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[Federal Register Volume 90, Number 10 (Thursday, January 16, 2025)]
[Notices]
[Pages 4818-4819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00891]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102150; File No. SR-SAPPHIRE-2024-43]

Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the 
Fee Schedule To Establish Fees for Industry Members Related to 
Reasonably Budgeted CAT Costs of the National Market System Plan 
Governing the Consolidated Audit Trail for 2025

January 10, 2025.
    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 December 27, 2024, MIAX Sapphire, LLC (``MIAX Sapphire'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Item I below, 
which Item has been substantially prepared by the Exchange. The 
Exchange has designated this proposal for immediate effectiveness 
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) 
thereunder.\4\ The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f). 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 will institute proceedings to determine whether the 
proposed rule change should be approved or disapproved.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's Fee Schedule (``Fee 
Schedule'') to establish fees for Industry Members \5\ related to 
reasonably budgeted CAT costs of the National Market System Plan 
Governing the Consolidated Audit Trail (the ``CAT

[[Page 4819]]

NMS Plan'' or ``Plan'') for 2025. These fees would be payable to 
Consolidated Audit Trail, LLC (``CAT LLC'' or the ``Company'') and 
referred to as CAT Fee 2025-1, and would be described in a section of 
the Exchange's fee schedule entitled ``Consolidated Audit Trail Funding 
Fees.'' The fee rate for CAT Fee 2025-1 would be $0.000022 per executed 
equivalent share. CAT Executing Brokers will receive their first 
monthly invoice for CAT Fee 2025-1 in February 2025 calculated based on 
their transactions as CAT Executing Brokers for the Buyer (``CEBB'') 
and/or CAT Executing Brokers for the Seller (``CEBS'') in January 2025. 
CAT Fee 2025-1 is anticipated to be in place for six months, and is 
anticipated to recover approximately one-half of the costs set forth in 
the reasonably budgeted CAT costs for 2025. CAT LLC intends for CAT Fee 
2025-1 to replace CAT Fee 2024-1 (which has a fee rate of 
$0.000035).\6\
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    \5\ An ``Industry Member'' is defined as ``a member of a 
national securities exchange or a member of a national securities 
association.'' See Miami International Securities Exchange LLC 
(``MIAX Rule'') Rule 1701(u). The Exchange notes that MIAX Chapter 
XVII is incorporated by reference into the Exchange's rulebook. As 
such, MIAX Chapter XVII also applies to the Exchange. See also 
Section 1.1 of the CAT NMS Plan. Unless otherwise specified, 
capitalized terms used in this rule filing are defined as set forth 
in the CAT NMS Plan and/or the CAT Compliance Rule. See MIAX Rule 
1701.
    \6\ See paragraph (a)(3) of Consolidated Audit Trail Funding 
Fees. See Exchange Fee Schedule, Section 8)a). See also Securities 
Exchange Act Rel. No. 100875 (Aug. 29, 2024) 89 FR 72623 (Sept. 5, 
2024) (SR-SAPPHIRE-2024-24) (``Fee Filing for CAT Fee 2024-1'').
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    The proposed rule change, including the Exchange's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
available on the Exchange's website at https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings, at MIAX 
Sapphire's principal office, and on the Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-SAPPHIRE-2024-43.

II. 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.\7\ Comments may be submitted 
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-SAPPHIRE-2024-43) or by 
sending an email to [email protected]. Please include file number 
SR-SAPPHIRE-2024-43 on the subject line. Alternatively, paper comments 
may be sent to Secretary, Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549-1090. All submissions should refer to 
file number SR-SAPPHIRE-2024-43. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-SAPPHIRE-2024-43). 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.
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    \7\ 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 SRO.
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    All submissions should refer to file number SR-SAPPHIRE-2024-43 and 
should be submitted on or before February 6, 2025.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-00891 Filed 1-15-25; 8:45 am]
BILLING CODE 8011-01-P
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