97660 Federal Register / Vol. 89, No. 236 / Monday, December 9, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

Representative: Jennaca Upperman; 

Comments Due: December 10, 2024. 

III. Summary Proceeding(s) 

None. See Section II for public 

proceedings. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2024–28843 Filed 12–6–24; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

International Product Change—Priority 

Mail Express International, Priority Mail 

International & First-Class Package 

International Service Agreement 

AGENCY: Postal Service. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a Priority 

Mail Express International, Priority Mail 

International & First-Class Package 

International Service contract to the list 

of Negotiated Service Agreements in the 

Competitive Product List in the Mail 

Classification Schedule. 

DATES: Date of Notice: December 9, 2024 

FOR FURTHER INFORMATION CONTACT: 

Christopher C. Meyerson, (202) 268– 

7820. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on November 8, 

2024, it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Express International, 

Priority Mail International & First-Class 

Package International Service Contract 

51 to Competitive Product List. 

Documents are available at 

www.prc.gov, Docket Nos. MC2025–344 

and K2025–342. 

Colleen Hibbert-Kapler, 

Attorney, Ethics and Legal Compliance. 

[FR Doc. 2024–28860 Filed 12–6–24; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–126, OMB Control No. 

3235–0287] 

Submission for OMB Review; 

Comment Request; Extension: Form 

4—Statement of Changes in Beneficial 

Ownership of Securities 

Upon Written Request Copies 

Available From: Securities and 

Exchange Commission, Office of FOIA 

Services, 100 F Street NE, Washington, 

DC 20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Under the Exchange Act of 1934 (15 

U.S.C. 78a et seq.) every person who is 

directly or indirectly the beneficial 

owner of more than 10 percent of any 

class of any equity security (other than 

an exempted security) which registered 

under Section 12 of the Exchange Act 

(15 U.S.C. 78l), or who is a director or 

any officer of the issuer of such security 

(collectively ‘‘insider), must file a 

statement with the Commission 

reporting their ownership. Form 4 is a 

statement to disclose changes in an 

insider’s ownership of securities. The 

information is used for the purpose of 

disclosing the equity holdings of 

insiders of reporting companies. 

Approximately 186,052 insiders file 

Form 4 annually and it takes 

approximately 0.5 hours to prepare for 

a total of 93,026 annual burden hours 

(0.5 hours per response × 93,026 

responses). 

Public Comment Instructions: The 30- 

day public comment period for this 

information collection request opens on 

December 10, 2024 and closes at the end 

of the day on January 9, 2025. The 

public may view the full information 

request and submit comments at https:// 

www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=202412-3235-003 

or email comments to 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov. 

Dated: December 4, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28834 Filed 12–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101798; File No. SR– 

PEARL–2024–55] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make NonSubstantive, Clarifying Changes to the 

Exchange’s Rulebook 

December 3, 2024. 

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 November 

21, 2024, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

make non-substantive, clarifying 

changes to the Exchange’s Rulebook. 

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. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 236 / Monday, December 9, 2024 / Notices 97661 

3The term ‘‘MIAX’’ means Miami International 

Securities Exchange, LLC. See Exchange Rule 100. 

The rules contained in MIAX Chapter III, as such 

rules may be in effect from time to time, are 

incorporated by reference into MIAX Pearl Chapter 

III, and are thus MIAX Pearl Rules and thereby 

applicable to MIAX Pearl Members. See Chapter III 

of Exchange’s Rulebook. 

4See MIAX Rule 321(a)–(b). 

5The 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. 

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

authorized by the Exchange to transact business on 

MIAX Pearl Equities. See Exchange Rule 1901. The 

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

Equities, a facility of MIAX PEARL, LLC. See id. 

7See MIAX Rule 321(b). 

8See Securities Exchange Act Release No. 89563 

(August 14, 2020), 85 FR 51510 (August 20, 2020) 

(SR–PEARL–2020–03). 

9See ‘‘MIAX PEARL Receives Approval to 

Operate Equities Exchange; Launch Date Confirmed 

for September 25, 2020,’’ available at https://

www.miaxglobal.com/sites/default/files/alert-files/ 

MIAX_Press_Release_08182020.pdf. 

