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The Securities and Exchange Commission (the "SEC") has adopted Rule 15c3-5 ("Rule 15c3-5" or the "Rule") under the Securities Exchange Act of 1934, restricting trading arrangements commonly called "sponsored access" or "direct market access." Rule 15c3-5 imposes regulatory requirements and restrictions on broker-dealers that are members of a national securities exchange or an alternative trading system ("ATS", and collectively with the exchanges, the "markets") who allow their customers (including customers who are themselves broker-dealers) to access the market under the member’s identification. The provisions of the Rule will apply as well to proprietary transactions for the broker-dealer’s own account and traditional agency transactions, which are routed directly to a market, though the primary focus of the Rule is to regulate the provision of market access to customers