Notice2025-13474
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Minor Non-Substantive Changes to the Exchange's Rulebook
Primary source
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Published
July 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 136 (Friday, July 18, 2025)</title>
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[Federal Register Volume 90, Number 136 (Friday, July 18, 2025)]
[Notices]
[Pages 34031-34033]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13474]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103468; File No. SR-SAPPHIRE-2025-30]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Make
Minor Non-Substantive Changes to the Exchange's Rulebook
July 15, 2025.
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 July 10, 2025, MIAX Sapphire, LLC (``MIAX Sapphire'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``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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[[Page 34032]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the title page of the Exchange's
Rulebook and header information contained on each page throughout.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings</a> and at the Exchange's principal office.
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 title on the title page of its
Rulebook from ``MIAX Sapphire Options Exchange Rules'' to ``MIAX
Sapphire Options Exchange Rulebook.'' Additionally, the Exchange
proposes to amend the header information contained on each consecutive
page of the Rulebook from ``MIAX Sapphire Options Exchange Rules'' to
``MIAX Sapphire Options Exchange Rulebook.'' The proposed changes are
intended to align the title and header information of the Exchange's
Rulebook with the naming conventions used for the rulebooks of the
Exchange's affiliates.\3\ The proposed rule changes are to promote
consistency across the Exchange's and its affiliates' rulebooks.
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\3\ The Exchange's affiliates include MIAX PEARL, LLC (``MIAX
Pearl''), MIAX Emerald, LLC (``MIAX Emerald''), and Miami
International Securities Exchange, LLC (``MIAX'').
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2. Statutory Basis
The proposed rule changes further the objectives of Section 6(b)(5)
\4\ 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.
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\4\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange believes the proposed changes are
designed to 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 and, in general, protect investors and the
public interest because the proposed rule changes will provide greater
clarity to Members and the public regarding the Exchange's Rulebook by
aligning the title and header information of the Exchange's Rulebook
with the naming conventions used for the rulebooks of the Exchange's
affiliates. It is in the public interest for the Exchange's Rulebook to
be accurate and consistent.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intramarket Competition
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule changes
are not intended to address competitive issues but rather is concerned
solely with aligning the title and header information of the Exchange's
Rulebook with the naming conventions used for the rulebooks of the
Exchange's affiliates. This is to promote consistency across the
Exchange's and its affiliates' rulebooks.
Intermarket Competition
The Exchange believes the proposed rule changes do not impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule changes
are not intended to address competitive issues but rather is concerned
solely with aligning the title page and headers of the Exchange's
Rulebook with the naming conventions used for the rulebooks of the
Exchange's affiliates. This is to promote consistency across the
Exchange's and its affiliates' rulebooks.
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 \5\ and Rule 19b-4(f)(6) \6\ 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 after the date of filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \7\ and Rule 19b-4(f)(6) \8\ thereunder.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
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) \9\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\10\ 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 Exchange
states that the proposed changes will permit the Exchange to
immediately align the title and header information of the Exchange's
Rulebook with the naming conventions used for the rulebooks of the
Exchange's affiliates in order to improve the consistency across the
Exchange's and its affiliates' rulebooks. For these reasons, and
because this proposal does not raise any novel regulatory issues, the
Commission finds that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the 30-day operative delay and
[[Page 34033]]
designates the proposal operative upon filing.\11\
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 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#3b494e575e16585456565e554f487b485e58155c544d"><span class="__cf_email__" data-cfemail="98eaedf4fdb5fbf7f5f5fdf6ecebd8ebfdfbb6fff7ee">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2025-30 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-SAPPHIRE-2025-30. 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 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 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-SAPPHIRE-2025-30 and
should be submitted on or before August 8, 2025
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13474 Filed 7-17-25; 8:45 am]
BILLING CODE 8011-01-P
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