10See Securities Exchange Act Release No. 89736 

(September 2, 2020), 85 FR 55730 (September 9, 

2020) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change Relating to the 

Designation of Members for Mandatory Disaster 

Recovery Testing Pursuant to Regulation SCI for 

Calendar Year 2020). 

11See, e.g., MIAX Rule 503(d); see also MIAX 

Pearl Options Exchange Regulatory Circular 2024– 

58, Market for Underlying Security Used for 

Openings on MIAX Options, MIAX Pearl Options, 

MIAX Emerald Options and MIAX Sapphire 

Options for Newly Listed Symbols Effective 

Wednesday, October 23, 2024, available at https:// 

www.miaxglobal.com/sites/default/files/circularfiles/MIAX_Pearl_Options_RC_2024_58.pdf. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Proposal To Amend Chapter III 

The Exchange proposes to make nonsubstantive clarifying changes to the 

second paragraph of Chapter III to 

provide accuracy and precision within 

the rule text. For background, 

Regulation SCI and MIAX 3 Rule 321 

require MIAX Pearl to designate certain 

members of both the options and 

equities trading facilities of MIAX Pearl 

to participate in business continuity and 

disaster recovery testing in a manner 

specified by MIAX Pearl and at a 

frequency of not less than once every 12 

months.4 Such testing ordinarily is part 

of an annual industry-wide test. MIAX 

Rule 321, as incorporated into the MIAX 

Pearl Rulebook, governs mandatory 

participation in testing of MIAX Pearl’s 

backup systems. In particular, MIAX 

Rule 321, as incorporated, requires 

MIAX Pearl to designate certain 

Members 5 and Equity Members 6 that 

account for a specified percentage of 

executed volume on MIAX Pearl 

(separately, with respect to the options 

and equities trading facilities of MIAX 

Pearl), measured on quarterly basis, to 

connect to the MIAX Pearl backup 

systems and participate in functional 

and performance testing of such 

system.7

On August 14, 2020, the U.S. 

Securities and Exchange Commission 

(‘‘Commission’’) approved the 

Exchange’s proposal to adopt rules 

governing the trading of equity 

securities, referred to as MIAX Pearl 

Equities.8 MIAX Pearl Equities began 

trading on September 25, 2020.9 For 

calendar year 2020, the annual business 

continuity and disaster recovery 

industry-wide test was scheduled for 

October 24, 2020. MIAX Pearl Equities 

did not have two quarters of trading 

data on which to base its Equity 

Member designation prior to the 

October 24, 2020 test. Thus, MIAX Rule 

321 would not permit MIAX Pearl 

Equities to designate any Equity 

Members to participate in the industrywide test for 2020 because no Equity 

Members would have the requisite 

trading volume on MIAX Pearl Equities 

upon which a designation could be 

made at that time. 

To address the unique circumstances 

for disaster recovery testing in 2020, the 

year in which MIAX Pearl Equities 

became operational, the Exchange 

amended Chapter III of the Exchange’s 

Rules to provide that for calendar year 

2020, notwithstanding paragraph (b) 

and Interpretations and Policies .01 of 

MIAX Rule 321, which assigns the 

Exchange responsibility of ‘‘identifying 

Members that account for a meaningful 

percentage of the Exchange’s overall 

volume,’’ the Exchange instead 

designated at least three Equity 

Members on MIAX Pearl Equities who 

have a meaningful percentage of trading 

volume in NMS Stocks across the other 

equity exchanges in 2020.10 This 

allowed MIAX Pearl Equities to identify 

Equity Members for industry-wide 

disaster recovery testing in the absence 

of the metrics that are used in the 

ordinary course to designate such firms. 

MIAX Pearl Equities now has 

sufficient trading data each year to 

designate Equity Members that account 

for a specified percentage of executed 

volume on MIAX Pearl Equities, 

measured on quarterly basis, to require 

certain Equity Members to connect to 

the MIAX Pearl backup systems and 

participate in functional and 

performance testing of such system. 

Since the unique circumstances for 

disaster recovery testing in 2020 no 

longer exists, the Exchange now 

proposes to delete the second paragraph 

of Chapter III. The purpose of the 

purposed change is to delete the 

outdated rule text. 

Proposal To Amend Exchange Rule 503 

The Exchange proposes to make nonsubstantive, clarifying changes to 

subparagraphs (a)(3)–(4) of Exchange 

Rule 503 to provide consistency within 

the rule text. 

