Notice2026-07347
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Options Exchange Fee Schedule
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
April 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 73 (Thursday, April 16, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 73 (Thursday, April 16, 2026)]
[Notices]
[Pages 20524-20527]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07347]
[[Page 20524]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105216; File No. SR-SAPPHIRE-2026-14]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the MIAX Sapphire Options Exchange Fee Schedule
April 13, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on March 31, 2026, MIAX Sapphire, LLC (``MIAX
Sapphire'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Sapphire Options Exchange
Fee Schedule (``Fee Schedule'') to: (1) establish a surcharge on
certain Floor Market Maker orders in multiply-listed classes in the
Penny Interval Program and not in the Penny Interval Program that are
executed on the Trading Floor; and (2) establish a rebate payable to
certain Floor Broker Priority Customer orders when the counterparty is
a Floor Market Maker order for Trading Floor transactions (all
capitalized terms defined and described below).
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 MIAX Sapphire'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 1)c)i) of the Fee Schedule
to: (1) establish a surcharge on certain Floor Market Maker \3\ orders
that are executed as part of a transaction with certain Floor Broker
\4\ Priority Customer \5\ orders in multiply-listed classes in the
Penny Interval Program \6\ (``Penny classes'') and not in the Penny
Interval Program (``non-Penny classes'') on the Trading Floor; \7\ and
(2) establish an enhanced rebate payable to Floor Brokers for certain
Priority Customer orders that interact with the Floor Market Maker
order described above for Trading Floor transactions.
---------------------------------------------------------------------------
\3\ A Floor Market Maker is a Floor Participant of the Exchange
located on the Trading Floor who has received permission from the
Exchange to trade in options for his own account. See Exchange Rule
2105(b).
\4\ A Floor Broker is an individual who is registered with the
Exchange for the purpose, while on the Trading Floor, of accepting
and handling options orders. See Exchange Rule 2015.
\5\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See the
Definitions section of the Fee Schedule and Exchange Rule 100.
\6\ See Exchange Rule 510(c).
\7\ The term ``Trading Floor'' or ``Floor'' means the physical
trading floor of the Exchange located in Miami, Florida. The Trading
Floor shall consist of one ``Crowd Area'' or ``Pit'' where Floor
Participants will be located and option contracts will be traded.
The Crowd Area or Put shall be marked with specific visible
boundaries on the Trading Floor, as determined by the Exchange. A
Floor Broker must represent all orders in an ``open outcry'' fashion
in the Crowd Area. See Exchange Rule 100.
---------------------------------------------------------------------------
Background of Fees and Rebates for Transaction on the Trading Floor
The Exchange assesses fees (and/or provides rebates) for
transactions on the Trading Floor based on origin. For Priority
Customers \8\ and Professional Customers \9\ the Exchange does not
currently assess a per contract fee (or provide a rebate) for Qualified
Floor Order (``QFO'') \10\ and Complex Qualified Floor Order (``cQFO'')
\11\ transactions in all multiply-listed Penny and non-Penny
classes.\12\ The Exchange assesses a $0.25 per contract fee for QFO and
cQFO transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/
IWM), and non-Penny classes, for Away Market Maker,\13\ Firm, and
Broker-Dealer origins. The Exchange does not assess a fee (or provide a
rebate) for QFO and cQFO transactions in SPY/QQQ/IWM, Penny classes
(excluding SPY/QQQ/IWM), and non-Penny classes, for Firm and Broker-
Dealer origins that are facilitating a Priority Customer or
Professional Customer order. The Exchange assesses Floor Market Makers
a fee of $0.50 per contract for QFOs and cQFOs that trade against all
other origins.\14\ The Exchange provides a rebate of ($0.10) per
contract for transactions in SPY/QQQ/IWM, Penny classes (excluding SPY/
QQQ/IWM), and non-Penny classes, for Floor Broker origins on both the
agency and contra sides, if applicable. The Exchange also provides a
Floor Broker Breakup Credit of ($0.20) per contract for transactions in
SPY/QQQ/IWM, Penny classes (excluding SPY/QQQ/IWM), and non-Penny
classes.
---------------------------------------------------------------------------
\8\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See the
Definitions section of the Fee Schedule and Exchange Rule 100.
\9\ The term ``Professional Customer'' for the purposes of the
Fee Schedule, shall mean a Public Customer that is not a Priority
Customer. See the Definitions section of the Fee Schedule. The term
``Public Customer'' means a person that is not a broker or dealer in
securities. See the Definitions section of the Fee Schedule and
Exchange Rule 100.
\10\ See Exchange Rule 2040.
