Notice2025-17445
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; MIAX PEARL, LLC; MIAX Sapphire, LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Partial Amendments Thereto, To Amend Rule 402, Criteria for Underlying Securities, To List and Trade Options on Commodity-Based Trust Shares
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
September 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 174 (Thursday, September 11, 2025)</title>
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[Federal Register Volume 90, Number 174 (Thursday, September 11, 2025)]
[Notices]
[Page 44123]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17445]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103903; File Nos. SR-MIAX-2025-07; SR-PEARL-2025-08;
SR-SAPPHIRE-2025-12]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; MIAX PEARL, LLC; MIAX Sapphire, LLC; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Partial Amendments Thereto, To Amend Rule 402, Criteria for
Underlying Securities, To List and Trade Options on Commodity-Based
Trust Shares
September 8, 2025.
On March 5, 2025, Miami International Securities Exchange, LLC
(``MIAX''), MIAX PEARL, LLC (``MIAX Pearl''), and MIAX Sapphire, LLC
(``MIAX Sapphire'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\
proposed rule changes to amend Rule 402, Criteria for Underlying
Securities, of their respective rulebooks to list and trade options on
units that represent interests in a trust that is a Commodity-Based
Trust. On March 11, 2025, MIAX, MIAX Pearl and MIAX Sapphire each filed
Partial Amendment No. 1 to their respective proposed rule changes. On
March 12, 2025, MIAX Pearl and MIAX Sapphire each filed Partial
Amendment No. 2 (with Partial Amendment No. 1, collectively ``Partial
Amendments'') to their respective proposed rule changes. The proposed
rule changes, as modified by the applicable Partial Amendments, were
published for comment in the Federal Register on March 19, 2025.\3\ On
April 25, 2025, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule changes, disapprove the proposed rule changes, or
institute proceedings to determine whether to disapprove the proposed
rule changes, as modified by the applicable Partial Amendments.\5\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release Nos. 102658 (Mar. 13,
2025), 90 FR 12870 (SR-MIAX-2025-07); 102659 (Mar. 13, 2025), 90 FR
12876 (SR-PEARL-2025-08); 102660 (Mar. 13, 2025), 90 FR 12859 (SR-
SAPPHIRE-2025-12) (collectively, ``Notices'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release Nos. 102928, 90 FR 18717
(May 1, 2025) (SR-SAPPHIRE-2025-12); 102929, 90 FR 18718 (May 1,
2025) (SR-PEARL-2025-08); 102932, 90 FR 18715 (May 1, 2025) (SR-
MIAX-2025-07).
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On June 17, 2025, the Commission instituted proceedings under
Section 19(b)(2)(B) of the Act \6\ to determine whether to approve or
disapprove the proposed rule changes, as modified by the applicable
Partial Amendments.\7\ The Commission has not received any comments on
the proposed rule changes, as modified by the applicable Partial
Amendments.
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\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 103283, 90 FR 26634
(June 23, 2025).
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Section 19(b)(2) of the Act \8\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of the notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule changes, as modified by the applicable Partial
Amendments, were published for notice and comment in the Federal
Register on March 19, 2025.\9\ The 180th day after publication of the
Notices is September 15, 2025. The Commission is extending the time
period for approving or disapproving the proposed rule changes, as
modified by the applicable Partial Amendments, for an additional 60
days.
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\8\ 15 U.S.C. 78s(b)(2).
\9\ See Notices, supra note 3.
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule changes so that it has sufficient time to consider the proposed
rule changes, as modified by the applicable Partial Amendments.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\10\ designates November 14, 2025, as the date by which the
Commission shall either approve or disapprove the proposed rule
changes, as modified by the applicable Partial Amendments (File Nos.
SR-MIAX-2025-07; SR-PEARL-2025-08; SR-SAPPHIRE-2025-12).
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\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17445 Filed 9-10-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 11, 2025.
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