Specifically, the Exchange proposes to 

amend the announcement method by 

requiring announcements through a 

Regulatory Circular, instead of a post on 

the Exchange’s website, for the purpose 

of Exchange Rule 503. The Exchange 

proposes to replace ‘‘on the Exchange’s 

website’’ with ‘‘through a Regulatory 

Circular’’ at the end of subparagraph 

(a)(3) of Exchange Rule 503. The 

Exchange proposes to replace 

‘‘published by the Exchange on its 

website’’ with ‘‘announced to Members 

through a Regulatory Circular’’ at the 

end of the first sentence of subparagraph 

(a)(4) of Exchange Rule 503. The 

Exchange proposes to replace ‘‘posted 

by MIAX Pearl on its website’’ with 

‘‘announced to Members through a 

Regulatory Circular’’ at the end of the 

second sentence of subparagraph (a)(4) 

of Exchange Rule 503. The purpose of 

the proposed changes is to harmonize 

the Exchange’s rules and provide 

consistency within the Exchange’s 

Rulebook as the Exchange, and its 

affiliates, historically announce such 

information through a Regulatory 

Circular.11 The proposed changes do not 

impact or alter the information provided 

to any Member. Accordingly, with the 

proposed changes, subparagraphs (a)(3)– 

(4) of Exchange Rule 503 will provide as 

follows: 

(3) ‘‘Market for the Underlying Security’’ 

shall mean either the primary listing market, 

the primary volume market (defined as the 

market with the most liquidity in that 

underlying security for the previous two 

calendar months), or the first market to open 

the underlying security, as determined by the 

Exchange on a class by class basis and 

announced to Members through a Regulatory 

Circular. 

(4) ‘‘Valid Width National Best Bid or 

Offer’’ or ‘‘Valid Width NBBO’’ shall mean 

the combination of all away market quotes 

and any combination of MIAX Pearl Market 

Maker orders and quotes received from a 

minimum number of away markets and a 

minimum number of MIAX Pearl Market 

Makers within a specified bid/ask differential 

each as established and announced to 

Members through a Regulatory Circular. The 

Valid Width NBBO will be configurable by 

the underlying, and tables with valid width 


ddrumheller on DSK120RN23PROD with NOTICES1
97662 Federal Register / Vol. 89, No. 236 / Monday, December 9, 2024 / Notices 

12The Exchange anticipates it will file a separate 

rule filing pursuant to Rule 19b–4 of the Exchange 

Act with the Commission to remove references to 

‘‘mini-options’’ in the MIAX Pearl Options 

Exchange Fee Schedule, including outdated tables 

that still list fees (or rebates) for transactions by 

market participants in mini-options. 

13See Securities Exchange Act Release No. 78793 

(September 8, 2016), 81 FR 63238 (September 14, 

2016) (File No. 10–227) (Exhibit B) (establishing 

rules for mini-options). 

14See Securities Exchange Act Release No. 88374 

(March 12, 2020), 85 FR 15522 (March 18, 2020) 

(SR–Phlx–2020–08) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

Certain Phlx Rules To Remove References to Mini 

Options); see also Securities Exchange Act Release 

No. 88458 (March 23, 2020), 85 FR 17372 (March 

27, 2020) (SR–MRX–2020–07) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Related to the Removal of Obsolete Listing Rules); 

see also Securities Exchange Act Release No. 88456 

(March 23, 2020), 85 FR 17126 (March 26, 2020) 

(SR–ISE–2020–11) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change Related to 

the Removal of Obsolete Listing Rules). 

15See Securities Exchange Act Release No. 99679, 

89 FR 26428 (April 15, 2024) (S7–29–22). 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(1). 

differentials will be announced to Members 

through a Regulatory Circular. Away markets 

that are crossed will void all Valid Width 

NBBO calculations. If any Market Maker 

orders or quotes on MIAX Pearl are crossed 

internally, then all such orders and quotes 

will be excluded from the Valid Width NBBO 

calculation. If any Market Maker orders or 

quotes on MIAX Pearl are locking or crossing 

the ABBO, the Market Maker’s orders or 

quotes will be considered to be at the locked 

or crossed ABBO price for purposes of 

calculating the Valid Width NBBO. 

