Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 67835 

12 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The term ‘‘MIAX Pearl Equities’’ shall mean 

MIAX Pearl Equities, a facility of MIAX PEARL, 

LLC. See Exchange Rule 1901. 

disapprove the proposed rule change 

(File No. SR–MIAX–2023–19). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21629 Filed 9–29–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98535; File No. SR– 

PEARL–2023–47] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change by MIAX PEARL, LLC To 

Renumber the MIAX Pearl Equities 

Rulebook 

September 26, 2023. 

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 September 22, 2023, MIAX PEARL, 

LLC (‘‘MIAX Pearl’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend Exchange Rule 2614, Orders and 

Order Instructions, Rule 2615, Opening 

Process for Equity Securities, Rule 2616, 

Priority of Orders, Rule 2617, Order 

Execution and Routing, Rule 2622, 

Limit Up-Limit Down Plan and Trading 

Halts, and Rule 2623, Short Sales, to 

make minor, non-substantive edits and 

clarifying changes to the rule text 

applicable to MIAX Pearl Equities 

(‘‘MIAX Pearl Equities’’),3 an equities 

trading facility of the Exchange. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-equities/pearl-equities/rule-filings, at 

MIAX Pearl’s principal office, and at the 

Commission’s Public Reference Room. 

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 the 

hierarchical headings in Exchange Rule 

2614 as follows: subparagraphs 

(a)(1)(A)–(J) will be renumbered as 

(a)(1)(i)–(x); subparagraph (a)(1)(A)(i) 

will be renumbered as (a)(1)(i)(A); 

subparagraphs (a)(1)(E)(i)–(ii) will be 

renumbered as (a)(1)(v)(A)–(B); 

subparagraphs (a)(1)(I)(i)–(iv) will be 

renumbered as (a)(1)(ix)(A)–(D); 

subparagraphs (a)(1)(I)(i)(a)–(c) will be 

renumbered as (a)(1)(ix)(A)1.–3.; 

subparagraphs (a)(2)(A)–(F) will be 

renumbered as (a)(2)(i)–(vi); 

subparagraphs (a)(3)(A)–(E) will be 

renumbered as (a)(3)(i)–(v); 

subparagraphs (a)(3)(A)(i)–(ii) will be 

renumbered as (a)(3)(i)(A)–(B); 

subparagraphs (a)(3)(A)(i)(a)–(b) will be 

renumbered as (a)(3)(i)(A)1.–2.; 

subparagraphs (a)(3)(A)(ii)(a)–(h) will be 

renumbered as (a)(3)(i)(B)1.–8.; 

subparagraphs (c)(2)(A)–(B) will be 

renumbered as (c)(2)(i)–(ii); 

subparagraphs (c)(2)(A)(i)–(ii) will be 

renumbered as (c)(2)(i)(A)–(B); 

subparagraphs (c)(7)(A)–(D) will be 

renumbered as (c)(7)(i)–(iv); 

subparagraph (c)(7)(A)(i) will be 

renumbered as (c)(7)(i)(A); 

subparagraphs (c)(7)(B)(i)–(iv) will be 

renumbered as (c)(7)(ii)(A)–(D); and 

subparagraphs (c)(7)(B)(i)(1)–(2) will be 

renumbered as (c)(7)(ii)(A)1.–2.; 

subparagraphs (c)(7)(B)(iii)(1)–(2) will 

be renumbered as (c)(7)(ii)(C)1.–2.; 

subparagraphs (c)(7)(C)(i)–(ii) will be 

renumbered as (c)(7)(iii)(A)–(B); 

subparagraphs (c)(8)(A)–(D) will be 

renumbered as (c)(8)(i)–(iv); 

subparagraphs (c)(8)(A)(i)–(iii) will be 

renumbered as (c)(8)(i)(A)–(C); 

subparagraphs (c)(8)(A)(i)(1)–(2) will be 

renumbered as (c)(8)(i)(A)1.–2.; 

subparagraphs (c)(8)(B)(i)–(ii) will be 

renumbered as (c)(8)(ii)(A)–(B); 

subparagraphs (d)(1)(A)–(B) will be 

renumbered as (d)(1)(i)–(ii); 

subparagraphs (g)(1)(A)–(E) will be 

renumbered as (g)(1)(i)–(v); and 

subparagraphs (g)(3)(A)–(E) will be 

renumbered as (g)(3)(i)–(v). 

