71904 Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 

4See Good Faith Determinations of Fair Value, 

Investment Company Act Release No. 34128 (Dec. 

7, 2020) (‘‘Adopting Release’’). 

5Rule 2a–5(e)(4). 

6Rule 2a–5(b). 7Rule 2a–5(b). 

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

2 17 CFR 240.19b–4. 

thereunder.4 Under the rule, fair value 

as determined in good faith requires 

assessing and managing material risks 

associated with fair value 

determinations; selecting, applying, and 

testing fair value methodologies; and 

overseeing and evaluating any pricing 

services used. The rule also permits a 

fund’s board to designate a ‘‘valuation 

designee’’ to perform fair value 

determinations. The valuation designee 

can be the adviser of the fund or an 

officer of an internally managed fund.5

When a board designates the 

performance of determinations of fair 

value to a valuation designee for some 

or all of the fund’s investments under 

the rule, the rule requires the board to 

oversee the valuation designee’s 

performance of fair value 

determinations. 

To facilitate the board’s oversight, the 

rule also includes certain reporting and 

other requirements in the case of 

designation to a valuation designee.6 As 

relevant here, the rule requires, if the 

board designates performance of fair 

value determinations to a valuation 

designee, that the valuation designee 

report to the board in both periodic and 

as needed reports on a per-fund basis. 

Specifically, on a periodic basis, the 

valuation designee must provide to the 

board: 

• Quarterly Reports. At least 

quarterly, in writing, (1) any reports or 

materials requested by the board related 

to the fair value of designated 

investments or the valuation designee’s 

process for fair valuing fund 

investments and (2) a summary or 

description of material fair value 

matters that occurred in the prior 

quarter. This summary or description 

must include (1) any material changes 

in the assessment and management of 

valuation risks, including any material 

changes in conflicts of interest of the 

valuation designee (and any other 

service provider), (2) any material 

changes to, or material deviations from, 

the fair value methodologies, and (3) 

any material changes to the valuation 

designee’s process for selecting and 

overseeing pricing services, as well as 

any material events related to the 

valuation designee’s oversight of pricing 

services. 

• Annual Reports. At least annually, 

in writing, an assessment of the 

adequacy and effectiveness of the 

valuation designee’s process for 

determining the fair value of the 

designated portfolio of investments. At 

a minimum, this annual report must 

include a summary of the results of the 

testing of fair value methodologies 

required under the rule and an 

assessment of the adequacy of resources 

allocated to the process for determining 

the fair value of designated investments, 

including any material changes to the 

roles or functions of the persons 

responsible for determining fair value. 

Further, the rule requires the 

valuation designee to provide a written 

notification to the board of the 

occurrence of matters that materially 

affect the fair value of the designated 

portfolio of investments (defined as 

‘‘material matters’’) within a time period 

determined by the board, but in no 

event later than five business days after 

the valuation designee becomes aware 

of the material matter. Material matters 

in this instance include, as examples, a 

significant deficiency or material 

weakness in the design or effectiveness 

of the valuation designee’s fair value 

determination process or of material 

errors in the calculation of net asset 

value. The valuation designee must also 

provide such timely follow-on reports as 

the board may reasonably determine are 

appropriate.7

The Commission staff estimates that 

9,800 funds are subject to rule 2a–5. The 

internal annual burden estimate is 34 

hours for a fund. Based on these 

estimates, the total annual burden hours 

associated with the rule is estimated to 

be 333,200 hours. The estimated burden 

hours associated with rule 2a–5 have 

increased by 15,810 hours from the 

current allocation of 317,390 hours. The 

external cost associated with this 

collection of information is 

approximately $3,674 per fund, and the 

total annual external cost burden is 

$36,005,200. The estimated external 

cost has increased by $6,319,900 from 

the current estimate of $29,685,300. 

These increases are due to an increase 

in the estimated number of affected 

entities, as well as in the estimated 

hourly burden and the external cost 

associated with the information 

collection requirements. 

