Notice2025-10974
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 2618, Risk Settings and Trading Risk Metrics, 2621, Clearly Erroneous Executions, 2626, Retail Order Attribution Program, and 2900, Unlisted Trading Privileges
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 115 (Tuesday, June 17, 2025)</title>
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[Federal Register Volume 90, Number 115 (Tuesday, June 17, 2025)]
[Notices]
[Pages 25652-25657]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-10974]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103235; File No. SR-PEARL-2025-26]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rules 2618, Risk Settings and Trading Risk Metrics, 2621, Clearly
Erroneous Executions, 2626, Retail Order Attribution Program, and 2900,
Unlisted Trading Privileges
June 11, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 5, 2025, MIAX PEARL, LLC (``MIAX Pearl'' or the
``Exchange) filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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 proposes to amend Exchange Rules 2618, Risk Settings
and Trading Risk Metrics, 2621, Clearly Erroneous Executions, 2626,
Retail Order Attribution Program, and 2900, Unlisted Trading
Privileges, to make
[[Page 25653]]
minor, non-substantive edits and clarifying changes to the rule text
applicable to MIAX Pearl Equities (``MIAX Pearl Equities'') \3\, an
equities trading facility of the Exchange.
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\3\ The term ``MIAX Pearl Equities'' shall mean MIAX Pearl
Equities, a facility of MIAX PEARL, LLC. See Exchange Rule 1901.
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The text of the proposed rule change is available on the Exchange's
website (<a href="https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings">https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings</a>), at MIAX Pearl'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, MIAX Pearl 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. MIAX Pearl 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
Purpose
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2618 as follows: subparagraphs (a)(1)(A)-(H) will be
renumbered as (a)(1)(i)-(viii); subparagraphs (a)(2)(A)-(F) will be
renumbered as (a)(2)(i)-(vi); subparagraphs (a)(3)(A)-(B) will be
renumbered as (a)(3)(i)-(ii); subparagraphs (a)(7)(A)-(B) will be
renumbered as (a)(7)(i)-(ii); subparagraphs (b)(1)(A)-(F) will be
renumbered as (b)(1)(i)-(vi); subparagraphs (b)(1)(A)(i)-(ii) will be
renumbered as (b)(1)(i)(A)-(B); and subparagraphs (b)(1)(B)(i)-(iii)
will be renumbered as (b)(1)(ii)(A)-(C).
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2621 as follows: subparagraphs (c)(1)(A)-(C) will be
renumbered as (c)(1)(i)-(iii); subparagraphs (c)(2)(A)-(D) will be
renumbered as (c)(2)(i)-(iv); subparagraphs (c)(2)(D)(i)-(ii) will be
renumbered as (c)(2)(iv)(A)-(B); and subparagraphs (e)(2)(A)-(F) will
be renumbered as (e)(2)(i)-(vi).
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2626 as follows: subparagraphs (b)(2)(A)-(C) will be
renumbered as (b)(2)(i)-(iii).
Next, the Exchange proposes to amend proposed renumbered
subparagraph (b)(1) of Exchange Rule 2618 to replace certain internal
cross references to other subparagraphs of Exchange Rule 2618 in light
of the hierarchical heading changes described above. In particular, the
Exchange proposes to amend the cross references contained in Exchange
Rule 2618(b)(1) that are to subparagraphs (E) and (F), to now be to
subparagraphs (v) and (vi), respectively. Accordingly, with all the
proposed changes, Exchange Rule 2618(b)(1) will provide as follows:
(1) Trading Collar. The Trading Collar prevents incoming orders,
including those marked ISO, from executing at a price outside the
Trading Collar price range, i.e., prevents buy orders from trading
or routing at prices above the collar and prevents sell orders from
trading or routing at prices below the collar. Unless specified by
the Equity Member pursuant to paragraph (vi) below, the Trading
Collar price range is calculated using the greater of Numerical
Guidelines for clearly erroneous executions or a specified dollar
value established by the Exchange pursuant to paragraph (v) below.
