Notice2025-18558
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402 To Permit the Listing of Options on an Exchange Traded Fund as Defined in Rule 6c-11 Under the Investment Company Act of 1940
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 25, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 184 (Thursday, September 25, 2025)</title>
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[Federal Register Volume 90, Number 184 (Thursday, September 25, 2025)]
[Notices]
[Pages 46291-46295]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18558]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104014; File No. SR-PEARL-2025-42]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 402 To Permit the Listing of Options on an Exchange Traded Fund as
Defined in Rule 6c-11 Under the Investment Company Act of 1940
September 22, 2025.
Pursuant to the provisions of 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 September 9, 2025, MIAX PEARL, LLC (``MIAX
PEARL'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a 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 Rule 402, Criteria for
Underlying Securities, to permit the listing of options on an exchange
traded fund as defined in Rule 6c-11 under the Investment Company Act
of 1940 (``Rule 6c-11'').
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/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 Exchange Rule 402, Criteria for
Underlying Securities,\3\ to amend: (1) subsection (i)(1) to provide
that securities deemed appropriate for options trading include shares
or other securities (``Exchange-Traded Funds'' or ``ETFs''), that are
listed pursuant to generic listing standards for an exchange-traded
fund as defined in Rule 6c-11 under the Investment Company Act of 1940
(``ETF Shares''), portfolio depositary receipts, or index fund shares;
and (2) subsection (i)(5)(ii)(A) to provide that the ETFs must be
listed pursuant to generic listing standards for ETF Shares. This is a
competitive filing based on a similar proposal submitted by Cboe
Exchange, Inc. (``Cboe'').\4\
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\3\ The Exchange notes that its affiliate options exchanges,
Miami International Securities Exchange, LLC (``MIAX'') and MIAX
Sapphire, LLC (``MIAX Sapphire''), submitted substantively similar
proposals. The Exchange notes that all the rules of Chapter IV of
MIAX Rulebook, including Exchange Rule 402, are incorporated by
reference into the MIAX Emerald, LLC (``MIAX Emerald'') rulebook.
\4\ See Securities Exchange Act Release No. 103686 (August 5,
2025) 90 FR 39435 (August 15, 2025) (SR-CBOE-2025-053) (Self-
Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend
Interpretation and Policy .06 of Rule 4.3 To Permit the Listing of
Options on an Exchange-Traded Fund as Defined in Rule 6c-11 Under
the Investment Company Act of 1940).
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[[Page 46292]]
Current Exchange Rule 402(i)(5)(ii)(A) provides that ETF Shares
must be listed pursuant to generic listing standards for portfolio
depositary receipts and index fund shares based on international global
indexes under which a comprehensive surveillance agreement (``CSSA'')
is not required. This proposal would amend Exchange Rule
402(i)(5)(ii)(A) to add that ETFs may also be listed pursuant to
generic listing standards for ETF Shares.
This proposal will enable the Exchange to list and trade options on
generically listed exchange-traded funds that can rely on Rule 6c-11,
provided that the ETF Shares are listed pursuant to Rule 19b-4(e) of
the Exchange Act. Rule 19b-4(e) provides that the listing and trading
of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to paragraph (c)(1) of Rule 19b-4, if the Securities and
Exchange Commission (the ``Commission'') has approved, pursuant to
Section 19(b) of the Exchange Act, the SRO's trading rules, procedures
and listing standards for the product class that would include the new
derivatives securities product, and the SRO has a surveillance program
for the product class. In other words, the proposal will amend the
listing standards to allow the Exchange to list and trade options on
ETF Shares to a similar degree that they are allowed to be listed on
index fund shares and portfolio depositary receipts. A series of index
fund shares or portfolio depositary receipts may generically list as
ETF Shares so long as the fund meets all listing requirements under the
applicable ETF Shares listing rule.\5\ The proposal merely represents a
natural progression from a previous approval order, which established
the principle that options listing standards should align with the
surveillance framework of their underlying securities.\6\ While the
MIAX Approval Order was limited to portfolio depositary receipts and
index fund shares based on international or global indexes, the
Exchange believes the underlying regulatory logic (that adequate
transparency and surveillance of the underlying security can support
options listing without additional CSSA requirements) applies equally
to ETF Shares listed under generic listing standards, and is further
supported by the fact that index fund shares and portfolio depositary
receipts are generally designed to meet the requirements of the ETF
Shares listing standards.
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\5\ See e.g., Cboe BZX Exchange Rule 14.11(l) (ETF Shares).
\6\ See Securities Exchange Act No. 874509 (March 13, 2015) 80
FR 14425 (March 19, 2015) (SR-MIAX-2015-04) (Order Approving a
Proposed Rule Change To Amend MIAX Rule 402) (the ``MIAX Approval
Order'').
