Miami Exchange Eases Up on Account Watchdog Rules
Published Date: 3/31/2025
Notice
Summary
Miami International Securities Exchange (MIAX) is updating its rule about how members supervise their accounts. Now, members must send an annual report to the Exchange to keep things clear and organized. This change kicks in right away and helps everyone stay on the same page without extra costs.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
April 1 Deadline Removed for Annual Report
If you are a MIAX Member, you no longer must submit the annual supervisory report to the Exchange by April 1 each year. Instead, designated supervisory personnel must submit the report to the Member's senior management on an annual basis, and the CEO/CRO certification must occur no later than one year from the prior year's certification.
Applies Equally to MIAX Affiliate Members
The amendment to Exchange Rule 1308 will also apply to members of MIAX PEARL, MIAX Emerald, and MIAX Sapphire because the rule is incorporated by reference into those affiliates' rulebooks.
Aligns MIAX Timing With FINRA and NYSE
MIAX amended Rule 1308 to align the annual supervisory-reporting timing with FINRA Rule 3120(a)(2) and NYSE Rule 3120(a)(2), allowing firms that are members of multiple exchanges to follow a single annual internal schedule rather than separate April 1 deadlines.
Documentation Must Still Be Maintained and Produced
Members must continue to maintain documentation evidencing the annual written supervisory report in an easily accessible place and must provide that documentation to the Exchange upon request pursuant to Exchange Rule 1308(k).
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