\11\ See Exchange Rule 2040(a)(4).
\12\ A QFO or cQFO must be entered as a two-sided order, with an
initiating side and a contra side and the QFO and cQFO fees,
rebates, and applicable fee and rebate caps will apply to both sides
of the order. Further, cQFO fees and rebates are per executed side
per leg.
\13\ The term ``Away Market Maker'' for the purposes of the Fee
Schedule, shall mean a non MIAX Sapphire Market Maker.
\14\ See Fee Schedule, Section 1)c)i).
---------------------------------------------------------------------------
Proposal
The Exchange proposes to amend Section 1)c)i) of the Fee Schedule
to establish a $0.20 per contract surcharge for Floor Market Maker
orders in Penny and non-Penny classes when the Floor Market Maker is
the counterparty to a Priority Customer cQFO executed by a Floor Broker
on the Trading Floor. The Exchange proposes that for such trade, the
Exchange will provide the Floor Broker a ($0.20) per contract rebate
(referred to as the ``Floor Broker Enhanced Complex Rebate''), which
will be in addition to the Floor Broker Breakup Credit of ($0.20) per
contract that the Floor Broker may also receive for such transaction.
The Exchange also proposes to provide that the above-described
surcharge and the rebate will not apply to cQCC \15\ transactions,
[[Page 20525]]
cC2C \16\ transactions, Strategy \17\ transactions, or other non-
complex transactions. The Exchange proposes to establish new footnote
#1 in the Floor Market Maker origin in the table in Section 1)c)i) of
the Fee Schedule, with explanatory text for footnote #1 below the QFO
and cQFO Fees and Rebates Table, as follows:
---------------------------------------------------------------------------
\15\ A cQCC transaction is comprised of an `initiating complex
order' to buy (sell) where each component is at least 1,000
contracts that is identified as being part of a qualified contingent
trade, coupled with a contra-side complex order or orders to sell
(buy) an equal number of contracts. The stock handling fee for the
stock leg of cQCC transactions is described in Section 1)c)vi) of
the Fee Schedule. See Fee Schedule, Section 1)c)iii).
\16\ A cC2C Order is comprised of one Priority Customer complex
order to buy and one Priority Customer complex order to sell at the
same price and for the same quantity. See Fee Schedule, Section
1)c)iv).
\17\ As of the time of this filing, the Exchange allows for the
following Strategy transactions: Box Spread, Jelly Roll Strategy,
Short/Long Stock Interest Spread, Merger Spread, Reversal/Conversion
Spread, and a Dividend Strategy. See, generally, the Definitions
section of the Fee Schedule for the definition of each type of
Strategy transaction.
Floor Market Makers will be assessed a $0.20 per contract surcharge
when the Floor Market Maker is the counterparty to a Priority
Customer cQFO transaction executed by a Floor Broker in multiply-
listed Penny or non-Penny Classes, and the executing Floor Broker
will be paid a rebate of ($0.20) per contract (``Floor Broker
Enhanced Complex Rebate'') for such trade. The surcharge and Floor
Broker Enhanced Complex Rebate will not apply to cQCC transactions,
cC2C transactions, Strategy transactions, or other non-complex
transactions. The Floor Broker Enhanced Complex Rebate paid to the
executing Floor Broker under the terms of this footnote 1 will be in
addition to any Floor Broker Breakup Credit that the Floor Broker
---------------------------------------------------------------------------
may also receive for the Priority Customer cQFO transaction.
Although the proposed surcharge would increase certain fees for
Floor Market Makers when acting as counterparty to Priority Customer
cQFOs on the Trading Floor, the Exchange believes these participants
will continue to quote actively to participate in Trading Floor
transactions as they do today, thereby continuing to promote trading
opportunities and competition on the Trading Floor to the benefit of
all market participants. The purpose of this change is to further
incentivize Floor Brokers to participate on the Trading Floor by
increasing Priority Customer cQFO volume. The Exchange believes this
will lead to increased Trading Floor volume, which should benefit all
market participants by providing more trading opportunities and tighter
spreads. As the Trading Floor is less than a year into operations, the
Exchange believes it is important to incentivize Floor Brokers to
continue to provide Priority Customer volume.
