Exchange Quietly Tweaks Disqualification Rulebook Language
Published Date: 7/17/2026
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Rules aligned with FINRA to avoid conflicts
MIAX is changing its statutory-disqualification rules to conform largely with FINRA Rule Series 9520. If your firm is a member of both MIAX and FINRA, this alignment is meant to avoid different outcomes between the two organizations when handling disqualifications.
Shorter filing deadline: 30 days → 10 business days
Under the new rule, a Member must file an application (or written request for relief) within 10 business days after becoming subject to a statutory disqualification, replacing the prior 30-day deadline. If a Member fails to file within the 10-business-day period, the registration of the disqualified person will be revoked and the sponsoring Member must promptly terminate the association.
Broader 'associated person' coverage for affiliates
MIAX's definition of an "associated person" for statutory-disqualification rules will include affiliates under common control, meaning a Member may need to submit an application for an affiliate under common control that is subject to a disqualification. FINRA's definition does not include such affiliates, so a firm that is both a MIAX Member and a FINRA member may have to file with MIAX even when FINRA does not require a filing.
Use of Exchange staff and Business Conduct Committee
MIAX will rely on Exchange staff (and FINRA under the Regulatory Services Agreement) to review statutory-disqualification matters and will route appeals to its Business Conduct Committee rather than FINRA's National Adjudicatory Council or Board. The Exchange says its staff's role will provide appropriate oversight and that appeals will be handled without using the NAC.
Reliance on FINRA No-Action Letter and SD Circular
MIAX will incorporate an SD Regulatory Circular and rely on FINRA's 2009 no-action letter guidance in determining when a 19h-1 Notice or an application is required. The Exchange explains that relying on that guidance can reduce the number of 19h-1 Notices that must be filed in certain circumstances.
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Previous / Next Documents
Previous: 2026-14404 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 100, Definitions, and Rule 204, Members and Persons Associated With a Member Who Are or Become Subject to a Statutory Disqualification
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.
Next: 2026-14406 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 100, Definitions, and Rule 204. Members and Persons Associated With a Member Who Are or Become Subject to a Statutory Disqualification
MIAX PEARL is updating its rules to better handle members or their associates who face legal disqualifications. These changes, effective immediately, align with similar updates by other exchanges and aim to keep the market fair and trustworthy. 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.