For purposes of this section, the following definitions shall apply:
(a)Alternative trading system means any organization, association, person, group of persons, or system:
(1) That constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange within the meaning of § 240.3b-16 of this chapter; and
(2) That does not:
(i) Set rules governing the conduct of subscribers other than the conduct of such subscribers' trading on such organization, association, person, group of persons, or system; or
(ii) Discipline subscribers other than by exclusion from trading.
(1) Is a director, general partner, or officer exercising executive responsibility (or having similar status or performing similar functions);
(2) Directly or indirectly has the right to vote 25 percent or more of a class of voting security or has the power to sell or direct the sale of 25 percent or more of a class of voting securities of the alternative trading system; or
(3) In the case of a partnership, has contributed, or has the right to receive upon dissolution, 25 percent or more of the capital of the alternative trading system.
(g)NMS stock shall have the meaning provided in § 242.600; provided, however, that a debt or convertible debt security shall not be deemed an NMS stock for purposes of this Regulation ATS.
(h)Effective transaction reporting plan shall have the meaning provided in § 242.600.
(i)Corporate debt security shall mean any security that:
(1) Evidences a liability of the issuer of such security;
(2) Has a fixed maturity date that is at least one year following the date of issuance; and
(j)Commercial paper shall mean any note, draft, or bill of exchange which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.