[Federal Register Volume 85, Number 21 (Friday, January 31, 2020)]
[Notices]
[Pages 5742-5744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01780]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88055; File No. SR-MIAX-2020-03]
Self-Regulatory Organizations: Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
January 27, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 14, 2020, Miami International Securities Exchange LLC
(``MIAX Options'' or ``Exchange'') filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (``Fee Schedule'') to make minor, non-substantive corrective
edits and clarifying changes.
The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings, at MIAX's principal
office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to make minor, non-
substantive corrective edits and clarifying changes. First, the
Exchange proposes to amend Section 2)c) of the Fee Schedule, Web CRD
Fees, to make non-substantives edits to the sentence in parentheses
following the FINRA Disclosure Processing Fee under the section titled
``GENERAL REGISTRATION FEES.'' Currently, the FINRA Disclosure
Processing Fee includes the following in parentheses ``(Form U4, Form
U5, Form BD & amendments)''. The Exchange now proposes to delete the
ampersand in that sentence and replace it with the word ``and''. The
purpose of this proposed change is for clarity and uniformity with the
fee schedules of the Exchange's affiliates, MIAX PEARL, LLC (``MIAX
PEARL'') and MIAX Emerald, LLC (``MIAX Emerald'').
Next, the Exchange proposes to amend the cross-reference in
footnote 18 of the Fee Schedule. Footnote 18 currently states ``The
session fee will be assessed to each individual who is required to
complete the Regulatory Element of the Continuing Education
Requirements pursuant to MIAX Rule
[[Page 5743]]
1304.'' Recently, the Exchange deleted Exchange Rule 1304 and amended
and/or deleted numerous other rules, in order to reorganize and enhance
the Exchange's membership, registration and qualification rules, and
consolidated these rules into new Chapter XIX, Registration,
Qualification and Continuing Education.\3\ Accordingly, the Exchange
proposes to amend the cross-reference in footnote 18 of the Fee
Schedule to reflect the deletion of Exchange Rule 1304. The cross-
reference in footnote 18 will now be to Exchange Rule 1903, Continuing
Education Requirements, which contains, among other things, the
requirements for individuals to complete the Regulatory Element of the
Continuing Education Program. With the proposed change, footnote 18
would state as follows: ``The session fee will be assessed to each
individual who is required to complete the Regulatory Element of the
Continuing Education Requirements pursuant to MIAX Rule 1903.''
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\3\ See Securities Exchange Act Release No. 87830 (December 20,
2019), 84 FR 72025 (December 30, 2019) (SR-MIAX-2019-50).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\4\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \5\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \6\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ Id.
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The Exchange believes the proposed changes promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed changes make clarifying, non-substantive edits to
the Fee Schedule, and update a cross-reference to the Exchange's
rulebook. The Exchange believes that these proposed changes will
provide greater clarity to Members and the public regarding the
Exchange's Fee Schedule and that it is in the public interest for the
Fee Schedule to be accurate and concise so as to eliminate the
potential for confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not a competitive filing but rather is designed to
remedy minor non-substantive issues and provide added clarity to the
Fee Schedule in order to avoid potential confusion on the part of
market participants. In addition, the Exchange does not believe the
proposal will impose any burden on inter-market competition as the
proposal does not address any competitive issues and is intended to
protect investors by providing further transparency regarding the
Exchange's Fee Schedule.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\7\ and Rule 19b-4(f)(2) \8\ thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-MIAX-2020-03 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2020-03. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal offices of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MIAX-2020-03, and should be submitted on
or before February 21, 2020.
[[Page 5744]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-01780 Filed 1-30-20; 8:45 am]
BILLING CODE 8011-01-P