Document ID: SEC-2020-0128-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange LLC
Posted Date: 2020-01-31T05:00Z

[Federal Register Volume 85, Number 21 (Friday, January 31, 2020)]
[Notices]
[Pages 5742-5744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01780]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88055; File No. SR-MIAX-2020-03]

Self-Regulatory Organizations: Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule

January 27, 2020.
    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, 2020, Miami International Securities Exchange LLC 
(``MIAX Options'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``SEC'' or ``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX Options Fee 
Schedule (``Fee Schedule'') to make minor, non-substantive corrective 
edits and clarifying changes.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/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 amend the Fee Schedule to make minor, non-
substantive corrective edits and clarifying changes. First, the 
Exchange proposes to amend Section 2)c) of the Fee Schedule, Web CRD 
Fees, to make non-substantives edits to the sentence in parentheses 
following the FINRA Disclosure Processing Fee under the section titled 
``GENERAL REGISTRATION FEES.'' Currently, the FINRA Disclosure 
Processing Fee includes the following in parentheses ``(Form U4, Form 
U5, Form BD & amendments)''. The Exchange now proposes to delete the 
ampersand in that sentence and replace it with the word ``and''. The 
purpose of this proposed change is for clarity and uniformity with the 
fee schedules of the Exchange's affiliates, MIAX PEARL, LLC (``MIAX 
PEARL'') and MIAX Emerald, LLC (``MIAX Emerald'').
    Next, the Exchange proposes to amend the cross-reference in 
footnote 18 of the Fee Schedule. Footnote 18 currently states ``The 
session fee will be assessed to each individual who is required to 
complete the Regulatory Element of the Continuing Education 
Requirements pursuant to MIAX Rule

[[Page 5743]]

1304.'' Recently, the Exchange deleted Exchange Rule 1304 and amended 
and/or deleted numerous other rules, in order to reorganize and enhance 
the Exchange's membership, registration and qualification rules, and 
consolidated these rules into new Chapter XIX, Registration, 
Qualification and Continuing Education.\3\ Accordingly, the Exchange 
proposes to amend the cross-reference in footnote 18 of the Fee 
Schedule to reflect the deletion of Exchange Rule 1304. The cross-
reference in footnote 18 will now be to Exchange Rule 1903, Continuing 
Education Requirements, which contains, among other things, the 
requirements for individuals to complete the Regulatory Element of the 
Continuing Education Program. With the proposed change, footnote 18 
would state as follows: ``The session fee will be assessed to each 
individual who is required to complete the Regulatory Element of the 
Continuing Education Requirements pursuant to MIAX Rule 1903.''
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    \3\ See Securities Exchange Act Release No. 87830 (December 20, 
2019), 84 FR 72025 (December 30, 2019) (SR-MIAX-2019-50).
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2. Statutory Basis
    The Exchange believes the proposed rule change 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.\4\ Specifically, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \5\ 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 the proposed rule change is 
consistent with the Section 6(b)(5) \6\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
    \6\ Id.
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    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 changes make clarifying, non-substantive edits to 
the Fee Schedule, and update a cross-reference to the Exchange's 
rulebook. The Exchange believes that these proposed changes will 
provide greater clarity to Members and the public regarding the 
Exchange's Fee Schedule and that it is in the public interest for the 
Fee Schedule to be accurate and concise 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 rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The proposed 
rule change is not a competitive filing but rather is designed to 
remedy minor non-substantive issues and provide added clarity to the 
Fee Schedule in order to avoid potential confusion on the part of 
market participants. 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 and is intended to 
protect investors by providing further transparency regarding the 
Exchange's Fee Schedule.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\7\ and Rule 19b-4(f)(2) \8\ thereunder. 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.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MIAX-2020-03 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-MIAX-2020-03. 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 (http://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 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal offices of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-MIAX-2020-03, and should be submitted on 
or before February 21, 2020.

[[Page 5744]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-01780 Filed 1-30-20; 8:45 am]
BILLING CODE 8011-01-P