MIAX Pearl Makes Same Disqualification Rule Update
Published Date: 7/17/2026
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Revocation risk for missed filings
If a Member fails to file the required application or written request for relief within the 10 business day period, the Exchange will revoke the registration of the disqualified person and the sponsoring Member must promptly terminate association with that person. This consequence is specified in proposed Rule 204(b)(1)(iii).
Shorter filing deadline for disqualifications
If you are a Member or associated with a Member and become subject to a statutory disqualification, the Exchange requires you to file an application or written request for relief within 10 business days. This replaces the previous 30‑day deadline and applies to filings under the Exchange's proposed Rule 204(b)(1)-(2).
Broader 'associated person' coverage
The Exchange expands its Rule 100 definition of 'associated person' for statutory disqualifications to include affiliates under common control, so a Member may be required to file applications for affiliated firms or persons even where FINRA would not. This change means more affiliates may trigger filing obligations under proposed Rule 204.
Harmonization with FINRA reduces some filings
The Exchange will largely conform Rule 204 to FINRA's Rule 9520 series and rely on the FINRA No‑Action Letter practices, so in some instances fewer Exchange notices under SEC Rule 19h‑1 (19h-1 Notices) will be required. This harmonization is intended to avoid inconsistent outcomes for firms that are both Exchange Members and FINRA members.
Rule change effective immediately upon filing
The Exchange filed the rule change on July 6, 2026, and the filing became effective upon that filing under Section 19(b)(3)(A)(iii) and Rule 19b‑4(f)(6); the rule is operative for 30 days after filing unless the Commission acts. The Commission may summarily suspend the change within 60 days of the filing.
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Department and Agencies
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Previous / Next Documents
Previous: 2026-14405, Self-Regulatory Organizations; Miami International Securities Exchange, 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
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.
Next: 2026-14407, Self-Regulatory Organizations; MIAX Sapphire, 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 Sapphire is updating its rules to better handle members or their associates who face legal disqualifications. These changes clarify definitions and set clear guidelines to keep the exchange safe and fair. The new rules take effect immediately, helping the exchange stay in line with similar updates from other markets, with no extra costs for members.