Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of a Change to Rule 515A, MIAX Emerald Price Improvement Mechanism (“PRIME”) and PRIME Solicitation Mechanism

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<title>Federal Register, Volume 91 Issue 167 (Monday, August 31, 2026)</title>
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[Federal Register Volume 91, Number 167 (Monday, August 31, 2026)]
[Notices]
[Pages 55955-55956]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17670]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106199; File No. SR-EMERALD-2026-23]


Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Delay 
Implementation of a Change to Rule 515A, MIAX Emerald Price Improvement 
Mechanism (``PRIME'') and PRIME Solicitation Mechanism

August 26, 2026.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on August 12, 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 240.19b-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 delay implementation of the proposed 
change to Exchange Rule 515A, MIAX Emerald Price Improvement Mechanism 
(``PRIME'') and PRIME Solicitation Mechanism, to permit orders for the 
accounts of Market Makers assigned in the applicable options class, to 
be solicited as a contra party to the Agency Order submitted for 
execution in a PRIME or cPRIME Auction.
    The text of the proposed rule change is available on the Exchange's 
website at <a href="https://www.miaxglobal.com/markets/us-options/emerald-options/rule-filings">https://www.miaxglobal.com/markets/us-options/emerald-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
    On May 1, 2026, the Exchange filed a proposal \3\ to amend Exchange 
Rule 515A, MIAX Emerald Price Improvement Mechanism (``PRIME'') and 
PRIME Solicitation Mechanism, to permit orders for the accounts of 
Market Makers \4\ assigned in the applicable options class, to be 
solicited as a contra party to the Agency Order \5\ submitted for 
execution in a PRIME or cPRIME Auction.\6\ The proposal indicated that 
the Exchange would the implement this functionality in Q3 of 2026 and 
would publish a Regulatory Circular at least 30 days prior to the 
implementation date. The Exchange has not issued a Regulatory Circular 
as described above

[[Page 55956]]

and now proposes to delay the implementation of this functionality 
until Q2 of 2027.
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    \3\ See Securities Exchange Act Release No.105488 (May 14, 
2026), 91 FR 29202 (May 19, 2026) (SR-EMERALD-2026-13) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Amend Exchange Rule 515A, MIAX Emerald Price Improvement Mechanism 
and PRIME Solicitation Mechanism).
    \4\ The term ``Market Makers'' refers to ``Lead Market Makers,'' 
``Primary Lead Market Makers,'' and ``Registered Market Makers'' 
collectively. See Exchange Rule 100.
    \5\ PRIME is a process by which a Member may electronically 
submit for execution (``Auction'') an order it represents as agent 
(``Agency Order'') against principal interest, and/or an Agency 
Order against solicited interest. See Exchange Rule 515A(a). 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.
    \6\ ``cPRIME'' is the process by which a Member may 
electronically submit a ``cPRIME Order'' (as defined in Rule 
518(b)(7)) it represents as agent (a ``cPRIME Agency Order'') 
against principal or solicited interest for execution (a ``cPRIME 
Auction''). See Exchange Rule 515A.12(a).
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    The Exchange proposes this delay in order to allow the Exchange and 
its Members \7\ ample time to complete the necessary technical changes 
prior to the implementation of the change. The Exchange proposes to 
issue a Regulatory Circular notifying market participants at least 30 
days prior to implementing this functionality.
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    \7\ 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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2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \8\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \9\ in particular, in that it 
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 regulating, 
clearing, settling, processing information with respect to, and 
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 by 
allowing the Exchange and its Members additional time to implement the 
proposed change.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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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 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange's 
proposal to delay the implementation of the proposed functionality does 
not impose an undue burden on competition. Delaying the implementation 
will simply allow the Exchange and its Members additional time to 
properly prepare for, and implement, the proposed functionality.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intramarket competition as the delay will apply 
equally to all Members of the Exchange.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition as the proposal is to 
delay the implementation of approved functionality and does not impact 
intermarket competition.

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

    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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and subparagraph 
(f)(6) of Rule 19b-4 thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 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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    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \12\ 15 U.S.C. 78s(b)(2)(B).
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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#681a1d040d450b0705050d061c1b281b0d0b460f071e"><span class="__cf_email__" data-cfemail="80f2f5ece5ade3efedede5eef4f3c0f3e5e3aee7eff6">[email&#160;protected]</span></a>. Please include 
file number SR-EMERALD-2026-23 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-2026-23. 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-EMERALD-2026-23 and should be submitted 
on or before September 21, 2026.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17670 Filed 8-28-26; 8:45 am]
BILLING CODE 8011-01-P


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