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The Exchange allows for the listing and trading of options on
exchange-traded funds under Exchange Rule 402(i). In particular,
Exchange Rule 402(i)(1) provides that securities deemed appropriate for
options trading include ETFs that represent interests in registered
investment companies (or series thereof) organized as open-end
management investment companies, unit investment trusts or similar
entities that hold portfolios of securities and/or certain financial
instruments and money market instruments.\7\
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\7\ See Exchange Rule 402(i), which permits options trading on
ETFs that: (1) represent interests in registered investment
companies (or series thereof) organized as open-end management
investment companies, unit investment trusts or similar entities
that hold portfolios of securities and/or financial instruments
(``Funds''), including, but not limited to, stock index futures
contracts, options on futures, options on securities and indices,
equity caps, collars and floors, swap agreements, forward contracts,
repurchase agreements and reverse repurchase agreements (the
``Financial Instruments''), and money market instruments, including,
but not limited to, U.S. government securities and repurchase
agreements (the ``Money Market Instruments'') comprising or
otherwise based on or representing investments in broad-based
indexes or portfolios of securities and/or Financial Instruments and
Money Market Instruments (or that hold securities in one or more
other registered investment companies that themselves hold such
portfolios of securities and/or Financial Instruments and Money
Market Instruments).
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The requirements of Exchange Rule 402(i)(1) are generally based on
the generic listing standards \8\ for exchange-traded funds that pre-
dated the adoption of Rule 6c-11 (the ``previous generic listing
standards''). The Exchange proposes to eliminate the language from the
rule text that specifies the securities and/or financial instruments
that the entity holds and instead provide that the securities deemed
appropriate for options trading include ETFs that are listed pursuant
to generic listing standards for ETF Shares, portfolio depositary
receipts, or index fund shares.
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\8\ See e.g., Cboe BZX Exchange Rules 14.11(c) (Index Fund
Shares), 14.11(i) (Managed Fund Shares), and 14.11(b) (Portfolio
Depositary Receipts).
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Similarly, Exchange Rule 402(i)(5)(ii)(A) provides that ETFs must
be listed pursuant to generic listing standards for series of portfolio
depositary receipts and index fund shares based on international or
global indexes under which a comprehensive surveillance agreement is
not required. Thus, the requirements of Exchange Rule 402(i)(5)(ii)(A)
are also generally based on the previous generic listing standards. The
Exchange proposes to amend Exchange Rule 402(i)(5)(ii)(A) to explicitly
provide that the ETFs must be listed pursuant to the generic listing
standards for ETF Shares, or series of portfolio depositary receipts
and index fund shares based on international or global indexes under
which a comprehensive surveillance agreement is not required.
In 2019, the Commission adopted Rule 6c-11 to permit exchange-
traded funds that satisfy certain conditions to operate without
obtaining an exemptive order from the Commission under the Investment
Company Act of 1940.\9\ In 2020, the Commission approved generic
listing standards pursuant to Rule 19b-4(e) of the Exchange Act for
exchange-traded funds that meet the requirements of Rule 6c-11 (i.e.,
ETF Shares).\10\ Such generic listing standards permit the listing and
trading of ETF Shares that are permitted to operate in reliance on Rule
6c-11 to list and trade on an exchange without a prior Commission
approval order or notice of effectiveness pursuant to Section 19(b) of
the Act. ETFs listed pursuant to the previous generic listing standards
would generally meet the requirements of Rule 6c-11 and thus could list
as ETF Shares on an equity exchange.
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\9\ See Release Nos. 33-10695; IC-33646; File No. S7-15-18
(Exchange-Traded Funds) (September 25, 2019), 84 FR 57162 (October
24, 2019) (the ``Rule 6c-11 Release'').
\10\ See e.g., Securities Exchange Act Release No. 88566 (April
6, 2020) 85 FR 20312 (April 10, 2020)(SR-CboeBZX-2019-097) (Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 2, To Adopt BZX Rule 14.11(l) Governing the Listing
and Trading of Exchange-Traded Fund Shares) (``BZX ETF Shares
Approval Order'').
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The ETF Shares generic listing standards did not include the
quantitative standards applicable to a fund or an index that were
included in the previous generic listing standards.\11\ Ultimately, the
Commission found that the ETF Shares generic listing standards are
reasonably designed to help prevent fraudulent and manipulative acts
and practices particularly because a central qualification for listing
generically is ongoing compliance with Rule 6c-11, which requires,
among other things, ETF Shares to prominently disclose the portfolio
holdings that will form the basis for each calculation of net asset
value per share. Because initial and ongoing compliance with Rule 6c-11
is a condition for listing and trading on the equity listing markets,
Rule 6c-11 permits the equity exchanges to list and trade shares of an
investment company
[[Page 46293]]
with a fully transparent portfolio. The Commission stated that it
believes that such portfolio transparency should help prevent
manipulation of the price of ETF Shares.\12\
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\11\ See supra note 5.