The estimate of average burden hours 

is made solely for purposes of the 

Paperwork Reduction Act and is not 

derived from a comprehensive or even 

a representative survey or study of the 

cost of Commission rules. The 

collection of information required by 

rule 2a–5 is necessary to obtain the 

benefits of the rule. Other information 

provided to the Commission in 

connection with staff examinations or 

investigations is kept confidential 

subject to the provisions of applicable 

law. If information collected pursuant to 

rule 2a–5 is reviewed by the 

Commission’s examination staff, it is 

accorded the same level of 

confidentiality accorded to other 

responses provided to the Commission 

in the context of its examination and 

oversight program. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by December 18, 2023. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: October 13, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22970 Filed 10–17–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98728; File No. SR– 

EMERALD–2023–28] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule Related to the Options 

Regulatory Fee 

October 12, 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 October 

5, 2023, MIAX Emerald, LLC (‘‘MIAX 

Emerald’’ or ‘‘Exchange’’) filed with the 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 71905 

3See Securities and Exchange Act Release Nos. 

98108 (August 10, 2023), 88 FR 55809 (August 16, 

2023) (SR–CboeEDGX–2023–054) (Notice of Filing 

and Immediate Effectiveness of a Proposed Rule 

Change to Amend its Fee Schedule Related to the 

Options Regulatory Fee); 98109 (August 10, 2023), 

88 FR 55801 (August 16, 2023) (SR–CboeBZX– 

2023–061) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Amend 

its Fee Schedule Related to the Options Regulatory 

Fee); 98446 (September 20, 2023), 88 FR 66100 

(September 26, 2023) (SR–BOX–2023–24) (Notice of 

Filing and Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee Schedule for 

Trading on the BOX Options Market LLC Facility 

To Amend the Language and Process Related to the 

Options Regulatory Fee). 

4The 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. 

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. 

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’’) related 

to the Options Regulatory Fee. 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/emerald-options/rule-filings, 

at MIAX’s [sic] 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 

Fee Schedule, to harmonize the 

language and processes relating to the 

Options Regulatory Fee (‘‘ORF’’) with 

the language and processes used by 

other options exchanges.3 By way of 

background, the ORF is designed to 

recover a material portion of the costs to 

the Exchange of the supervision and 

regulation of Member 4 customer 

options business, including performing 

routine surveillances, investigations, 

examinations, financial monitoring, as 

well as policy, rulemaking, interpretive 

and enforcement activities. The revenue 

generated from the ORF covers a 

material portion and when combined 

with all of the Exchange’s other 

regulatory fees and fines will cover a 

material portion of the Exchange’s 

regulatory costs. The Exchange monitors 

the amount of revenue collected from 

the ORF to ensure that it, in 

combination with its other regulatory 

fees and fines, does not exceed the 

Exchange’s total regulatory costs. The 

Exchange monitors its regulatory costs 

and revenues at a minimum on a semiannual basis. If the Exchange 

determines regulatory revenues exceed 

or are insufficient to cover a material 

portion of its regulatory costs, the 

Exchange will adjust the ORF by 

submitting a fee change filing to the 

Securities and Exchange Commission 

(the ‘‘Commission’’). The Exchange 

notifies Members of adjustments to the 

ORF via a Regulatory Circular. The 

Exchange provides Members with such 

notice at least 30 calendar days prior to 

the effective date of the change. 

The Regulatory Fee section of the Fee 

Schedule sets forth the details and 

description of how and when the ORF 

is assessed. For example, the Fee 

Schedule explicitly specifies that the 

Exchange may only increase or decrease 

the ORF semi-annually, and any such 

fee change will be effective on the first 

business day of February or August. The 

Fee Schedule further states that the 

Exchange will notify participants of any 

change in the amount of the fee at least 

30 calendar days prior to the effective 

date of the change. 

The Exchange proposes to update the 

Fee Schedule language relating to the 

timing of ORF changes. Particularly, the 

Exchange proposes to eliminate the 

strict requirement that the ORF may 

only be modified on the first business 

day of February or August, and also the 

explicit requirement that it must 

provide at least 30 calendar days prior 

notice to the effective date. 

The Exchange first proposes to 

eliminate the requirement that ORF may 

only be modified on the first business 

day of February or August to afford the 

Exchange increased flexibility in 

amending the ORF. As noted above, the 

ORF is based in part on options 

transactions volume, and as such the 

amount of ORF collected is variable. If 

options transactions reported to OCC in 

a given month increase, the ORF 

collected from Members may increase as 

well. Similarly, if options transactions 

reported to OCC in a given month 

decrease, the ORF collected from 

Members may decrease as well. 