Proposal To Delete All References to 

Mini-Options 

The Exchange proposes to delete all 

outdated references to mini-options in 

the rule text.12 On September 8, 2016, 

the Commission approved the 

Exchange’s Form 1 application to 

register as a national securities exchange 

under Section 6 of the Exchange Act.13

At that time, the Exchange established 

rule text for mini-options. Mini-options 

never gained significant market 

acceptance and have not achieved the 

expected level of traction or success in 

its target market. Accordingly, all minioptions were delisted several years ago 

and the Exchange does not have plans 

to re-list them in the foreseeable future. 

As the Exchange no longer offers minioption contracts, the Exchange proposes 

to delete all references to mini-options 

to provide greater clarity to Members 

and the public regarding the Exchange’s 

offerings and Rulebook. The Exchange 

also notes that other exchanges filed 

similar proposals to delete references to 

mini-options.14 In the event that the 

Exchange desires to list mini-options in 

the future, the Exchange will file a rule 

change with the Commission to adopt 

rules to list mini-options and 

corresponding fees and rebates for 

transactions in mini-options, if 

applicable. 

Specifically, the Exchange proposes to 

delete the content in Interpretations and 

Policies .08 of Exchange Rule 404 and 

then insert ‘‘Reserved’’ so as to keep the 

remainder of the Rulebook as currently 

formatted. The Exchange proposes to 

delete the content in subparagraph (c) of 

Exchange Rule 509 and then insert 

‘‘Reserved’’ so as to keep the remainder 

of the Rulebook as currently formatted. 

The Exchange proposes to delete the 

content in Interpretations and Policies 

.02 of Exchange Rule 510 and then 

insert ‘‘Reserved’’ so as to keep the 

remainder of the Rulebook as currently 

formatted. 

Proposal To Update Citations to Rule 

600(b) of Regulation NMS 

The Exchange proposes to update 

citations to Rule 600(b) of Regulation 

NMS in Exchange Rule 100, Definitions, 

Rule 530, Limit Up-Limit Down, Rule 

2612, Minimum Price Variations, Rule 

2614, Orders and Order Instructions, 

and Rule 2705, Prohibition Against 

Trading Ahead of Customer Orders. 

In 2024, the Commission amended 

Regulation NMS under the Act to 

update the rule that requires disclosures 

for order executions in national market 

system (‘‘NMS’’) stocks.15 As part of that 

initiative, the Commission adopted new 

definitions in Rule 600(b) of Regulation 

NMS and renumbered the remaining 

definitions, including the definitions of 

Trading Center (formerly Rule 

600(b)(95)), Regular Trading Hours 

(formerly Rule 600(b)(77)), NMS Stock 

(formerly Rule 600(b)(55)), and 

Intermarket Sweep Orders (formerly 

Rule 600(b)(38)). 

The Exchange accordingly proposes to 

update the relevant citations to Rule 

600(b) in its rules as follows: 

• The citation to the definition of 

Trading Center in Rule 100 would be 

changed to Rule 600(b)(106). 

• The citation to the definition of 

Regular Trading Hours in Rule 530, 

Limit Up-Limit Down, would be 

changed to Rule 600(b)(88). 

• The citation to the definition of 

NMS Stock in Rule 2612 would be 

changed to Rule 600(b)(65). 

• The citation to the definition of 

Intermarket Sweep Orders in Rule 2614 

would be changed to Rule 600(b)(47). 

The citation to the second 

requirement of the definition of 

Intermarket Sweep Order would be 

changed to Rule 600(b)(47)(ii). 

2. Statutory Basis 

The Exchange believes that the 

proposed changes are consistent with 

Section 6(b) of the Act 16 in general, and 

further the objectives of Section 6(b)(1) 

of the Act 17 in particular, in that they 

are designed to enforce compliance by 

the Exchange’s Members and persons 

associated with its Members and Equity 

Members, with the provisions of the 

rules of the Exchange. 

In particular, the Exchange believes 

that the proposed changes are designed 

to enforce compliance by the Exchange’s 

Members and Equity Members with the 

provisions of the rules of the Exchange 

because the changes will provide greater 

clarity to Members, Equity Members and 

the public regarding the Exchange’s 

Rulebook by deleting the outdated rule 

text in Chapter III that is no longer 

applicable, amending the 

announcement method for certain types 

of openings on the Exchange, deleting 

outdated references to mini-options that 

are no longer offered by the Exchange, 

and updating the citations to Rule 

600(b) of Regulation NMS. 

