The Miami International Securities Exchange (MIAX) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to amend Rule 1308 regarding the supervision of accounts. The change aims to align MIAX's reporting requirements with those of FINRA and the New York Stock Exchange, allowing members more flexibility by removing the specific April 1st deadline and only requiring reports to be submitted annually. This proposal intends to make compliance processes more efficient for MIAX members who are also members of other exchanges. The SEC is inviting public comments on this proposed rule change.
Simple Explanation
The Miami International Securities Exchange wants to change a rule so it's easier for their members to follow, allowing them to turn in a report any time during the year instead of on a specific date, making it similar to what other big exchanges already do.