Executions are permitted at prices within the Trading Collar price
range, inclusive of the boundaries.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (b)(1)(i)(A) of Exchange Rule 2618 to replace an internal
cross reference to another subparagraph of Exchange Rule 2618 in light
of the hierarchical heading changes described above. In particular, the
Exchange proposes to amend the cross reference contained in Exchange
Rule 2618(b)(1)(i)(A) that is to subparagraph (B)(iii), to now be to
subparagraph (ii)(C). Accordingly, with all the proposed changes,
Exchange Rule 2618(b)(1)(i)(A) will provide as follows:
(A) the price listed under paragraph (ii)(C) below is to be
applied and a regulatory halt has been declared by the primary
listing market during that trading day;
Next, the Exchange proposes to amend proposed renumbered
subparagraph (b)(1)(iv) of Exchange Rule 2618 to replace an internal
cross reference to another subparagraph of Exchange Rule 2618 in light
of the hierarchical heading changes described above. In particular, the
Exchange proposes to amend the cross reference contained in Exchange
Rule 2618(b)(1)(iv) that is to subparagraph (A), to now be to
subparagraph (i). Accordingly, with all the proposed changes, Exchange
Rule 2618(b)(1)(iv) will provide as follows:
(iv) The Exchange calculates the Trading Collar price range for
a security by applying the Numerical Guideline and reference price
(see table below) to the Trading Collar Reference Price, as defined
in paragraph (i) above. The result is added to the Trading Collar
Reference Price to determine the Trading Collar Price for buy
orders, while the result is subtracted from the Trading Collar
Reference Price to determine the Trading Collar Price for sell
orders. The Trading Collar Price for an order to buy (sell) that is
not in the minimum price variation (``MPV'') for the security, as
defined in Exchange Rule 2612, will be rounded down (up) to the
nearest price at the applicable MPV. The appropriate Trading Collar
Price is assigned to all orders upon entry. The Trading Collar Price
is not enforced throughout the life of the order nor updated once
the order is resting on the MIAX Pearl Equities Book.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (b)(1)(vi) of Exchange Rule 2618 to replace certain
internal cross references to other subparagraphs of Exchange Rule 2618
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross references
contained in Exchange Rule 2618(b)(1)(vi) that are to subparagraphs (E)
and (F), to now be to subparagraphs (v) and (vi), respectively.
Accordingly, with all the proposed changes, Exchange Rule
2618(b)(1)(vi) will provide as follows:
(vi) An Equity Member may select a dollar value lower, higher,
or equal to the specified percentages and dollar value described
under paragraph (v) on an order by order basis. In such case, the
dollar value selected by the Equity Member will override the dollar
value and specific percentages set forth under paragraph (v) above.
This paragraph (vi) does not apply to orders that are eligible for
the Opening Process under Exchange Rule 2615. In such case, the
specified percentages and dollar value described under paragraph (v)
will be applied.
Next, the Exchange proposes to amend subparagraph (c)(2) of
Exchange Rule 2621 to replace an internal cross reference to another
subparagraph of Exchange Rule 2621 in light of the proposed
hierarchical heading changes described above. In particular, the
Exchange proposes to amend the cross reference contained in Exchange
Rule 2621(c)(2), that is to subparagraph (c)(1)(A), to now be to
proposed renumbered subparagraph (c)(1)(i). Accordingly, with all the
proposed changes, Exchange Rule 2621(c)(2) will provide as follows:
(2) Numerical Guidelines. Review of transactions occurring
during the Early Trading Session, Late Trading Session, or eligible
for review pursuant to paragraph (c)(1)(i).
[[Page 25654]]
Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(2)(i) of Exchange Rule 2621 to replace internal cross
references to other subparagraphs of Exchange Rule 2621 in light of the
proposed hierarchical heading changes described above. In particular,
the Exchange proposes to amend the cross references contained in
Exchange Rule 2621(c)(2)(i), that are to subparagraphs (c)(1)(A) and
(c)(2)(B), to now be to proposed renumbered subparagraphs (c)(1)(i) and
(c)(2)(ii). Accordingly, with all the proposed changes, Exchange Rule
2621(c)(2)(i) will provide as follows:
(i) Subject to the additional factors described in paragraph
(c)(2) below, a transaction occurring during the Early Trading
Session, Late Trading Session, or eligible for review pursuant to
paragraph (c)(1)(i), shall be found to be clearly erroneous if the
price of the transaction to buy (sell) that is the subject of the
complaint is greater than (less than) the Reference Price by an
amount that equals or exceeds the Numerical Guidelines set forth
below.
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Early and late
Regular trading trading session
hours numerical numerical
guidelines guidelines
Reference price, circumstance or (subject (subject
product transaction's % transaction's %
difference from difference from
the reference the reference
price): price):
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Greater than $0.00 up to and 10%............... 20%
including $25.00.
Greater than $25.00 up to and 5%................ 10%
including $50.00.
Greater than $50.00............. 3%................ 6%
Multi-Stock Event--Filings 10%............... 10%
involving five or more, but
less than twenty, securities
whose executions occurred
within a period of five minutes
or less.
