MIAX Emerald, LLC has submitted a proposal to the Securities and Exchange Commission (SEC) to create a Minor Rule Violation Plan (MRVP). This plan would allow certain minor rule violations to be punished with fines up to $2,500 and would not require immediate reporting to the SEC, as long as summary reports are sent quarterly. This proposal excludes some conduct policies and aims to make handling minor infractions more efficient. The public is invited to comment on the proposal, and the SEC will decide on its approval by December 24, 2024.
Simple Explanation
MIAX Emerald wants to have a new plan where small rule breakings get a small fine, like a parking ticket, without telling the big boss unless they happen a lot. But people are worried because it's not clear which rules are small or why some rules aren't included.