Federal Register / Vol. 90, No. 18 / Wednesday, January 29, 2025 / Notices 8419 

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. 

5The terms ‘‘Board’’ or ‘‘Board of Directors’’ 

means the Board of Directors of the Company. See 

By-Laws, Article I, Definitions, subparagraph (c). 

6The term ‘‘Trading Floor’’ or ‘‘Floor’’ means the 

physical trading floor of the Exchange located in 

Miami, Florida. The Trading Floor shall consist of 

one ‘‘Crowd Area’’ or ‘‘Pit’’ where Floor 

Participants will be located and option contracts 

will be traded. The Crowd Area or Pit shall be 

marked with specific visible boundaries on the 

Trading Floor, as determined by the Exchange. A 

Floor Broker must represent all orders in an ‘‘open 

outcry’’ fashion in the Crowd Area. See MIAX 

Sapphire Rule 100. The term ‘‘Exchange’’ means the 

national securities exchange operated by the 

Company. See By-Laws, Article I, Definitions, 

subparagraph (l). 

7The Company launched its electronic trading 

platform on August 12, 2024. See Press Release, 

Miami International Holdings Announces 

Successful Launch of MIAX Sapphire Options 

Exchange (dated August 13, 2024), available at 

https://www.miaxglobal.com/sites/default/files/ 

alert-files/MIAX_Press_Release_08132024.pdf (last 

visited December 17, 2024). The Company expects 

to launch the MIAX Sapphire Trading Floor in 

Miami, Florida in June 2025. See Alert, MIAX 

Sapphire Options Exchange-Trading Floor Update: 

Notification of Important Dates and Access to 

Resources (dated December 6, 2024), available at 

https://www.miaxglobal.com/alert/2024/12/06/ 

miax-sapphire-options-exchange-trading-floorupdate-notification-important (last visited 

December 17, 2024). 

8The term ‘‘LLC Member’’ means any person who 

maintains a direct ownership interest in the 

Company. The sole LLC Member of the Company 

is Miami International Holdings, Inc. See By-Laws, 

Article I, Definitions, subparagraph (v). 

9See By-Laws, Article VIII, Section 8.1. 

10Copies 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 

MIAX Sapphire. 

11 17 CFR 200.30–3(a)(12). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102270; File No. SR– 

SAPPHIRE–2025–02] 

Self-Regulatory Organizations; MIAX 

Sapphire, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the By-Laws 

January 23, 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 January 

10, 2025, MIAX Sapphire, LLC (‘‘MIAX 

Sapphire’’ or the ‘‘Company’’) 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 MIAX 

Sapphire. MIAX Sapphire 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Company proposes to amend the 

By-Laws to: (1) eliminate the 

requirement to maintain a 

Compensation Committee of the Board 

of Directors (‘‘Board’’) 5 of MIAX 

Sapphire; (2) update the process by 

which the Regulatory Oversight 

Committee (‘‘ROC’’) determines the 

compensation of the Chief Regulatory 

Officer (‘‘CRO’’); (3) update the process 

by which the ROC determines personnel 

actions involving the CRO and senior 

regulatory personnel; (4) amend the 

requirement to maintain a Quality of 

Markets Committee of the Board so that 

the responsibilities of that committee 

pertain solely to the Trading Floor 6

operations of MIAX Sapphire; 7 (5) 

update the process by which the 

compensation of all officers, employees 

and agents of MIAX Sapphire is 

determined, with an exception for the 

compensation of the CRO; and (6) make 

a non-substantive clarifying change to 

delete the definition of ‘‘Effective Date’’ 

(collectively, the ‘‘By-Law 

Amendments’’). 

The By-Laws of the Company may be 

amended by written consent of the LLC 

Member 8 or at any regular or special 

meeting of the Board of MIAX Sapphire 

by a resolution adopted by the Board.9

The proposed rule change, including 

MIAX Sapphire’s statement of the 

purpose of, and statutory basis for, the 

proposed rule change, is available on 

MIAX Sapphire’s website at https://

www.miaxglobal.com/markets/usoptions/all-options-exchanges/rulefilings and on the Commission’s website 

at https://www.sec.gov/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-02. 

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.10

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-02) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–SAPPHIRE–2025–02 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– 

2025–02. 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/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-02). 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–SAPPHIRE–2025–02 and should be 

submitted on or before February 19, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01851 Filed 1–28–25; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20960 and #20961; 

TEXAS Disaster Number TX–20043] 

Administrative Declaration of a 

Disaster for the State of Texas 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 


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