Notice2026-01527
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Reflect Certain CRD Fees Collected by FINRA
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
January 27, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 17 (Tuesday, January 27, 2026)</title>
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[Federal Register Volume 91, Number 17 (Tuesday, January 27, 2026)]
[Notices]
[Pages 3565-3567]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01527]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104661; File No. SR-EMERALD-2026-02]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the MIAX Emerald Options Exchange Fee Schedule To Reflect Certain CRD
Fees Collected by FINRA
January 22, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19bb-4 thereunder,\2\ notice
is hereby given that on January 9, 2026, MIAX Emerald, LLC (``MIAX
Emerald'' or ``Exchange'') filed with the Securities and Exchange
Commission (``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 240.19bb-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 the MIAX Emerald Options Exchange
Fee Schedule (the ``Fee Schedule'') to reflect adjustments to certain
fees for the Central Registration Depository (``CRD'' or ``CRD
system'') collected by the Financial Industry Regulatory Authority,
Inc. (``FINRA'').
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-options/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-options/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 Section 2)c) of the Fee Schedule,
Web CRD Fees, to reflect adjustments to FINRA \3\ Annual System
Processing Fee, Continuing Education Session Fee, and Series 57
Examination Fee.\4\ FINRA collects and retains certain regulatory fees
via CRD for session fees related to continuing education requirements,
fees for qualification examinations, and the registration of Exchange
Members \5\ that are not also FINRA members (``Non-FINRA members'').
CRD fees are user-based, and there is no distinction in the cost
incurred by FINRA if the user is a FINRA member or a Non-FINRA member.
The Exchange merely lists these fees in its Fee Schedule. The Exchange
does not collect or retain these fees.
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\3\ CRD is the central licensing and registration system for the
U.S. securities industry. The CRD system enables individuals and
firms seeking registration with multiple states and self-regulatory
organizations to do so by submitting a single form, fingerprint
card, and a combined payment of fees to FINRA. Through the CRD
system, FINRA maintains the qualification, employment, and
disciplinary histories of registered associated persons of broker-
dealers.
\4\ See Securities Exchange Act Release No. 93709 [sic]
(November 21, 2024), 89 FR 93709 (November 27, 2024) (SR-FINRA-2024-
019).
\5\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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In 2024, FINRA amended certain fees assessed for use of the CRD
system for implementation between 2026 and 2028.\6\ The Exchange
accordingly proposes to amend the Fee Schedule to mirror these fees
assessed by FINRA, which will be implemented concurrently with the
amended FINRA fees as of January 2026. Specifically, the Exchange
proposes to amend Section 2)c) of the Fee Schedule to modify the
Continuing Education Session Fee for All Registrations from $55 to $25
and modify the Series 57 Examination Fee from $120 to $105. The
Exchange also proposes to amend Section 2)c) of the Fee Schedule to
modify FINRA Annual System Processing Fee from $70 to the following,
based on the number of
[[Page 3566]]
securities regulators with which each such registered person is
registered, excluding registration as an investment adviser
representative: \7\
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\6\ See supra note 4.
\7\ See Section (4)(b)(7) of Schedule A to the FINRA By-laws.
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Number of securities regulators Fee
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1 to 5......................................................... $70
6 to 20........................................................ 95
21 to 40....................................................... 110
41 or more..................................................... 125
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The Exchange notes that the proposed changes are not otherwise
intended to address any other issues surrounding regulatory fees, and
the Exchange is not aware of any problems that Members would have in
complying with the proposed changes.
The Exchange proposes to implement the fee changes on January 9,
2026.
1. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(4) \9\ of the Act, in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges. The Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\10\ in that
it is designed 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
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
\10\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed fee changes are reasonable
because the fees will be identical to those adopted by FINRA as of
January 2026 for continuing education requirements, CRD fees for
qualification examinations, and use of the CRD system for each of the
Member's registered representatives and principals for system
processing.\11\ The costs of operating and improving the CRD system are
similarly borne by FINRA when a Non-FINRA member uses the CRD system;
accordingly, the fees collected for such use should, as proposed by the
Exchange, mirror the fees assessed to FINRA members. In addition, as
FINRA noted in amending its fees, it believes that its proposed pricing
structure is reasonable and correlates fees with the components that
drive its regulatory costs to the extent feasible. The Exchange further
believes that the proposal is reasonable because it will provide
greater specificity regarding the CRD session fees for certain
continuing education requirements, CRD fees for certain qualification
examinations, and the CRD system fees that are applicable to Non-FINRA
members. All similarly situated Members are subject to the same fee
structure, and every Member must use the CRD system to complete
continuing education requirements and qualification examinations, as
well as for registration and disclosure. Accordingly, the Exchange
believes that the fees collected for such use should likewise increase
in lockstep with the fees assessed to FINRA members, as proposed by the
Exchange.
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\11\ See supra note 4.
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The Exchange also believes the proposed fee changes provide for the
equitable allocation of reasonable fees and other charges, and do not
unfairly discriminate between customers, issuers, brokers, and dealers.
The fees apply equally to all individuals and firms required to report
information in the CRD system, and the proposed fee changes will result
in the same regulatory fees being charged to all Members required to
report information to CRD and for services performed by FINRA
regardless of whether such Members are FINRA members. Accordingly, the
Exchange believes that the fees collected for such use should increase
in lockstep with the fees adopted by FINRA as of January 2026, as
proposed by the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. Specifically, the Exchange believes that the
proposal will reflect fees that will be assessed by FINRA as of January
2026 and will thus result in the same regulatory fees being charged to
all Members required to report information to the CRD system and for
services performed by FINRA, regardless of whether or not such Members
are FINRA members.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or 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,\12\ and Rule 19bb-4(f)(2) \13\ 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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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19bb-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
<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#7a080f161f57191517171f140e093a091f19541d150c"><span class="__cf_email__" data-cfemail="bbc9ced7de96d8d4d6d6ded5cfc8fbc8ded895dcd4cd">[email protected]</span></a>. Please include
file number SR-EMERALD-2026-02 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-EMERALD-2026-02. 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
[[Page 3567]]
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-EMERALD-2026-02 and should be submitted
on or before February 17, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2026-01527 Filed 1-26-26; 8:45 am]
BILLING CODE 8011-01-P
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