MIAX Pearl Relaxes Product Info Circular Rules
Published Date: 7/7/2026
Notice
Summary
MIAX PEARL is updating its rules to make sharing info about certain traded products easier and faster. They’re dropping the old rule that required sending info before trading starts and now require info to be shared by the first trade confirmation. This change affects traders and companies listing products and kicks in right away with no extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
No Pre-Trade Exchange Circulars
MIAX Pearl removed the Rule 2900(b)(1) requirement that the Exchange distribute an information circular prior to the commencement of trading in each UTP Exchange Traded Product. The Exchange says the primary listing exchange's circular provides the same disclosures and that this change became operative upon filing on June 22, 2026.
Written Description by First Confirmation
When a written description is required, MIAX Pearl now requires it to be provided in a form approved by the listing exchange or prepared by the issuer not later than the time a confirmation of the first transaction in the security is delivered to the purchaser. The Exchange will notify Equity Members by information circular that this written description is required only when mandated by the listing exchange.
Clarified Suitability and Disclosures
MIAX Pearl added express cross-references in Rule 2900(a) to Rule 2107 (Suitability) and Rule 2120 (Customer Disclosures) to make clear those member-level obligations apply in the UTP Exchange Traded Product context. The change is intended to highlight that members must still follow suitability and customer disclosure rules for UTP products.
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