90 FR 136 pgs. 34031-34033 - Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Minor Non-Substantive Changes to the Exchange's Rulebook
Type: NOTICEVolume: 90Number: 136Pages: 34031 - 34033
Pages: 34031, 34032, 34033Docket number: [Release No. 34-103468; File No. SR-SAPPHIRE-2025-30]
FR document: [FR Doc. 2025-13474 Filed 7-17-25; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103468; File No. SR-SAPPHIRE-2025-30]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Minor Non-Substantive Changes to the Exchange's Rulebook
July 15, 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 July 10, 2025, MIAX Sapphire, LLC ("MIAX Sapphire" or the "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.
Footnotes:
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 proposes to amend the title page of the Exchange's Rulebook and header information contained on each page throughout.
The text of the proposed rule change is available on the Exchange's website at https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings and at the Exchange's principal office.
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 title on the title page of its Rulebook from "MIAX Sapphire Options Exchange Rules" to "MIAX Sapphire Options Exchange Rulebook." Additionally, the Exchange proposes to amend the header information contained on each consecutive page of the Rulebook from "MIAX Sapphire Options Exchange Rules" to "MIAX Sapphire Options Exchange Rulebook." The proposed changes are intended to align the title and header information of the Exchange's Rulebook with the naming conventions used for the rulebooks of the Exchange's affiliates. 3 The proposed rule changes are to promote consistency across the Exchange's and its affiliates' rulebooks.
Footnotes:
3 ?The Exchange's affiliates include MIAX PEARL, LLC ("MIAX Pearl"), MIAX Emerald, LLC ("MIAX Emerald"), and Miami International Securities Exchange, LLC ("MIAX").
2. Statutory Basis
The proposed rule changes further the objectives of Section 6(b)(5)? 4 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.
Footnotes:
4 ?15 U.S.C. 78f(b)(5).
In particular, the Exchange believes the proposed changes are designed to 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 and, in general, protect investors and the public interest because the proposed rule changes will provide greater clarity to Members and the public regarding the Exchange's Rulebook by aligning the title and header information of the Exchange's Rulebook with the naming conventions used for the rulebooks of the Exchange's affiliates. It is in the public interest for the Exchange's Rulebook to be accurate and consistent.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
Intramarket Competition
The Exchange believes the proposed rule changes do not impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule changes are not intended to address competitive issues but rather is concerned solely with aligning the title and header information of the Exchange's Rulebook with the naming conventions used for the rulebooks of the Exchange's affiliates. This is to promote consistency across the Exchange's and its affiliates' rulebooks.
Intermarket Competition
The Exchange believes the proposed rule changes do not impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule changes are not intended to address competitive issues but rather is concerned solely with aligning the title page and headers of the Exchange's Rulebook with the naming conventions used for the rulebooks of the Exchange's affiliates. This is to promote consistency across the Exchange's and its affiliates' rulebooks.
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 Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act? 5 and Rule 19b-4(f)(6)? 6 thereunder. 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; or (iii) become operative for 30 days after the date of filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act? 7 and Rule 19b-4(f)(6)? 8 thereunder.
Footnotes:
5 ?15 U.S.C. 78s(b)(3)(A).
6 ?17 CFR 240.19b-4(f)(6).
7 ?15 U.S.C. 78s(b)(3)(A).
8 ?17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires the Exchange 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.
[top] A proposed rule change filed under Rule 19b-4(f)(6)? 9 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii), 10 the Commission may designate a shorter time if such action is consistent with protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Exchange states that the proposed changes will permit the Exchange to immediately align the title and header information of the Exchange's Rulebook with the naming conventions used for the rulebooks of the Exchange's affiliates in order to improve the consistency across the Exchange's and its affiliates' rulebooks. For these reasons, and because this proposal does not raise any novel regulatory issues, the Commission finds that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and
Footnotes:
9 ?17 CFR 240.19b-4(f)(6).
10 ?17 CFR 240.19b-4(f)(6)(iii).
11 ?For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(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.
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-SAPPHIRE-2025-30 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-SAPPHIRE-2025-30. 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 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-SAPPHIRE-2025-30 and should be submitted on or before August 8, 2025
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 12
Footnotes:
12 ?17 CFR 200.30-3(a)(12) and (59).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13474 Filed 7-17-25; 8:45 am]
BILLING CODE 8011-01-P