards
Technical analysis of security token standards across blockchain platforms — ERC-1400, ERC-3643, ST-20, R-Token, and emerging interoperability protocols enabling cross-platform security token trading and compliance.
Special Purpose Broker-Dealer Framework for Digital Asset Securities
Analysis of the SEC's 2021 Statement on custody of digital asset securities by special purpose broker-dealers — the five-year conditional framework, ATS limitation, and operational requirements for digital-native broker-dealers.
Tokenized Fund Structures Under SEC Investment Company Rules
Analysis of SEC Investment Company Act considerations for tokenized fund products — 3(c)(1) and 3(c)(7) exemptions, registered fund tokenization, adviser registration requirements, and the regulatory path for blockchain-native fund vehicles.
Transfer Agent Obligations for Digital Securities
Analysis of SEC-registered transfer agent requirements applied to blockchain-based securities — recordkeeping, shareholder communications, lost security replacement, and the dual-record challenge of reconciling on-chain and off-chain ownership registries.