Multi-Stock Event--Filings 30%, subject to 30%, subject to
involving twenty or more the terms of the terms of
securities whose executions paragraph (c)(2) paragraph
occurred within a period of below. (c)(2)(ii) below
five minutes or less.
Leveraged ETF/ETN Securities.... N/A............... Regular Trading
Hours Numerical
Guidelines
multiplied by the
leverage
multiplier (i.e.,
2x)
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Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(2)(ii) of Exchange Rule 2621 to replace an internal
cross reference to another subparagraph of Exchange Rule 2621 in light
of the proposed hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in Exchange Rule 2621(c)(2)(ii), that is to subparagraph
(c)(1)(A), to now be to proposed renumbered subparagraph (c)(1)(i).
Accordingly, with all the proposed changes, Exchange Rule
2621(c)(2)(ii) will provide as follows:
(ii) Multi-Stock Events Involving Twenty or More Securities.
Multi-Stock Events involving twenty or more securities may be
reviewable as clearly erroneous if they occur during the Early
Trading Session, Late Trading Session, or are eligible for review
pursuant to paragraph (c)(1)(i). During Multi-Stock Events, the
number of affected transactions may be such that immediate finality
is necessary to maintain a fair and orderly market and to protect
investors and the public interest. In such circumstances, the
Exchange may use a Reference Price other than consolidated last
sale. To ensure consistent application across market centers when
this paragraph is invoked, the Exchange will promptly coordinate
with the other market centers to determine the appropriate review
period, which may be greater than the period of five minutes or less
that triggered application of this paragraph, as well as select one
or more specific points in time prior to the transactions in
question and use transaction prices at or immediately prior to the
one or more specific points in time selected as the Reference Price.
The Exchange will nullify as clearly erroneous all transactions that
are at prices equal to or greater than 30% away from the Reference
Price in each affected security during the review period selected by
the Exchange and other markets consistent with this paragraph.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(2)(iii) of Exchange Rule 2621 to replace an internal
cross reference to another subparagraph of Exchange Rule 2621 in light
of the proposed hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in Exchange Rule 2621(c)(2)(iii), that is to subparagraph
(c)(1)(A), to now be to proposed renumbered subparagraph (c)(1)(i).
Accordingly, with all the proposed changes, Exchange Rule 2621
(c)(2)(iii) will provide as follows:
(iii) Additional Factors. Except in the context of a Multi-Stock
Event involving five or more securities, an Official may also
consider additional factors to determine whether an execution is
clearly erroneous, provided the execution occurs during the Early
Trading Session, Late Trading Session, or is eligible for review
pursuant to paragraph (c)(1)(i). Such additional factors include but
are not limited to, system malfunctions or disruptions, volume and
volatility for the security, derivative securities products that
correspond to greater than 100% in the direction of a tracking
index, news released for the security, whether trading in the
security was recently halted/resumed, whether the security is an
initial public offering, whether the security was subject to a
stock-split, reorganization, or other corporate action, overall
market conditions, Early Trading Session, Late Trading Session
executions, validity of the consolidated tape trades and quotes,
consideration of primary market indications, and executions
inconsistent with the trading pattern in the stock. Each additional
factor shall be considered with a view toward maintaining a fair and
orderly market and the protection of investors and the public
interest.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(2)(iv) of Exchange Rule 2621 to replace an internal
cross reference to another subparagraph of Exchange Rule 2621 in light
of the proposed hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in Exchange Rule 2621(c)(2)(iv), that is to subparagraph
(c)(1)(A), to now be to proposed renumbered subparagraph (c)(1)(i).
Accordingly, with all the proposed changes, Exchange Rule
2621(c)(2)(iv) will provide as follows:
(iv) Outlier Transactions. In the case of an Outlier Transaction
during the Early Trading Session, Late Trading Session, or that is
eligible for review pursuant to paragraph (c)(1)(i), an Official
may, in his or her sole discretion, and on a case-by-case basis,
consider requests received pursuant to paragraph (b) of this
Exchange Rule after thirty (30) minutes, but not longer than sixty
(60) minutes after the transaction in question, depending on the
facts and circumstances surrounding such request.
Next, the Exchange proposes to amend proposed renumbered
[[Page 25655]]
subparagraph (c)(2)(iv)(B) of Exchange Rule 2621 to replace certain
internal cross references to other subparagraphs of Exchange Rule 2621
in light of the proposed hierarchical heading changes described above.