The Exchange notes that the proposed complex surcharge and rebates
are not new or novel. At least one other exchange assesses a similar
surcharge and provides a similar rebate for customer complex order
transactions on its trading floor where a floor market maker is the
counterparty to the customer order that originates from a floor
broker.\18\
---------------------------------------------------------------------------
\18\ See Nasdaq PHLX LLC, Options 7: Pricing Schedule, Section
4, note 9 (providing that Floor Lead Market Makers and Floor Market
Makers will be assessed a $0.20 per contract surcharge when the
Floor Lead Market Maker or Floor Market Maker is the counterparty to
a Customer complex open outcry floor transaction executed by a Floor
Broker in multiply-listed Penny or non-Penny Symbols, and the Floor
Broker will be paid a rebate of $0.20 per contract. The surcharge
and the rebate will not apply to index options and singly listed
options . . . strategy transactions (dividend, merger, short stock
interest, reversal and conversion, jelly roll and box spread
strategies), Floor Qualified Contingent Cross Orders, or Customer
Cross Orders).
---------------------------------------------------------------------------
The proposed changes are effective beginning April 1, 2026.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\20\ in particular, in that it
is not designed to permit unfair discrimination among customers,
brokers, or dealers. The Exchange also believes that its proposal is
consistent with Section 6(b)(4) of the Act \21\ because it represents
an equitable allocation of reasonable dues, fees and other charges
among market participants using any facility or system which the
Exchange operates or controls.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
\21\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes its proposal to assess a surcharge of $0.20
per contract to Floor Market Maker orders that is the counterparty to
Floor Broker Priority Customer cQFOs in Penny and non-Penny classes on
the Trading Floor is reasonable because, even with the proposed
surcharge, Floor Market Makers will continue to interact with Trading
Floor orders and would not be discouraged from continuing to quote and
trade actively on the Exchange. The Exchange believes that the proposed
rebate of ($0.20) per contract to be paid to Floor Brokers for such
transactions would incentivize Floor Brokers to direct additional
Priority Customer cQFO volume to the Trading Floor, thereby creating
more trading opportunities on the Trading Floor for all market
participants, including Floor Market Makers. The Exchange believes that
the proposed changes are reasonably designed to incentivize Floor
Brokers (and other participants on the Trading Floor) to increase the
number of cQFOs sent to the Exchange. The Exchange believes this may
increase trading volume and create more trading opportunities for all
market participants which, in turn, may attract additional order flow
to the Exchange, further contributing to a deeper, more liquid market
to the benefit of all market participants. The Exchange also notes that
the proposed surcharge and rebate are similar in structure to a program
offered by at least one other competing exchange that offers floor
trading.\22\
---------------------------------------------------------------------------
\22\ See supra note 18.
---------------------------------------------------------------------------
The Exchange further believes the proposed surcharge is reasonable
because it is designed to offset costs associated with the proposed
rebate payable to Floor Brokers when their Priority Customer cQFOs
interact with Floor Market Maker orders on the Trading Floor. To the
extent this purpose is achieved, the Exchange believes that the
proposed surcharge would not disincentivize market making activity on
the Trading Floor because increased order flow from Floor Brokers
seeking to earn the proposed rebate would result in more opportunities
to trade for all market participants, including Floor Market Makers. To
the extent the proposed rule change continues to attract greater volume
and liquidity by encouraging Floor Brokers to increase their options
volume on the Exchange in an effort to earn the proposed rebate, the
Exchange believes the proposed changes would improve the Exchange's
overall competitiveness and strengthen its market quality for all
market participants. Against the backdrop of the competitive
environment in which the Exchange operates, the proposed rule change is
a reasonable attempt by the Exchange to increase the depth of its
market and improve its market share relative to its competitors,
particularly since the Trading Floor is less than a year into
operations and seeks growth opportunities for its market.
The Exchange believes it is equitable to apply the proposed rebate
only to Floor Brokers and not Floor Market Makers. Floor Market Makers
represent their own interest on the Trading Floor and, therefore, the
Exchange believes these market participants may not need a similar
incentive. Unlike Floor Market Makers, Floor Brokers act as agents in
representing orders on the Exchange's Trading Floor. Participants who
desire to have a Priority Customer order executed on the Trading Floor
would provide that order to a Floor Broker to
[[Page 20526]]
be represented. Floor Market Makers may interact with orders
represented by the Floor Broker in open outcry on the Trading Floor.
Finally, Floor Market Makers may choose to conduct their business on a
Trading Floor or in an electronic market, unlike Floor Brokers, who
have a business model that is naturally tied to the physical trading
space.
The Exchange believes the proposed rule change is equitable because
the proposed rebate is based on the amount and type of business
transacted on the Exchange, and Floor Brokers may elect to earn the
proposed rebate if they choose. The Exchange also believes that the
proposed surcharge is equitable because it is designed to balance costs
associated with encouraging increased execution opportunities on the
Trading Floor, and an increase in such orders would in turn enhance
trading opportunities for all market participants. The Exchange also
believes that the proposed rebate to Floor Brokers is equitable because
it is intended to support Floor Brokers' role in facilitating the
execution of open outcry orders, a function which benefits all market
participants on the Trading Floor.