The Exchange proposes to amend the 

hierarchical headings in Exchange Rule 

2615 as follows: subparagraphs 

(e)(1)(A)–(B) will be renumbered as 

(e)(1)(i)–(ii). 

The Exchange proposes to amend the 

hierarchical headings in Exchange Rule 

2616 as follows: subparagraphs 

(a)(2)(A)–(B) will be renumbered as 

(a)(2)(i)–(ii); subparagraphs (a)(2)(A)(i)– 

(ii) will be renumbered as (a)(2)(i)(A)– 

(B); subparagraph (a)(2)(B)(i) will be 

renumbered as (a)(2)(ii)(A); 

subparagraphs (a)(3)(A)–(B) will be 

renumbered as (a)(3)(i)–(ii); and 

subparagraphs (a)(3)(A)(i)–(ii) will be 

renumbered as (a)(3)(i)(A)–(B). 

The Exchange proposes to amend the 

hierarchical headings in Exchange Rule 

2622 as follows: subparagraphs 

(e)(1)(A)–(D) will be renumbered as 

(e)(1)(i)–(iv); subparagraphs (h)(1)(A)– 

(M) will be renumbered as (h)(1)(i)– 

(xiii); subparagraphs (h)(1)(A)(i)–(iv) 

will be renumbered as (h)(1)(i)(A)–(D); 

subparagraphs (h)(2)(A)–(B) will be 

renumbered as (h)(2)(i)–(ii); 

subparagraphs (h)(2)(A)(i)–(iii) will be 

renumbered as (h)(2)(i)(A)–(C); 

subparagraphs (h)(2)(A)(i)(a)–(e) will be 

renumbered as (h)(2)(i)(A)1.–5.; 

subparagraphs (h)(2)(A)(i)(a)1.–2. will 

be renumbered as (h)(2)(i)(A)1.a.–b.; 

subparagraphs (h)(2)(A)(i)(e)1.–4. will 

be renumbered as (h)(2)(i)(A)5.a.–d.; 

subparagraph (h)(2)(A)(iii)(a) will be 

renumbered as (h)(2)(i)(C)1.; 

subparagraphs (h)(2)(A)(iii)(a)1.–3. will 

be renumbered as (h)(2)(i)(C)1.a.–c.; 

subparagraphs (h)(2)(B)(i)–(iii) will be 

renumbered as (h)(2)(ii)(A)–(C); 

subparagraph (h)(2)(B)(i)(a) will be 

renumbered as (h)(2)(ii)(A)1.; 

subparagraph (h)(2)(B)(ii)(a) will be 

renumbered as (h)(2)(ii)(B)1.; 

subparagraphs (h)(3)(A)–(C) will be 

renumbered as (h)(3)(i)–(iii); 

subparagraphs (h)(3)(A)(i)–(ii) will be 

renumbered as (h)(3)(i)(A)–(B); and 

subparagraphs (h)(3)(C)(i)–(iii) will be 

renumbered as (h)(3)(iii)(A)–(C). 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(1)(vi) of Exchange Rule 

2614 to replace certain internal cross 

references to another subparagraph of 

Exchange Rule 2614 in light of the 

proposed hierarchical heading changes 

described above. In particular, the 

Exchange proposes to amend the cross 

references contained in proposed 

renumbered Exchange Rule 

2614(a)(1)(vi), that are to subparagraph 


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67836 Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 

2614(g)(3)(A), to now be to proposed 

renumbered subparagraph 2614(g)(3)(i). 

Accordingly, with all the proposed 

changes, Exchange Rule 2614(a)(1)(vi) 

will provide as follows: 

(vi) Re-Pricing to Comply with Rule 201 of 

Regulation SHO. During a Short Sale Period, 

as defined in Exchange Rule 2614(g)(3)(i), a 

Limit Order to sell that is designated as short 

and cannot be executed or displayed on the 

MIAX Pearl Equities Book at its limit price 

pursuant to Rule 201 of Regulation SHO will 

be re-priced to a Permitted Price, as defined 

in Exchange Rule 2614(g)(3)(i), pursuant to 

the Short Sale Price Sliding Process, unless 

the User affirmatively elects to have the order 

immediately cancelled. 

