MIAX Sapphire Updates Disqualification Definitions
Published Date: 7/17/2026
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Harmonizes MIAX rules with FINRA
The Exchange is aligning its statutory-disqualification procedures with FINRA rules and will rely on FINRA processes (including a 2009 FINRA no-action letter) so that fewer separate Exchange 19h-1 Notices and duplicate filings are needed. If you are a firm that is a member of both MIAX Sapphire and FINRA, this should reduce duplicate application filings and create more consistent outcomes across the two SROs.
Affiliates under common control must file
MIAX will treat affiliates under common control as "associated persons" for statutory-disqualification purposes, so a firm that is an Exchange Member must file an application with the Exchange for an affiliate under common control that becomes disqualified even if FINRA would not require a filing. This means firms with affiliates under common control may have to submit Exchange applications where they previously did not for FINRA.
Shorter filing deadline for disqualifications
The Exchange shortens the Member application window for certain statutory-disqualification events from 30 days to 10 business days. If your firm or an associated person becomes subject to a statutory disqualification, you must act within the new 10-business-day timeframe under the proposed Rule 204 filing rules.
SD Regulatory Circular limits some filings
The Exchange will use a Statutory Disqualification Regulatory Circular (SD Regulatory Circular) to outline eligibility procedures and, in some cases, eliminate the need to file Statutory Disqualification Applications for prior disqualifications that have been resolved. This can reduce filing requirements for Members or associated persons whose prior disqualifications are no longer in effect.
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Previous / Next Documents
Previous: 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.
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Nasdaq PHLX is changing its pricing rules for Market Makers who trade options. They’re updating the monthly fee cap from $650,000 to a new amount, which affects how much these traders pay each month. This change kicks in right away and could save or cost Market Makers more money depending on their trading volume.