Accordingly, the Exchange monitors the 

amount of ORF collected to ensure that 

it does not exceed a material portion of 

the Exchange’s total regulatory costs. If 

the Exchange determines that the 

amount of ORF collected exceeds costs, 

the proposed rule change allows the 

Exchange to adjust the ORF by 

submitting a fee change filing to the 

Commission in a month other than just 

February or August. Although the 

Exchange proposes to eliminate the 

explicit language in the fee schedule 

that provides the Exchange will adjust 

the ORF only semi-annually, and only 

on the first business day of February or 

August, it would continue to monitor its 

regulatory costs and revenues at a 

minimum on a semi-annual basis and 

submit a proposed rule change for each 

modification of the ORF as needed. 

The Exchange also proposes to 

eliminate the explicit language in the 

Fee Schedule that it will notify 

participants of any change in the 

amount of the fee at least 30 calendar 

days prior to the effective date of the 

change. Although the Exchange 

proposes to eliminate this language from 

the Fee Schedule, it notes that it will 

endeavor to notify Members of any 

planned change to the ORF by 

Regulatory Circular at least 30 calendar 

days prior to the effective date of such 

change. The Exchange believes this 

proposed change also provides the 

Exchange additional flexibility. For 

example, the Exchange often provides 

fee change notices on the first business 

day of the month. It may be the case that 

such date is less than 30 days from the 

effective date of proposed change (e.g., 

if the Exchange wished to amend the 

ORF, effective August 1, 2023, the 

Exchange would not have met the 30- 

day notice requirement if it had 

announced on the first business day of 

July, as it has been historic practice, 

since the first business day falls on July 

3, 2023). As such, the proposed rule 

changes provide added flexibility while 

still committing to provide notice on the 

timing of any changes to the ORF and 

ensuring that Members are prepared to 

configure their systems to properly 

account for the ORF. 

The Exchange notes that the proposed 

changes will result in ORF processes 

and fee schedule language that will 

align with those of its affiliated 


ddrumheller on DSK120RN23PROD with NOTICES1
71906 Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 

5The Exchange intends to submit an identical 

proposal for its affiliates MIAX Options and MIAX 

Pearl. 

6See supra note 3. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 Id. 

10 15 U.S.C. 78f(b)(4). 11See supra note 3. 

12 Id. 

13 Id. 

14 15 U.S.C. 78s(b)(3)(A). 

15 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. 

exchanges, Miami International 

Securities Exchange, LLC (‘‘MIAX 

Options’’) and MIAX PEARL, LLC 

(‘‘MIAX Pearl’’).5 Moreover, other 

options exchanges recently amended 

their fees to allow for flexibility to 

adjust ORF during months other than 

February or August.6 The Exchange 

believes the proposed change provides 

uniformity across its affiliated options 

exchanges and reduces potential 

confusion. It also provides the Exchange 

added flexibility as to when 

modifications to the ORF may occur. 

Implementation Date 

The Exchange will announce the 

effective date of the proposed changes 

by Regulatory Circular distributed to all 

Members. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the Act and 

the rules and regulations thereunder 

applicable to the Exchange and, in 

particular, the requirements of section 

6(b) of the Act.7 Specifically, the 

Exchange believes that the proposal is 

consistent with the section 6(b)(5) 8

requirements that the rules of an 

exchange be 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 mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes that 

the proposal is consistent with the 

section 6(b)(5) 9 requirement that the 

rules of an exchange not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange also believes that the 

proposal is consistent with section 

6(b)(4) of the Act,10 which requires that 

Exchange rules provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its Members and 

other persons using its facilities. 

The Exchange believes the proposed 

changes to the Fees Schedule are 

appropriate as it provides the Exchange 

with more flexibility in its assessment of 

ORF based on its periodic monitoring of 

ORF rates. The Exchange also represents 

that it will continue to monitor its 

regulatory costs and revenues at a 

minimum on a semi-annual basis, just 

as it, and its affiliated options exchanges 

(including MIAX Pearl and MIAX) do 

today. The Exchange believes that the 

proposed elimination of language 

specifying that the Exchange may only 

increase or decrease the ORF on the first 

business day February or August is 

reasonable because it is designed to 

afford the Exchange increased flexibility 

in making necessary adjustments to the 

ORF, as the Exchange is required to 

monitor the amount collected from the 

ORF to ensure that it, in combination 

with its other regulatory fees and fines, 

does not exceed total regulatory costs. 