The proposed change to delete the 

second paragraph of Chapter III of the 

Rulebook is to delete the outdated rule 

text since the unique circumstances for 

disaster recovery testing in 2020 no 

longer exists for Equity Members of 

MIAX Pearl Equities. The proposed 

changes to amend the announcement 

method for certain types of openings on 

the Exchange are to harmonize the rules 

and provide consistency within the 

Exchange’s Rulebook as the Exchange, 

and its affiliates, historically announce 

such information through a Regulatory 

Circular. The proposed changes to 

remove outdated references to minioptions will help enforce compliance 

with the Exchange’s rules by removing 

obsolete rule text. Mini-options were 

delisted from the Exchange years ago 

since mini-options failed to gain 

significant market acceptance and never 

achieved the expected level of traction 

or success in its target market. 

The proposed changes to update the 

citations to Rule 600(b) of Regulation 

NMS are to correct inaccurate rule 

citations, thereby reducing potential 

confusion and ensuring that those 

subject to the Exchange’s jurisdiction, 

regulators, and the investing public can 

more easily navigate and understand the 

Exchange’s rules. The Exchange believes 

that the proposed changes will help 

enforce compliance with the Exchange’s 

rules by providing clarity and 

consistency within the Exchange’s 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 236 / Monday, December 9, 2024 / Notices 97663 

18The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

19 15 U.S.C. 78s(b)(3)(A)(iii). 20 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. 

21 17 CFR 240.19b–4(f)(6). 

22 17 CFR 240.19b–4(f)(6)(iii). 

23For 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). 

Rulebook, thereby making it easier for 

Members and Equity Members to 

interpret the Exchange’s Rulebook. The 

Exchange believes that Members and 

Equity Members would benefit from the 

increased clarity and consistency, 

thereby alleviating potential investor or 

market participant confusion. 

The Exchange believes that the 

proposed rule changes also further the 

objectives of Section 6(b)(5) of the Act. 

In particular, they are designed to 

prevent fraudulent and manipulative 

acts and practices, promote just and 

equitable principles of trade, foster 

cooperation and coordination with 

persons engaged 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 

changes promote 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 changes will provide 

greater clarity to Members and Equity 

Members and the public regarding the 

Exchange’s Rulebook by deleting the 

outdated rule text in Chapter III of the 

Rulebook that is no longer applicable to 

Equity Members, amending the 

announcement method for certain types 

of openings on the Exchange to provide 

consistency within the Rulebook, 

deleting outdated references to minioptions that are no longer offered by the 

Exchange, and updating citations to 

Rule 600(b) of Regulation NMS. It is in 

the public interest for the Exchange’s 

Rulebook to be accurate and consistent 

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 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 intramarket competition as there is no 

functional change to the Exchange’s 

System 18 and because the rules of the 

Exchange apply to all Members and 

Equity Members equally. 

The proposed change to delete the 

second paragraph of Chapter III of the 

Rulebook is to delete the outdated rule 

text applicable to Equity Members since 

the unique circumstances for disaster 

recovery testing in 2020 no longer 

exists. The proposed changes to amend 

the announcement method for certain 

types of openings on the Exchange are 

to harmonize the rules and provide 

consistency within the Exchange’s 

Rulebook as the Exchange, and its 

affiliates, historically announce such 

information through a Regulatory 

Circular. The proposed changes to 

remove obsolete rule text include the 

removal of outdated references to minioptions. Mini-options are no longer 

offered by the Exchange since minioptions failed to gain significant market 

acceptance and have not achieved the 

expected level of traction or success in 

its target market. The proposed changes 

to update the citations to Rule 600(b) of 

Regulation NMS are to correct 

inaccurate rule citations, reduce 

potential confusion, and ensure that 

market participants can more easily 

navigate and understand the Exchange’s 

rules. The proposed rule changes will 

have no impact on competition as they 

are not designed to address any 

competitive issue but rather are 

designed to remedy minor, nonsubstantive issues and provide added 

clarity 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 but rather would 

provide additional clarity in the 

Exchange’s rule by deleting the outdated 

rule text in Chapter III of the Rulebook 

that is no longer applicable, amending 

the announcement method for certain 

types of openings on the Exchange, 

deleting outdated references to minioptions that are no longer offered by the 

Exchange, and updating citations to 

Rule 600(b) of Regulation NMS. Since 

the proposal does not substantively 

modify System functionality or 

processes on the Exchange, the 

proposed changes will not impose any 

burden on competition nor are they 

meant to affect competition among the 

exchanges. 