Moreover, the proposal is designed to incentivize participation on
the Trading Floor in an effort to make the Exchange a primary execution
venue and to attract more open outcry transactions to the Exchange
especially since the Exchange's Trading Floor recently launched
operations. To the extent that the proposed change attracts more Floor
Broker orders to the Exchange, this increased order flow would continue
to make the Exchange a more competitive venue for, among other things,
order execution. Thus, the Exchange believes the proposed rule change
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery.
The Exchange believes it is not unfairly discriminatory to impose a
surcharge on Floor Market Maker orders on the Trading Floor that are a
counterparty to a Priority Customer cQFO transaction executed by a
Floor Broker because the proposed change would apply to all Floor
Market Maker orders equally, and, as discussed above, the Exchange
believes it is not unfairly discriminatory to incent order flow to the
Trading Floor, which may enhance liquidity on the Exchange to the
benefit of all market participants. The Exchange also believes that the
proposed rebate payable to Floor Brokers for a Priority Customer cQFO
transaction that trades with a Floor Market Maker order is not unfairly
discriminatory because it would be available to all similarly-situated
market participants on an equal and non-discriminatory basis.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition. The Exchange's proposal to exclude
cQCC, cC2C and Strategy transactions is reasonable, equitable and not
unfairly discriminatory. Trading Floor cQCC and cC2C are not transacted
in open outcry. The Exchange would apply the exclusions in a uniform
manner to all Floor Participants.\23\
---------------------------------------------------------------------------
\23\ The term ``Floor Participant'' means Floor Brokers as
defined in Rule 2015 and Floor Market Makers as defined in Rule
2105(b). See the Definitions section of the Fee Schedule and
Exchange Rule 100.
---------------------------------------------------------------------------
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.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with at least one other options exchange that offers a similar
surcharge and rebate program and this proposal will offer market
participants with another choice of where to transact options. The
Exchange notes that it operates in a highly competitive market in which
market participants can readily favor competing venues if they deem fee
levels at a particular venue to be excessive, or rebate opportunities
available at other venues to be more favorable. In such an environment,
the Exchange must continually adjust its fees to remain competitive
with other exchanges. Because competitors are free to modify their own
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which fee changes in this market may impose any burden on competition
is extremely limited.
The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees and
rebates in a manner designed to continue to incent participants on the
Trading Floor to direct trading interest to the Exchange, to provide
liquidity and to attract additional order flow. To the extent that
Floor Brokers are encouraged to utilize the Exchange as a primary
trading venue for all transactions, all Exchange market participants
stand to benefit from the improved market quality and increased
opportunities for price improvement. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues. In such an environment, the
Exchange must continually review, and consider adjusting, its fees and
credits to remain competitive with other exchanges. For the reasons
described above, the Exchange believes that the proposed rule change
reflects this competitive environment.
Intra-Market Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for all market participants. As a result, the Exchange believes that
the proposed change furthers the Commission's goal in adopting
Regulation NMS of fostering integrated competition among orders.
The proposed changes are designed to attract additional order flow
to the Trading Floor. The Exchange believes that the proposed surcharge
assessed to Floor Market Maker orders that interact with Floor Broker
Priority Customer cQFOs on the Trading Floor and the proposed rebate
payable to the Floor Broker would encourage Floor Broker open outcry
order flow and would not disincentivize Floor Market Maker activity on
the Trading Floor. Greater liquidity benefits all market participants
on the Exchange and increased order flow would increase opportunities
for execution of other trading interest. The proposed modifications
would apply and be available to all similarly-situated market
participants that execute open outcry on the Trading Floor, and,
accordingly, the proposed changes would not impose a disparate burden
on competition among market participants on the Exchange. Finally, the
Exchange would apply the proposed exclusions described in proposed
footnote 1 in a uniform manner to all Floor Participants.
[[Page 20527]]
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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\24\ and Rule 19b-4(f)(2) \25\ 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.
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(b)(3)(A)(ii).
\25\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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#fd8f889198d09e9290909893898ebd8e989ed39a928b"><span class="__cf_email__" data-cfemail="94e6e1f8f1b9f7fbf9f9f1fae0e7d4e7f1f7baf3fbe2">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2026-14 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-2026-14. 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-SAPPHIRE-2026-14 and should be submitted
on or before May 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------
\26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07347 Filed 4-15-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js" defer></script></body>
</html>Indexed from Federal Register on April 16, 2026.
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.