\12\ See BZX ETF Shares Approval Order at 20320.
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In approving the ETF Shares generic listing standards, the
Commission thoroughly considered the structure of the ETF Shares, their
usefulness to investors and to the markets, and SRO rules that govern
their listing and trading. The Exchange believes that allowing the
listing of options overlying ETF Shares that are listed pursuant to the
generic listing standards on equities exchanges and applying Rule 19b-
4(e) \13\ should fulfill the intended objective of that Rule by
allowing options on those ETF Shares that have satisfied the generic
listing standards to commence trading, without the need for the public
comment period and Commission approval. The Exchange believes enabling
the listing and trading of options on ETF Shares pursuant to this
amended listing standard will benefit investors by providing them with
valuable risk management tools, such as direct hedging tools, in a more
timely manner. The proposed rule would allow the Exchange to quickly
determine whether ETFs are appropriate for options trading under
Exchange Rule 402(i)(5)(ii)(A) and has the potential to reduce the time
frame for bringing options on ETF Shares to market, thereby benefitting
investors by timely providing increased trading and hedging
opportunities. The failure of a particular exchange-traded fund to
comply with the generic listing standards under Rule 19b-4(e) \14\
would not, however, preclude the Exchange from submitting a separate
filing pursuant to Section 19(b)(2),\15\ requesting Commission approval
to list and trade options on a particular exchange traded fund.
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\13\ 17 CFR 240.19b-4(e).
\14\ Id.
\15\ 15 U.S.C. 78s(b)(2).
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Options on ETF Shares listed pursuant to the proposed generic
listing standards would be traded, in all other respects, under the
Exchange's existing trading rules and procedures that apply to options
on exchange-traded fund and would be covered under the Exchange's
surveillance program for options on ETFs.\16\
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\16\ E.g., ETFs will continue to be subject to the position
limits set forth in MIAX Rule 307. The Exchange notes that all the
rules of Chapter III of MIAX, including Exchange Rule 307, are
incorporated by reference into the Exchange Rulebooks.
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The Exchange believes this proposed listing standard for options on
ETF Shares is reasonable and will result in options that are not
readily susceptible to manipulation in light of existing Rule 6c-11
transparency requirements and options listing requirements.\17\ The
Commission has determined that portfolio transparency is central to
preventing manipulation of ETF Share prices and serves as the primary
qualification for generic listing of ETF Shares.\18\ The Exchange
believes this same transparency rationale supports the generic listing
of options on ETF Shares by aligning the options generic listing
standards with the ETF Shares generic listing standards. Where ETF
Shares have been deemed sufficiently transparent to warrant generic
listing, the Exchange believes the manipulation risks for both the
underlying shares and overlying options are adequately mitigated
through this transparency framework as options manipulation is
typically achieved through manipulation of the underlying security.
This proposal simply creates a streamlined pathway for listing options
on qualifying ETF Shares that meet the enhanced transparency standards
under Rule 6c-11.
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\17\ See Exchange Rule 402(i)(5)(i).
\18\ See BZX ETF Shares Approval Order at 20320.
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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.\19\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \20\ 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.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange believes that the proposal to list and
trade options on ETFs Shares pursuant to this amended listing standard
will benefit investors by providing them with valuable risk management
tools, such as direct hedging tools, in a more timely manner. The
proposed rule would allow the Exchange to quickly determine whether
ETFs are appropriate for options trading under Exchange Rule 402 and
has the potential to reduce the time frame for bringing options on ETF
Shares to market, thereby benefitting investors by timely providing
increased trading and hedging opportunities. The proposed rule
streamlines the listing mechanism \21\ for certain qualifying options
on ETF Shares to be listed on the Exchange in a manner that is 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 facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general, to
protect investors and the public interest. Specifically, where ETF
Shares have been deemed sufficiently transparent to warrant generic
listing, the Exchange believes the manipulation risks for both the
underlying shares and overlying options are adequately mitigated
through this transparency framework as options manipulation is
typically achieved through manipulation of the underlying security.
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\21\ ETF Shares, which generally include index fund shares and
portfolio depositary receipts, may list under the applicable ETF
Shares listing rule, provided they meet all specified requirements.
The proposal clarifies Exchange Rules to explicitly confirm that
such ETF Shares fall within the scope of Exchange Rule 402.
