Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make a Non-Substantive Correction to Exchange Rule 1014, Imposition of Fines for Minor Rule Violations

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<title>Federal Register, Volume 91 Issue 203 (Thursday, October 22, 2026)</title>
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[Federal Register Volume 91, Number 203 (Thursday, October 22, 2026)]
[Notices]
[Pages 66766-66767]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21574]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106694; File No. SR-PEARL-2026-42]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Make a Non-
Substantive Correction to Exchange Rule 1014, Imposition of Fines for 
Minor Rule Violations

October 19, 2026.

    Pursuant to 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 October 9, 2026, MIAX PEARL LLC (``MIAX Pearl'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
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 is filing a proposal to make a non-substantive 
correction to Exchange Rule 1014, Imposition of Fines for Minor Rule 
Violations.
    The text of the proposed rule change is available on the Exchange's 
website at <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings">https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings</a>, and at MIAX Pearl'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 1014(d)(5) to make a 
non-substantive correction to the table which describes violations of 
Rule 520(b). Specifically, the column titled, ``Number of Violations 
Within One Calendar Year,'' provides a numerical range of violations 
which corresponds to the second column which provides the associated 
sanction. For example, the first row provides that 1 to 5 violations 
will result in a sanction consisting of a Letter of Caution. Similarly, 
the second row provides that 6 to 10 violations within one calendar 
year will result in a sanction consisting of a fine in the amount of 
$500. The Exchange now proposes to correct the fourth row in the first 
column to state ``16 to 20'' whereas it currently incorrectly states 
``16 or 20.'' The Exchange believes this correction will provide 
clarity and precision in the Exchange's rules and eliminate the 
potential for confusion regarding violations of Exchange Rule 520(b).
2. Statutory Basis
    The Exchange believes that the proposed change is consistent with 
Section 6(b) of the Act \3\ in general, and further the objectives of 
Section 6(b)(1) of the Act \4\ in particular, in that they are designed 
to enforce compliance by the Exchange's Members \5\ and persons 
associated with its Members, with the provisions of the rules of the 
Exchange. In particular, the Exchange believes that the proposed change 
will provide greater clarity to Members and the public regarding the 
Exchange's Rulebook by making a non-substantive correction to rule 
text. The proposed change will also make it easier for Members to 
interpret the Exchange's Rulebook.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(1).
    \5\ The term ``Member'' means an individual or organization that 
is registered with the Exchange pursuant to Chapter II of these 
Rules for purposes of trading on the Exchange as an ``Electronic 
Exchange Member'' or ``Market Maker.'' Members are deemed 
``members'' under the Exchange Act. See Exchange Rule 100.
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    The Exchange believes that the proposed rule change also furthers 
the objectives of Section 6(b)(5) of the Act. In particular, it is 
designed to prevent fraudulent and manipulative acts and practices, 
promote just and equitable principles of trade, foster cooperation and 
coordination with persons engaged

[[Page 66767]]

in regulating, clearing, settling, processing information with respect 
to, and facilitating transactions in securities, remove impediments to 
and perfect the mechanisms of a free and open market and a national 
market system and, in general, protect investors and the public 
interest. The Exchange believes the proposed change promotes just and 
equitable principles of trade and remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because the proposed rule change will provide greater clarity to 
Members and the public regarding the Exchange's Rulebook by making a 
non-substantive correction to rule text. It is in the public interest 
for the Exchange's Rulebook to be accurate and concise so as to 
eliminate the potential for confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed change will impose 
any burden on competition not necessary or appropriate in furtherance 
of the purposes of the Act. Specifically, the Exchange believes the 
proposed change will not impose any burden on intra-market competition 
as there is no functional change to the Exchange's System \6\ and 
because the rules of the Exchange apply to all Members equally. The 
proposed rule change will have no impact on competition as it is not 
designed to address any competitive issue but rather is designed to 
remedy a non-substantive issue and provide added clarity and precision 
to the Exchange's Rulebook. In addition, the Exchange does not believe 
the proposal will impose any burden on inter-market competition as the 
proposal does not address any competitive issues and is intended to 
protect investors by providing further clarity and accuracy regarding 
the Exchange's Rulebook.
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    \6\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
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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) of the Act \7\ and subparagraph (f)(6) 
of Rule 19b-4 thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange 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) \9\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \9\ 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#b6c4c3dad39bd5d9dbdbd3d8c2c5f6c5d3d598d1d9c0"><span class="__cf_email__" data-cfemail="3143445d541c525e5c5c545f4542714254521f565e47">[email&#160;protected]</span></a>. Please include 
file number SR-PEARL-2026-42 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-2026-42. 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-2026-42 and should be submitted on 
or before November 12, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-21574 Filed 10-21-26; 8:45 am]
BILLING CODE 8011-01-P


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