During a Short Sale Period, as defined in 

Exchange Rule 2614(g)(3)(i), the System will 

immediately cancel any portion of an 

incoming Limit Order designated as ISO and 

short that includes a time-in-force instruction 

RHO that cannot be executed or displayed at 

its limit price at the time of entry pursuant 

to Rule 201 of Regulation SHO. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraphs (a)(1)(ix)(A)1.–3. of 

Exchange Rule 2614 to replace certain 

internal cross references to other 

subparagraphs of Exchange Rule 2614 in 

light of the hierarchical heading changes 

described above. In particular, the 

Exchange proposes to amend the cross 

references contained in proposed 

renumbered Exchange Rule 

2614(a)(1)(ix)(A) that are to 

subparagraphs (a) and (b), to now be to 

subparagraphs 1. and 2., respectively. 

Accordingly, with all the proposed 

changes, Exchange Rule 

2614(a)(1)(ix)(A)1.–3. will provide as 

follows: 

1. PBO for Limit Orders to buy, the PBB 

for Limit Orders to sell; 

2. if 1. is unavailable, consolidated last sale 

price disseminated during the Regular 

Trading Hours on trade date; or 

3. if neither 1. or 2. are available, the prior 

day’s Official Closing Price identified as such 

by the primary listing exchange, adjusted to 

account for events such as corporate actions 

and news events. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(1)(ix)(C) of Exchange 

Rule 2614 to replace certain internal 

cross references to other subparagraphs 

of Exchange Rule 2614 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross references 

contained in proposed renumbered 

Exchange Rule 2614 (a)(1)(ix)(C)that are 

to subparagraphs (a)(1)(I)(i)(a), (b), and 

(c), to now be to subparagraphs 

(a)(1)(ix)(A)1., 2., and 3., respectively. 

Accordingly, with all the proposed 

changes, Exchange Rule 2614 

(a)(1)(ix)(C) will provide as follows: 

(C) Applicability. Limit Order Price 

Protection will be applied when an order is 

first eligible to trade. A Limit Order entered 

before the Regular Trading Session that 

becomes eligible to trade in the Regular 

Trading Session will become subject to Limit 

Order Price Protection when the Regular 

Trading Session begins. Limit Order Price 

Protection will not be applied if the prices 

listed under paragraphs (a)(1)(ix)(A)1., 2., or 

3. of this Exchange Rule 2614 are unavailable 

or if the price listed under paragraph 

(a)(1)(ix)(A)3. is to be applied and a 

regulatory halt has been declared by the 

primary listing market during that trading 

day. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(2)(v) of Exchange Rule 

2614 to replace certain internal cross 

references to another subparagraph of 

Exchange Rule 2614 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross references 

contained in proposed renumbered 

Exchange Rule 2614 (a)(2)(v) that are to 

subparagraph (g)(3)(A) to now be to 

subparagraph (g)(3)(i). Accordingly, 

with all the proposed changes, 

Exchange Rule 2614 (a)(2)(v) will 

provide as follows: 

(v) Short Sales. During a Short Sale Period, 

as defined in Exchange Rule 2614(g)(3)(i), a 

Market Order to sell that is marked short will 

be cancelled upon entry if it cannot be 

executed at a Permitted Price or better, as 

defined in Exchange Rule 2614(g)(3)(i). 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(3)(i)(B)6. of Exchange 

Rule 2614 to replace certain internal 

cross references to another 

subparagraph of Exchange Rule 2614 in 

light of the hierarchical heading changes 

described above. In particular, the 

Exchange proposes to amend the cross 

references contained in proposed 

renumbered Exchange Rule 2614 

(a)(3)(i)(B)6. that are to subparagraph 

(g)(3)(A) to now be to subparagraph 

(g)(3)(i). Accordingly, with all the 

proposed changes, Exchange Rule 2614 

(a)(3)(i)(B)6. will provide as follows: 