The Exchange also represents that it 

will endeavor to provide notice of any 

changes at least 30 days in advance of 

the effective date of such change, 

thereby providing Members with 

adequate time to make any necessary 

adjustments to accommodate any 

proposed changes. Taking out the strict 

requirements from the Fee Schedule, 

however, will provide the Exchange 

flexibility in modifying ORF and being 

able to adjust ORF even if it doesn’t 

meet the strict 30-day deadline in the 

event extenuating circumstances 

prevent the Exchange from meeting this 

deadline or in the event such notice is 

a day or two less than 30 days due to 

when the first business days of the 

month fall. For example, as noted above, 

the Exchange often provides fee change 

notices on the first business day of the 

month. It may be the case that such date 

is less than 30 days from the effective 

date of proposed change (e.g., if the 

Exchange wished to amend the ORF, 

effective, August 1, 2023, the Exchange 

would not have met the 30-day notice 

requirement if it had announced on the 

first business day of July, as it has been 

historic practice, since the first business 

day falls on July 3, 2023). 

The Exchange believes that the 

proposal is reasonable, equitable and 

not unfairly discriminatory because it 

conforms to the process and fee 

schedule language used by two of its 

affiliated options exchanges, thereby 

providing consistency across the MIAX 

family options exchanges and reducing 

potential confusion. The proposed 

changes also apply uniformly to all 

Members subject to ORF. As noted 

above, other options exchanges are also 

not confined to making ORF changes on 

the first business day of February or 

August or required to provide 30 day 

notice.11

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. In this regard and 

as indicated above, the Exchange notes 

that the proposal is substantially similar 

in all material respects to filings 

submitted by Cboe EDGX Exchange, Inc. 

(‘‘EDGX’’), Cboe BZX Exchange, Inc. 

(‘‘BZX’’), and BOX Options Market LLC 

(‘‘BOX’’).12 This proposal does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it merely amends the Fee 

Schedule to modify the timing and 

notice requirements relating to the 

modification of the ORF and conforms 

to the timing and notice requirements 

used by other options exchanges within 

their fee schedules.13 Further, ORF is a 

regulatory fee that supports regulation 

in furtherance of the purposes of the 

Act. The Exchange is obligated to ensure 

that the amount of regulatory revenue 

collected from the ORF, in combination 

with its other regulatory fees and fines, 

does not exceed regulatory costs and the 

proposed rule change does not seek to 

change that. 

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 if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to section 19(b)(3)(A) of the 

Act 14 and Rule 19b–4(f)(6) 15

thereunder. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 200 / Wednesday, October 18, 2023 / Notices 71907 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 19 17 CFR 200.30–3(a)(12) and (a)(59). 

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

2 17 CFR 240.19b–4. 

3 ‘‘MEO Interface’’ or ‘‘MEO’’ means a binary 

order interface for certain order types as set forth 

in Rule 516 into the MIAX Pearl System. See the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

4The proposed fee change is based on a recent 

proposal by Nasdaq Phlx LLC (‘‘Phlx’’) to adopt fees 

for purge ports. See Securities Exchange Act 

Release No. 97825 (June 30, 2023), 88 FR 43405 

(July 7, 2023) (SR–Phlx–2023–28). 

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),17 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. The Exchange is requesting the 

waiver because it will allow the 

Exchange to exercise more flexibility 

with respect to timing of changes to its 

assessment of ORF based on its periodic 

monitoring of ORF rates and allow the 

Exchange to mirror similar provisions 

already in place on other exchanges. 

Finally, the Exchange states that the 

proposed change would not introduce 

any novel regulatory issues. For these 

reasons, and because the proposed rule 

change does not raise any novel legal or 

regulatory issues, the Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Therefore, the Commission 

hereby waives the 30-day operative 

delay and designates the proposal 

operative upon filing.18

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– 

EMERALD–2023–28 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–EMERALD–2023–28. 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–EMERALD–2023–28 and should be 

submitted on or before November 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22923 Filed 10–17–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98733; File No. SR– 

PEARL–2023–52] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule for Purge Ports 

October 12, 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 29, 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 proposes to amend the 

MIAX Pearl Options Exchange Fee 

Schedule (the ‘‘Fee Schedule’’) to 

amend fees for MIAX Express Network 

(‘‘MEO’’) 3 Purge Ports (‘‘Purge Ports’’).4

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/pearl-options/rule-filings at 

MIAX Pearl’s principal office, and at the 

Commission’s Public Reference Room. 

I. 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 


ddrumheller on DSK120RN23PROD with NOTICES1