Affiliate of a Subscriber is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation ATS defines an affiliate of a subscriber through direct or indirect control relationships and expressly includes employees.
Key details
Canonical FormAffiliate of a Subscriber
Core MeaningUnder 17 CFR § 242.300, an affiliate of a subscriber is a person that directly or indirectly controls, is controlled by, or is under common control with the subscriber, including an employee.
Further guidance
History Boundary
This page reflects the current reviewed Regulation ATS definition and should be rechecked if 17 CFR § 242.300 changes.
Meaning
Under 17 CFR § 242.300, an affiliate of a subscriber is a person that directly or indirectly controls, is controlled by, or is under common control with the subscriber, including an employee.
Usage Boundary
The definition is tied to Regulation ATS control relationships; ordinary business uses of affiliate can have different boundaries.
Sources and evidence
Sources are shown with the role they play in this guide. Historical or style-sensitive claims are kept within the evidence boundary described above.
17 CFR § 242.300 — Definitions↗ (opens in a new tab)Legal Information Institute, Cornell Law School · Current e-CFR mirror of Regulation ATS definitions, including the operative definition of alternative trading system incorporated by Regulation NMS.
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