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 prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

if consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 19 and Rule 

19b–4(f)(6) thereunder.20

A proposed rule change filed under 

Rule 19b–4(f)(6) 21 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),22 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 proposal may 

become operative immediately upon 

filing. 

The Exchange states that waiver of the 

operative delay would permit the 

Exchange to delete outdated rule text 

regarding unique circumstances for 

disaster recovery that applied in 2020 

and no longer exist, amend the 

announcement method for certain types 

of openings on the Exchange to make it 

consistent with the Exchange’s 

historical announcement method, delete 

outdated references to mini-options that 

are no longer offered by the Exchange, 

and correct inaccurate rule citations, 

thereby alleviating potential confusion 

and adding clarity to its rules. For these 

reasons, and because the proposal does 

not raise any new or novel issues, the 

Commission believes that waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposal 

operative upon filing.23

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 


ddrumheller on DSK120RN23PROD with NOTICES1
97664 Federal Register / Vol. 89, No. 236 / Monday, December 9, 2024 / Notices 

24 15 U.S.C. 78s(b)(2)(B). 

25 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3The 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. 

4See Securities Exchange Act Release No. 97398 

(April 28, 2023), 88 FR 28620 (May 4, 2023) 

(‘‘Remote Inspections Pilot Program Proposal’’); 

Securities Exchange Act Release No. 98982 

(November 17, 2023), 88 FR 82464 (November 24, 

2023) (‘‘Remote Inspections Pilot Program Approval 

Order’’) (SR–FINRA–2023–007). 

5Currently, all Exchange Members are also 

FINRA members. 

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) 24 of the Act to 

determine whether the proposed rule 

change 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–2024–55 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–2024–55. 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–2024–55 and should be 

submitted on or before December 30, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28762 Filed 12–6–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101803; File No. SR–MIAX– 

2024–44] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Exchange Rule 

1306 (Branch Offices) and Exchange 

Rule 1308 (Supervision of Accounts) 

To Harmonize With FINRA Rules 

December 3, 2024. 

Pursuant to the provisions of 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 November 25, 2024, Miami 

International Securities Exchange, LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a 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: (i) amend 

Rule 1306 (Branch Offices) to adopt the 

definition used by Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) of 

Office of Supervisory Jurisdiction 

(‘‘OSJ’’); (ii) amend Rule 1308 

(Supervision of Accounts) to adopt 

FINRA’s inspection requirement for 

non-branch location; (iii) harmonize 

Rule 1308 (Supervision of Accounts) 

with certain changes by FINRA to 

FINRA Rule 3110 to permit eligible 

Members 3 to participate in FINRA’s 

remote inspections program (‘‘FINRA 

Pilot Program’’); 4 and (iv) adopt 

FINRA’s Residential Supervisory 

Location (‘‘RSL’’) classification. 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/miax-options/rule-filings, at 

MIAX’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 (i) amend 

Rule 1306 to adopt FINRA’s definition 

of OSJ; (ii) amend Rule 1308 to adopt 

FINRA’s inspection requirement for 

non-branch location; (iii) harmonize 

Rule 1308 with certain changes by 

FINRA to FINRA Rule 3110 to permit 

eligible Members to participate in 

FINRA’s Remote Inspections Pilot 

Program; and (iv) adopt FINRA’s RSL 

classification. The proposed changes 

would harmonize the Exchange’s office 

and other location inspection rules with 

those of FINRA and thus promote 

uniform inspection standards across the 

securities industry resulting in less 

burdensome and more efficient 

regulatory compliance for common 

members.5 Additionally, the proposed 

changes would allow Members who 

participate in FINRA’s Remote 

Inspections Pilot Program to also satisfy 

the equivalent internal inspections 

requirements set out in Rule 1308. The 


ddrumheller on DSK120RN23PROD with NOTICES1