MIAX Emerald Aligns on Statutory Disqualification Rules
Published Date: 7/17/2026
Notice
Summary
MIAX Emerald is updating its rules to better handle members or their associates who face legal disqualifications. These changes, effective immediately, align with similar updates from other exchanges and aim to keep trading fair and safe. If you’re a member or connected to one, these new rules could affect your status right away, but there’s no direct cost involved.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Shorter filing deadline — 10 business days
If you are a Member or an associated person subject to a statutory disqualification, you must file an application within 10 business days of the disqualification instead of the previous 30-day rule. If you fail to file within the 10 business days, the disqualified person's registration can be revoked and the sponsoring Member must promptly terminate the association.
Broader 'associated person' definition — affiliates covered
The Exchange adopts an associated-person definition that covers affiliates under common control, meaning a Member must submit an application if such an affiliate becomes subject to a statutory disqualification. This differs from FINRA's approach and may expand which affiliated entities must seek approval from the Exchange.
Fewer 19h-1 notices via FINRA no-action reliance
The Exchange will rely on FINRA's 2009 No-Action Letter and the SD Regulatory Circular, which means in some cases (for example, willful violations of the Commodity Exchange Act where sanctions are no longer in effect) fewer Rule 19h-1 notices to the SEC will be required. That reduces some notice/application requirements for Members in those circumstances.
Interim heightened supervision during review
During the application process for a disqualified person, the Exchange may implement an interim plan of heightened supervision for the disqualified person. Those heightened supervision plans apply to associated persons (not Members) while the application is pending.
Exchange keeps its own application fee rules
The Exchange will use its own application fee program (as reflected in its fee schedule) rather than adopting FINRA's application-fee and refund language. Applicants and sponsoring Members will be subject to the Exchange's fee rules when applying under the amended Rule 204.
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Miami International Securities Exchange (MIAX) is updating its rules to better handle members or people linked to members who face legal disqualifications. These changes match similar updates by another exchange and take effect immediately, ensuring smoother operations and clearer definitions. If you’re involved with MIAX, keep an eye on these new rules—they could affect who can participate and how quickly changes happen.