6. Re-Pricing to Comply with Rule 201 of 

Regulation SHO. During a Short Sale Period, 

as defined in Exchange Rule 2614(g)(3)(i), a 

Primary Peg Order to sell that is designated 

as short and cannot be executed or displayed 

on the MIAX Pearl Equities Book at its 

pegged price pursuant to Rule 201 of 

Regulation SHO will be re-priced multiple 

times to a Permitted Price, as defined in 

Exchange Rule 2614(g)(3)(i), pursuant to the 

Short Sale Price Sliding Process. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(3)(ii) of Exchange Rule 

2614 to replace a certain internal cross 

reference to another subparagraph of 

Exchange Rule 2614 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross reference 

contained in proposed renumbered 

Exchange Rule 2614 (a)(3)(ii) that is to 

subparagraph (B), to now be to 

subparagraph (ii). Accordingly, with all 

the proposed changes, Exchange Rule 

2614 (a)(3)(ii) will provide as follows: 

(ii) A Midpoint Peg Order will be accepted 

but will not be eligible for execution when 

the PBB and/or PBO is not available. A 

Primary Peg Order will be accepted but will 

not be eligible for execution when the PBB 

or PBO it is pegged to is not available. All 

Pegged Orders will be accepted but will not 

be eligible for execution when the PBBO is 

crossed, and, if instructed by the User, when 

the PBBO is locked. A Pegged Order that is 

eligible for execution when the PBBO is 

locked will be executable at the locking 

price. A Pegged Order will become eligible 

for execution and receive a new timestamp 

when the PBBO uncrosses. A Pegged Order 

that was not eligible for execution during a 

locked market will become eligible for 

execution and receive a new timestamp when 

the PBBO unlocks. A Primary Peg Order will 

become eligible for execution and receive a 

new timestamp when the PBB or PBO it is 

pegged to becomes available. A Midpoint Peg 

Order will become eligible for execution and 

receive a new timestamp when a new 

midpoint of the PBBO is established. In each 

of the above cases, pursuant to Exchange 

Rule 2616, all such Pegged Orders will retain 

their priority as compared to each other 

based upon the time priority of such orders 

immediately prior to being deemed not 

eligible for execution as set forth in this 

subparagraph (ii). 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (c)(8)(iv) of Exchange Rule 

2614 to replace a certain internal cross 

reference to another subparagraph of 

Exchange Rule 2614 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross reference 

contained in proposed renumbered 

Exchange Rule 2614 (c)(8)(iv) that is to 

subparagraph (c)(8)(A)(i) to now be to 

subparagraph (c)(8)(i)(A). Accordingly, 

with all the proposed changes, 

Exchange Rule 2614 (c)(8)(iv) will 

provide as follows: 

(iv) Routing. Any quantity of an order with 

a Reserve Quantity that is returned 

unexecuted will join the Reserve Quantity. If 

there is no Reserve Quantity to join, the 

returned quantity will be assigned a new 

time stamp as the Reserve Quantity. In either 

case, such Reserve Quantity will replenish 

the Displayed Quantity as provided for in 

paragraph (c)(8)(i)(A) of this Rule. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (e)(2)of Exchange Rule 

2615 to replace a certain internal cross 


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Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 67837 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(1). 

6The term ‘‘Equity Member’’ is a Member 

authorized by the Exchange to transact business on 

MIAX Pearl Equities. See Exchange Rule 1901. 

reference to another subparagraph of 

Exchange Rule 2615 in light of the 

changes described above. In particular, 

the Exchange proposes to amend the 

cross reference contained in proposed 

renumbered Exchange Rule 2615 (e)(2) 

that is to subparagraph (e)(1)(B) to now 

be to subparagraph (e)(1)(ii). 

Accordingly, with all the proposed 

changes, Exchange Rule 2615 (e)(2) will 

provide as follows: 

(2) Where neither of the conditions 

required to establish the price of the ReOpening Process in paragraph (e)(1)(ii) above 

have occurred, the equity security may be 

opened for trading at the discretion of the 

Exchange. In such case, all orders will be 

handled in time sequence, beginning with 

the order with the oldest timestamp, and be 

placed on the MIAX Pearl Equities Book, 

cancelled, executed, or routed to away 

Trading Centers in accordance with the terms 

of the order. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (a)(2)(ii) of Exchange Rule 

