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2024-29472 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Order Declaring Effective a Minor Rule Violation Plan
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December 16, 2024
Type:Notice
Citation:89 FR 101678
Reading Time:about 6 minutes
MIAX Sapphire, LLC, an exchange, filed a Minor Rule Violation Plan (MRVP) with the Securities and Exchange Commission. This plan allows the exchange to handle minor rule violations internally, imposing fines up to $2,500 without needing formal disciplinary proceedings, provided they report these violations to the Commission quarterly. The Commission approved this plan, stating it supports efficient enforcement while maintaining compliance with important regulations. The MRVP includes certain rule violations that don't warrant formal proceedings, giving MIAX Sapphire flexibility in its enforcement actions.
Simple Explanation
Imagine a club where, if someone does something small and wrong, they don't get into huge trouble. Instead, the club can give them a small timeout or fine so everyone can play fair. MIAX, a group that helps people trade stocks, has a rule like this. The people in charge said, "Yep, that's okay," because it helps keep things running smoothly and fair.
2024-31340 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Assume Operational Responsibility for Litigating Contested Disciplinary Proceedings Arising Out of Nasdaq-Led Investigations and Enforcement Activities and Amend Rules 9131 and 9810 (of General 5, the Nasdaq Discipline Rules) To Grant Nasdaq Regulation the Same Authority as FINRA In Contested Disciplinary Proceedings To Serve Complaints and Memoranda of Authority
December 30, 2024
Type:Notice
Citation:89 FR 106689
Reading Time:about 13 minutes
The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission that would allow it to take over the responsibility from the Financial Industry Regulatory Authority (FINRA) for litigating contested disciplinary proceedings related to Nasdaq-led investigations. This shift aims to improve the efficiency and speed of handling such cases by leveraging Nasdaq's expertise and avoiding the need for FINRA to get involved. Nasdaq also proposes changes to its rules to enable its regulation department to directly serve complaints and memoranda in disciplinary cases. The proposal does not alter the existing procedural protections and would still involve FINRA’s Office of Hearing Officers in administering the hearing process.
Simple Explanation
Nasdaq wants to take charge of handling its own rule-breaking cases instead of letting another group called FINRA do it, hoping it will make things quicker and smoother without changing any of the rules that keep the process fair. However, this change raises questions, like whether it will cost more money, how it will work with Nasdaq being both a market leader and rule enforcer, and if everything will still be as fair as before.
2025-02617 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving Proposed Rule Change To Assume Operational Responsibility for Litigating Contested Disciplinary Proceedings Arising Out of Nasdaq-Led Investigations and Enforcement Activities and Amend Rules 9131 and 9810 (the Nasdaq Discipline Rules) To Grant Nasdaq Regulation the Same Authority as FINRA in Contested Disciplinary Proceedings To Serve Complaints and Memoranda of Authority
February 14, 2025
Type:Notice
Citation:90 FR 9647
Reading Time:about 8 minutes
On December 11, 2024, the Nasdaq Stock Market LLC proposed to the Securities and Exchange Commission (SEC) that it should take over handling contested disciplinary proceedings that are currently managed by FINRA. The proposal seeks to give Nasdaq Regulation the same authority as FINRA to serve complaints and memoranda of authority. This change is intended to enhance efficiency and effectiveness by utilizing Nasdaq’s own resources. After reviewing the proposed changes, the SEC approved the plan, allowing Nasdaq to manage these disciplinary proceedings unless its resources are constrained, in which case FINRA would handle them under Nasdaq's supervision.
Simple Explanation
Nasdaq wants to take care of certain rule-breaking situations with its members instead of another group, FINRA, doing it. This would help Nasdaq use its own tools to solve problems more quickly, but if it's ever too hard for them, they could ask FINRA to help out.

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