MIAX Sapphire Updates Fees for FINRA Exam and Registration Charges
Published Date: 1/27/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule to match some new fees that FINRA charges for registration and exams. This change affects traders and firms using the MIAX Sapphire Options Exchange and takes effect right away, so expect small fee tweaks on certain registration and education costs. No big surprises—just keeping fees in line with FINRA’s latest charges.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Continuing Education Fee Cut
If you are a MIAX Sapphire Member or a registered person who pays CRD continuing education session fees, the listed fee is changing from $55 to $25. This change is reflected on the Exchange's fee schedule and took effect on January 9, 2026.
Series 57 Exam Fee Reduced
If you take the Series 57 qualification exam and your exam fee is listed on the MIAX Sapphire fee schedule, the fee is changing from $120 to $105. The Exchange updated this fee on January 9, 2026 to mirror the FINRA CRD fee change.
Tiered FINRA Annual Processing Fee
The MIAX Sapphire fee schedule now lists a tiered FINRA Annual System Processing Fee (effective January 9, 2026): $70 for registration with 1–5 securities regulators; $95 for 6–20; $110 for 21–40; and $125 for 41 or more. These amounts mirror FINRA's CRD fee structure and apply to each registered person based on how many securities regulators they are registered with.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17362, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7.18 Regarding Trading Halts
Previous / Next Documents
Previous: 2026-01530, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Reflect Certain CRD Fees Collected by FINRA
MIAX Pearl is updating its fee schedule to include certain registration fees collected by FINRA for members who trade options and equities on their platform. This change means traders will see adjusted fees starting immediately, reflecting the costs FINRA charges. If you trade on MIAX Pearl, keep an eye on your fees—they might look a little different now!
Next: 2026-01532, Joint Industry Plan; Notice of Filing of the Fifty-Fifth Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis
Big news for stock traders and exchanges! The group that manages Nasdaq stock info is extending their data service hours from Sunday night all the way through Friday evening, with short breaks each night for system updates. This means faster, more up-to-date stock info almost around the clock, helping everyone trade smarter and smoother starting soon.