2616 to replace a certain internal cross 

reference to another subparagraph of 

Exchange Rule 2616 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross reference 

contained in proposed renumbered 

Exchange Rule 2616 (a)(2)(ii) that is to 

subparagraph (A) to now be to 

subparagraph (i). Accordingly, with all 

the proposed changes, Exchange Rule 

2616 (a)(2)(ii) will provide as follows: 

(ii) For purposes of paragraph (i) above. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (e)(2)of Exchange Rule 

2622 to replace certain internal cross 

references to other subparagraphs of 

Exchange Rule 2622 in light of the 

hierarchical heading changes described 

above. In particular, the Exchange 

proposes to amend the cross references 

contained in proposed renumbered 

Exchange Rule 2622(e)(2) that are to 

subparagraphs (e)(1)(A)–(D) to now be to 

subparagraphs (e)(1)(i)–(iv). 

Accordingly, with all the proposed 

changes, Exchange Rule 2622(e)(2) will 

provide as follows: 

(2) To the extent that an Equity Member 

participating in a MWCB test is unable to 

receive and process any of the messages 

identified in paragraph (e)(1)(i)–(iv) of this 

Rule, its attestation should notify the 

Exchange which messages it was unable to 

process and, if known, why. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (h)(2)(i)(A)5.b. of 

Exchange Rule 2622 to replace certain 

internal cross references to another 

subparagraph of Exchange Rule 2622 in 

light of the hierarchical heading changes 

described above. In particular, the 

Exchange proposes to amend the cross 

references contained in proposed 

renumbered Exchange Rule 2622 

(h)(2)(i)(A)5.b. that are to subparagraph 

(e) to now be to subparagraph 5. 

Additionally, the Exchange proposes to 

amend proposed renumbered 

subparagraph (h)(2)(i)(A)5.b. of 

Exchange Rule 2622 to replace a certain 

internal cross reference to another rule 

in light of the hierarchical heading 

changes described above. In particular, 

the Exchange proposes to amend the 

cross reference contained in Exchange 

Rule 2622 (h)(2)(i)(A)5.b. that is to 

current Exchange Rule 2614(g)(1)(C), to 

now be to proposed renumbered 

Exchange Rule 2614(g)(1)(iii). 

Accordingly, with all the proposed 

changes, Exchange Rule 2622 

(h)(2)(i)(A)5.b. will provide as follows: 

b. Limit-Priced Interest. Limit-priced 

interest will be cancelled if a User has 

entered instructions not to use the re-pricing 

process under this paragraph 5. and such 

interest to buy (sell) is priced above (below) 

the Upper (Lower) Price Band. If re-pricing 

is permitted based on a User’s instructions, 

both displayable and non-displayable 

incoming limit-priced interest to buy (sell) 

that is priced above (below) the Upper 

(Lower) Price Band shall be re-priced to the 

Upper (Lower) Price Band. The System shall 

re-price resting limit-priced interest to buy 

(sell) to the Upper (Lower) Price Band if Price 

Bands move such that the price of resting 

limit-priced interest to buy (sell) would be 

above (below) the Upper (Lower) Price Band. 

If the Price Bands move again and a User has 

opted into the Exchange’s optional multiple 

price sliding process, as described in 

Exchange Rule 2614(g)(1)(iii), the System 

shall reprice such limit-priced interest to the 

most aggressive permissible price up to the 

order’s limit price. All other displayed and 

non-displayed limit interest repriced 

pursuant to this paragraph 5. will remain at 

its new price unless the Price Bands move 

such that the price of resting limit-priced 

interest to buy (sell) would again be above 

(below) the Upper (Lower) Price Band. 

Next, the Exchange proposes to 

amend proposed renumbered 

subparagraph (c)(8)(ii)(A) of Exchange 

Rule 2614 to replace certain internal 

cross references to other rules in light of 

the hierarchical heading changes 

described above. In particular, the 

Exchange proposes to amend the cross 

references contained in Exchange Rule 

2614 (c)(8)(ii)(A) that are to current 

Exchange Rule 2616 (a)(2)(A)(i) and 

Rule 2616 (a)(2)(A)(ii) to now be to 

proposed renumbered Exchange Rule 

2616 (a)(2)(i)(A) and Rule 2616 

(a)(2)(i)(B), respectively. 