In particular, the Exchange proposes to amend the cross references
contained in Exchange Rule 2621(c)(2)(iv)(B), that are to subparagraphs
(c)(2)(D)(i) and (c)(2)(C), to now be to proposed renumbered
subparagraphs (c)(2)(iv)(A) and (c)(2)(iii), respectively. Accordingly,
with all the proposed changes, Exchange Rule 2621(c)(2)(iv)(B) will
provide as follows:
(B) If the execution price of the security in question is not
within the Outlier Transaction parameters set forth in paragraph
(c)(2)(iv)(A) of this Exchange Rule but breaches the 52-week high or
52-week low, the Exchange may consider Additional Factors as
outlined in paragraph (c)(2)(iii), in determining if the transaction
qualifies for further review or if the Exchange shall decline to
act.
Next, the Exchange proposes to amend subparagraph (d)(1) of
Exchange Rule 2621 to replace an internal cross reference to another
subparagraph of Exchange Rule 2621 in light of the hierarchical heading
changes described above. In particular, the Exchange proposes to amend
the cross reference contained in Exchange Rule 2621(d)(1) that is to
subparagraph (c)(2)(B) to now be to subparagraph (c)(2)(ii).
Accordingly, with all the proposed changes, Exchange Rule 2621(d)(1)
will provide as follows:
(1) in the case of Multi-Stock Events involving twenty or more
securities, as described in paragraph (c)(2)(ii) above;
Next, the Exchange proposes to amend subparagraph (d)(2) of
Exchange Rule 2621 to replace certain internal cross references to
other subparagraphs of Exchange Rule 2621 in light of the hierarchical
heading changes described above. In particular, the Exchange proposes
to amend the cross references contained in Exchange Rule 2621(d)(2)
that are to subparagraphs (c)(1)(C), (c)(1)(C)(1), and (c)(1)(C)(2), to
now be to subparagraphs (c)(1)(iii), (c)(1)(iii)(A), and
(c)(1)(iii)(B), respectively. Accordingly, with all the proposed
changes, Exchange Rule 2621(d)(2) will provide as follows:
(2) in the case of an erroneous Reference Price, as described in
paragraph (c)(1)(iii) above. In the case of (c)(1)(iii)(A), the
Exchange would consider a number of factors to determine a new
Reference Price that is based on the theoretical value of the
security, including but not limited to, the offering price of the
new issue, the ratio of the stock split applied to the prior day's
closing price, the theoretical price derived from the numerical
terms of the corporate action transaction such as the exchange ratio
and spin-off terms, and for an OTC up-listing, the price of the
security as provided in the prior day's FINRA Trade Dissemination
Service final closing report. In the case of (c)(1)(iii)(B), the
Reference Price will be the last effective Price Band that was in a
limit state before the Trading Pause; or
Next, the Exchange proposes to amend subparagraph (d)(3) of
Exchange Rule 2621 to replace an internal cross reference to another
subparagraph of Exchange Rule 2621 in light of the hierarchical heading
changes described above. In particular, the Exchange proposes to amend
the cross reference contained in Exchange Rule 2621(d)(3) that is to
subparagraph (c)(1)(A) to now be to subparagraph (c)(1)(i).
Accordingly, with all the proposed changes, Exchange Rule 2621(d)(3)
will provide as follows:
(3) in other circumstances, such as, for example, relevant news
impacting a security or securities, periods of extreme market
volatility, sustained illiquidity, or widespread system issues,
where use of a different Reference Price is necessary for the
maintenance of a fair and orderly market and the protection of
investors and the public interest, provided that such circumstances
occurred during the Early Trading Session or Late Trading Session or
the execution(s) are eligible for review pursuant to paragraph
(c)(1)(i).
Next, the Exchange proposes to amend subparagraph (g) of Exchange
Rule 2621 to replace an internal cross reference to another
subparagraph of Exchange Rule 2621 in light of the hierarchical heading
changes described above. In particular, the Exchange proposes to amend
the cross reference contained in Exchange Rule 2621(g) that is to
subparagraph (c)(1)(B) to now be to subparagraph (c)(1)(ii).
