Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### Securities and Exchange Commission

          - [Release No. 34-102288; File No. SR-PEARL-2025-02]

                    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 14, 2025, MIAX PEARL, LLC (“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                           ( print page 8726)                        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 its Fee Schedule to establish a fee for market participants that choose to utilize the Exchange's testing systems environment via a dedicated cross connection.[5] 

                    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/​pearl-options/​rule-filings*                     and on the Commission's website at                     *https://www.sec.gov/​rules-regulations/​self-regulatory-organization-rulemaking/​national-securities-exchanges?​file_​number=​SR-PEARL-2025-02.*

## 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.[6]                                          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-PEARL-2025-02*) or by sending an email to                     *rule-comments@sec.gov.*                     Please include file number SR-PEARL-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-PEARL-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/​rules-regulations/​self-regulatory-organization-rulemaking/​national-securities-exchanges?​file_​number=​SR-PEARL-2025-02*). 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-PEARL-2025-02 and should be submitted on or before February 21, 2025.                

                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[7] 

Sherry R. Haywood,

Assistant Secretary.

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                    
        Back to Citation      

2.                             17 CFR 240.19b-4.                    
        Back to Citation      

3.                             15 U.S.C. 78s(b)(3)(A).                    
        Back to Citation      

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.                    
        Back to Citation      

5.                             All references to the “Exchange” or “MIAX Pearl” in this filing refer to MIAX Pearl Options. Any references to the equities trading facility of MIAX PEARL, LLC will specifically be referred to as “MIAX Pearl Equities.”                    
        Back to Citation      

6.                             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.                    
        Back to Citation      

7.                                 17 CFR 200.30-3(a)(12).                        
        Back to Citation      

[FR Doc. 2025-01992 Filed 1-30-25; 8:45 am]

BILLING CODE 8011-01-P