Similarly, the Exchange proposes to 

amend subparagraph (a)(5) of Exchange 

Rule 2616 to replace a certain internal 

cross reference to another rule in light 

of the changes described above. In 

particular, the Exchange proposes to 

amend the cross reference contained in 

Exchange Rule 2616 (a)(5) that is to 

current Exchange Rule 2614 (g)(3)(A), to 

now be to proposed renumbered 

Exchange Rule 2614 (g)(3)(i). 

Similarly, the Exchange proposes to 

amend subparagraph (a)(1) of Exchange 

Rule 2617 to replace a certain internal 

cross reference to another rule in light 

of the changes described above. In 

particular, the Exchange proposes to 

amend the cross reference contained in 

Exchange Rule 2617 (a)(1) that is to 

current Exchange Rule 2614 (g)(3)(A), to 

now be to proposed renumbered 

Exchange Rule 2614(g)(3)(i). 

Similarly, the Exchange proposes to 

amend subparagraph (b)(2) of Exchange 

Rule 2617 to replace certain internal 

cross references to another rule in light 

of the changes described above. In 

particular, the Exchange proposes to 

amend the cross references contained in 

Exchange Rule 2617 (b)(2) that is to 

current Exchange Rule 2614 (g)(3)(A), to 

now be to proposed renumbered 

Exchange Rule 2614 (g)(3)(i). 

Similarly, the Exchange proposes to 

amend subparagraph (h)(2)(i)(A)5.d. of 

Exchange Rule 2622 to replace certain 

internal cross references to another rule 

in light of the changes described above. 

In particular, the Exchange proposes to 

amend the cross references contained in 

Exchange Rule 2622 (h)(2)(i)(A)5.d. that 

are to current Exchange Rule 

2614(g)(3)(A), to now be to proposed 

renumbered Exchange Rule 

2614(g)(3)(i). 

Similarly, the Exchange proposes to 

amend Exchange Rule 2623 to replace a 

certain internal cross reference to 

another rule in light of the changes 

described above. In particular, the 

Exchange proposes to amend the cross 

reference contained in Exchange Rule 

2623 that is to current Exchange Rule 

2614(g)(3)(A), to now be to proposed 

renumbered Exchange Rule 

2614(g)(3)(i). 

2. Statutory Basis 

The Exchange believes that the 

proposed rule changes are consistent 

with Section 6(b) of the Act 4 in general, 

and furthers the objectives of Section 

6(b)(1) of the Act 5 in particular, in that 

they are designed to enforce compliance 

by the Exchange’s Equity Members 6 and 

persons associated with its Equity 


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7 The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

8 15 U.S.C. 78s(b)(3)(A). 

9 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 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. 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

Members, with the provisions of the 

rules of MIAX Pearl Equities. In 

particular, the Exchange believes that 

the proposed rule changes will provide 

greater clarity to Equity Members and 

the public regarding the Exchange’s 

Rules by providing consistency within 

the Exchange’s Rulebook. The proposed 

changes will ensure the hierarchical 

heading scheme aligns throughout the 

Exchange’s Rulebook. The proposed 

changes will also make it easier for 

Equity Members to interpret the 

Exchange’s Rulebook. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

the Exchange believes the proposed 

changes will not impose any burden on 

intra-market competition as there is no 

functional change to the Exchange’s 

System 7 and because the rules of the 

Exchange apply to all MIAX Pearl 

Equities participants 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 

minor non-substantive issues and 

provide added clarity to the rule text of 

Exchange Rules 2614, 2615, 2616, 2617, 

2622, and 2623. 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 transparency 

regarding the Exchange’s functionality. 

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 19(b)(3)(A) 

of the Act 8 and Rule 19b–4(f)(6) 9

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. 

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PEARL–2023–47 on the subject line. 

Paper Comments 

• 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–2023–47. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

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–2023–47 and should be 

submitted on or before October 23, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21627 Filed 9–29–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98527; File No. SR– 

PEARL–2023–46] 

Self-Regulatory Organizations; MIAX 

PEARL LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule 

September 26, 2023. 

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 

September 12, 2023, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Pearl Options Fee 

Schedule (‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 


lotter on DSK11XQN23PROD with NOTICES1