Accordingly, with all the proposed changes, Exchange Rule 2621(g) will
provide as follows:
(g) Transactions Occurring Outside of LULD Plan Price Bands. If
as a result of an Exchange technology or systems issue any
transaction occurs outside of the applicable Price Bands
disseminated pursuant to the LULD Plan, an Officer of the Exchange
or senior level employee designee, acting on his or her own motion
or at the request of a third party, shall review and declare any
such trades null and void. Absent extraordinary circumstances, any
such action of the Officer of the Exchange or other senior level
employee designee shall be taken in a timely fashion, generally
within thirty (30) minutes of the detection of the erroneous
transaction. When extraordinary circumstances exist, any such action
of the Officer of the Exchange or other senior level employee
designee must be taken by no later than the start of Regular Trading
Hours on the trading day following the date on which the
execution(s) under review occurred. Each Member involved in the
transaction shall be notified as soon as practicable by the
Exchange, and the party aggrieved by the action may appeal such
action in accordance with the provisions of paragraph (e)(2) above.
In the event that a single plan processor experiences a technology
or systems issue that prevents the dissemination of Price Bands, the
Exchange will make the determination of whether to nullify
transactions based on paragraph (c)(1)(ii) above.
The Exchange proposes to amend subparagraph (b) of Exchange Rule
2900 to update a cross reference to the definition of ``UTP Exchange
Traded Product,'' \4\ as that definition was moved from Exchange Rule
2900 to Exchange Rule 2622 pursuant to a separate filing by the
Exchange in 2023.\5\ Currently, Exchange Rule 2900(b) provides a cross
reference for the definition of UTP Exchange Traded Product as being in
Exchange Rule 1901. In 2023, as part of an industry-wide change to the
rules for the Limit Up-Limit Down Plan and Trading Halts, the Exchange
moved the definition for UTP Exchange Traded Product from Exchange Rule
1901 to Exchange Rule 2622.\6\ Accordingly, the Exchange proposes to
amend the cross reference contained in Exchange Rule 2900(b) that is to
Exchange Rule 1901, to now be Exchange Rule 2622(h)(1)(i).
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\4\ See Exchange Rule 2622(h)(1)(i).
\5\ See Securities Exchange Act Release No. 34-97093 (March 9,
2023), 88 FR 16045 (March 15, 2023) (SR-PEARL-2023-11) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 2622, Limit Up-Limit Down Plan and Trading
Halts.)
\6\ Id.
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2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with Section 6(b) of the Act \7\ in general, and further the objectives
of Section 6(b)(1) of the Act \8\ in particular, in that they are
designed to enforce compliance by the Exchange's Equity Members \9\ and
persons associated with its Equity Members, with the provisions of the
rules of MIAX Pearl Equities. In particular, the Exchange believes that
the proposed rule changes will provide greater clarity to Equity
Members and the public regarding the Exchange's Rules by providing
consistency within the Exchange's Rulebook. The proposed changes will
ensure the hierarchical heading scheme aligns throughout the Exchange's
Rulebook. The proposed changes will also make it easier for
[[Page 25656]]
Equity Members to interpret the Exchange's Rulebook.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(1).
\9\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
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The Exchange believes that the proposed rule changes also further
the objectives of Section 6(b)(5) of the Act. In particular, they are
designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general,
protect investors and the public interest. 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 rule changes
will provide greater clarity to Equity Members and the public regarding
the Exchange's Rules by providing consistency within the Exchange's
Rulebook. It is in the public interest for the Exchange's Rules 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 changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the Exchange
believes the proposed changes will not impose any burden on intra-
market competition as there is no functional change to the Exchange's
System \10\ and because the rules of the Exchange apply to all MIAX
Pearl Equity Members equally. The proposed rule changes will have no
impact on competition as they are not designed to address any
competitive issue but rather are designed to remedy minor, non-
substantive issues and provide added clarity to the rule text of
Exchange Rules 2618, 2621, 2626, and 2900. 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 Rulebook.
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\10\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal is solely intended to provide greater clarity to
Equity Members and the public regarding the Exchange's Rules by making
minor, non-substantive changes to the rule text, and the proposal does
not introduce any novel regulatory issues. Accordingly, the Commission
designates the proposed rule change to be operative upon filing.\17\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#ddafa8b1b8f0beb2b0b0b8b3a9ae9daeb8bef3bab2ab"><span class="__cf_email__" data-cfemail="ea989f868fc7898587878f849e99aa998f89c48d859c">[email protected]</span></a>. Please include
file number SR-PEARL-2025-26 on the subject line.
Paper Comments
<bullet> 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-PEARL-2025-26. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information
[[Page 25657]]
that you wish to make available publicly. We may redact in part or
withhold entirely from publication submitted material that is obscene
or subject to copyright protection. All submissions should refer to
file number SR-PEARL-2025-26 and should be submitted on or before July
8, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-10974 Filed 6-16-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 17, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.