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The Exchange believes that the proposal is similar to previous
proposals that have sought to establish parallel listing standards for
options as the underlying exchange-traded funds.\22\ Specifically, in
2015 MIAX submitted a proposed rule filing that would allow it to list
and trade options on certain exchange-traded funds without a CSSA
provided that such exchange-traded funds that underlie options are
listed on an equities exchange pursuant to certain generic listing
standards under which a CSSA is not required. In the MIAX Approval
Order, the Commission stated that it believes that it is consistent
with the Act for the Exchange to list and trade options that overlie
ETFs, provided such ETFs are listed pursuant to generic listing
standards on equities exchanges for portfolio depositary receipts and
index fund shares based on international or global indexes under
[[Page 46294]]
which a CSSA with a foreign market is not required.\23\
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\22\ See Securities Exchange Act Nos. 874509 (March 13, 2015) 80
FR 14425 (March 19, 2015) (SR-MIAX 2015-04) (Order Approving a
Proposed Rule Change To Amend MIAX Rule 402); and 75296 (June 25,
2015) 80 FR 37692 (July 1, 2015) (SR-CBOE-2015-052) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Rule 5.3.06) (collectively, the ``Prior Options ETF
Amendments'').
\23\ See supra note 6 at 14426.
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The Exchange believes this proposal represents a natural
progression from the MIAX Approval Order, which established the
principle that options listing standards should align with the
surveillance framework of their underlying securities. While the MIAX
Approval Order was limited to portfolio depositary receipts and index
fund shares based on international or global indexes, the Exchange
believes the underlying regulatory logic (that adequate transparency
and surveillance of the underlying security can support options listing
without additional CSSA requirements) applies equally to ETF Shares
listed under generic listing standards. This is further supported by
the fact that ETFs listed pursuant to the previous generic listing
standards would generally meet the requirements of Rule 6c-11 and thus
could list as ETF Shares. The Commission's determination that Rule 6c-
11 ETF Shares can be listed generically without CSSA requirements due
to their transparency should logically extend to options overlying
these same transparent products. Specifically, the Exchange believes
Rule 6c-11's portfolio transparency requirements provide an even
stronger foundation for surveillance than the CSSA requirement
contemplated in the MIAX Approval Order. The Commission has determined
that portfolio transparency is central to preventing manipulation of
ETF Share prices and serves as the primary qualification for generic
listing of ETF Shares.\24\ The Exchange believes this same transparency
rationale supports the generic listing of options on ETF Shares by
aligning the options generic listing standards with the ETF Shares
generic listing standards. Where ETF Shares have been deemed
sufficiently transparent to warrant generic listing, the Exchange
believes the manipulation risks for both the underlying shares and
overlying options are adequately mitigated through this transparency
framework as options manipulation is typically achieved through
manipulation of the underlying security. As such, the Exchange believes
that the proposal furthers the protection of investors and the public
interest by applying established regulatory principles to the evolved
exchange-traded funds landscape created by Rule 6c-11, while
maintaining appropriate surveillance safeguards through the underlying
securities' transparency requirements.
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\24\ See BZX ETF Shares Approval Order at 20320.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In this regard and as
indicated above, the Exchange notes that the rule change is
substantively identical to the filing submitted by Cboe.\25\
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\25\ See supra note 4.
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The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because ETF
Shares, like any other exchange-traded funds, would have to satisfy the
Exchange's initial listing standards to be eligible for options
trading.\26\ Additionally, the proposed rule change would apply to all
market participants in the same manner as options on index fund shares
and portfolio depositary receipts and generically listed options on ETF
Shares would be equally available to all market participants who wish
to trade such options.
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\26\ See Exchange Rule 402.
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The Exchange does not believe that the proposal will impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. To the extent that aligning
the options generic listing standards with the ETF Shares generic
listing standards may make the Exchange a more attractive marketplace
to market participants at other exchanges, such market participants are
free to elect to become market participants on the Exchange.
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 \27\ and Rule 19b-4(f)(6) \28\ 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; and (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 \29\ and Rule 19b-4(f)(6) \30\
thereunder.
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization 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) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
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 waiver of the operative delay would add immediate clarity
to the Exchange's rulebook by aligning the options listing requirements
to the underlying generic ETF Shares listing standards. The Exchange
also states that it believes the proposed rule change may result in
more timely investment options and opportunities to achieve the
investment objectives of market participants seeking efficient trading
and hedging vehicles, to the benefit of investors, market participants,
and the marketplace in general. For these reasons, and because the
proposed rule change does not raise any novel legal or regulatory
issues, the Commission finds that waiving 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
designates the proposed rule change to be operative upon filing.\33\
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\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
\33\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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
[[Page 46295]]
Commission shall institute proceedings to determine whether the
proposed rule 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#2153544d440c424e4c4c444f5552615244420f464e57"><span class="__cf_email__" data-cfemail="3240475e571f515d5f5f575c4641724157511c555d44">[email protected]</span></a>. Please include
file number SR-PEARL-2025-42 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-2025-42. 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 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-PEARL-2025-42 and should be submitted on
or before October 16, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18558 Filed 9-24-25; 8:45 am]
BILLING CODE 8011-01-P
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