The Securities and Exchange Commission issued a notice about a proposed rule change by MIAX PEARL, LLC, which plans to amend Exchange Rule 200. This change will allow more broker-dealers to become Trading Permit holders by requiring membership in any national securities exchange rather than just options exchanges. The rule change aims to align MIAX PEARL's membership requirements with those of other exchanges, making it easier for broker-dealers to join while maintaining regulatory standards. The proposal has been made effective immediately to expand broker-dealer eligibility without delay, although the Commission reserves the right to suspend the change within 60 days if necessary.
Simple Explanation
MIAX PEARL, a place where people buy and sell stocks, changed a rule to let more people join in on the stock trading fun by not making them belong only to certain special clubs first. This means more people can play the stock market game, and if the big boss doesn't like it, they can change it back in two months.