The Miami International Securities Exchange, LLC proposed a rule change to the Securities and Exchange Commission to amend their Exchange Rule 1308, concerning the supervision of accounts. The changes involve removing outdated rule text and allowing members more time to complete their 2020 branch office inspections due to COVID-19 challenges, with extensions up to March 31, 2021, and allowing remote inspections for both 2020 and 2021. These temporary rules aim to address operational challenges faced by members during the pandemic while still maintaining regulatory compliance and protecting investors. The Exchange aligns these proposals with similar temporary rules from FINRA and Cboe to assist members in navigating the unique circumstances of the pandemic.
Simple Explanation
The Miami International Securities Exchange is making a temporary change to their rules because of the COVID-19 pandemic. They're giving business members more time to check their offices safely and even letting them do these checks from home during 2020 and 2021 to keep everyone safe while still following the rules.