Amends Quarterly Professional Orders Review Requirements for Members

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1. Self-Regulatory Organization's unless it displays a currently valid OMB obscene or subject to copyright Statement of the Terms of Substance of protection. All submissions should refer control number. the Proposed Rule Change to file number SR-SAPPHIRE-2026-13 Written comments are invited on: (a) and should be submitted on or before The Exchange proposes to amend the whether this proposed collection of May 7, 2026. quarterly review of Professional information is necessary for the proper Orders. performance of the functions of the For the Commission, by the Division of 3The text of the proposed rule change agency, including whether the Trading and Markets, pursuant to delegated is available on the Exchange's website at authority. information will have practical utility; 36https://listingcenter.nasdaq.com/ Sherry R. Haywood, (b) the accuracy of the agency's estimate rulebook/ise/rulefilings, and at the of the burden imposed by the collection Assistant Secretary. principal office of the Exchange. of information; (c) ways to enhance the [FR Doc. 2026-07353 Filed 4-15-26; 8:45 am] quality, utility, and clarity of the II. Self-Regulatory Organization's BILLING CODE 8011-01-P information collected; and (d) ways to Statement of the Purpose of, and minimize the burden of the collection of Statutory Basis for, the Proposed Rule SECURITIES AND EXCHANGE information on respondents, including Change COMMISSION through the use of automated collection In its filing with the Commission, the techniques or other forms of information Exchange included statements technology. [OMB Control No. 3235-0515] concerning the purpose of and basis for Please direct your written comments the proposed rule change and discussed Agency Information Collection on this 60-Day Collection Notice to any comments it received on the Activities; Proposed Collection; Austin Gerig, Director/Chief Data proposed rule change. The text of these Comment Request; Extension: Officer, Securities and Exchange statements may be examined at the Schedule TO Commission, c/o Tanya Ruttenberg via places specified in Item IV below. The email to PaperworkReductionAct@ Exchange has prepared summaries, set Upon Written Request, Copies Available forth in sections A, B, and C below, of sec.gov by June 15, 2026. There will be From: Securities and Exchange the most significant aspects of such a second opportunity to comment on Commission, Office of FOIA Services, statements. this SEC request following the Federal 100 F Street NE, Washington, DC Register publishing a 30-Day 20549-2736 A. Self-Regulatory Organization's Submission Notice. Notice is hereby given that, pursuant Statement of the Purpose of, and to the Paperwork Reduction Act of 1995 Statutory Basis for, the Proposed Rule Dated: April 14, 2026. (44 U.S.C. 3501 et seq.), the Securities Change Sherry R. Haywood, and Exchange Commission 1. Purpose Assistant Secretary. (''Commission'') is soliciting comments The Exchange proposes to amend the on the collection of information [FR Doc. 2026-07433 Filed 4-15-26; 8:45 am] quarterly review of Professional Orders. summarized below. The Commission BILLING CODE 8011-01-P Today, orders for any Priority plans to submit this existing collection Customer that average more than 390 of information to the Office of 4SECURITIES AND EXCHANGE orders per day during any month of a Management and Budget for extension COMMISSION calendar quarter must be represented as and approval. Professional orders for the next calendar Schedule TO (17 CFR 240.14d-100) quarter. In order to properly represent sets forth the information that certain [Release No. 34-105218; File No. SR-ISE- 5 orders entered on the Exchange, persons conducting certain tender offers 2026-16] Members are required currently to must disclose in connection with that 6Self-Regulatory Organizations; Nasdaq tender offer. The purpose of Schedule ISE, LLC; Notice of Filing and TO is to ensure investors have access to The term ''Professional Order'' means an order 3Immediate Effectiveness of Proposed information necessary to make an that is for the account of a person or entity that is not a Priority Customer. See Options 1, Section Rule Change To Amend the Review of informed investment decisions in 1(a)(40). The manner in which a Professional Order Professional Orders connection with tender offers. We is calculated is specified in Options 1, Section estimate that Schedule TO is filed 1(a)(40)(a). April 13, 2026. approximately 2.28 times per year by The term ''Priority Customer'' means a person 4 or entity that (i) is not a broker or dealer in Pursuant to Section 19(b)(1) of the 259 respondents, for an estimated total securities, and (ii) does not place more than 390 Securities Exchange Act of 1934 of 591 responses annually. We estimate orders in listed options per day on average during that Schedule TO requires (''Act''), and Rule 19b-4 thereunder, a calendar month for its own beneficial account(s). 1 2 See Options 1, Section 1(a)(38). approximately 22.38 burden hours per notice is hereby given that on March 31, The requirement to review Priority Customers' response and approximately $8,949.93 2026, Nasdaq ISE, LLC (''ISE'' or 5 activity on at least a quarterly basis to determine cost burden per response, for an ''Exchange'') filed with the Securities whether orders that are not for the account of a estimated total annual reporting burden and Exchange Commission (''SEC'' or broker-dealer should be represented as Priority Customer Orders or Professional Orders is not in of 13,227 hours (22.38 burden hours per ''Commission'') the proposed rule the current rule text, however it was described in response × 591 responses) and an change as described in Items I, II, and the adopting proposal. See Securities Exchange Act estimated total annual cost burden of III, below, which Items have been Release No. 78788 (September 8, 2016), 81 FR $5,289,409 (591 responses × $8,949.93 prepared by the Exchange. The 63252 (September 14, 2016) (SR-ISE-2016-19) (Notice of Filing and Immediate Effectiveness of per response). Commission is publishing this notice to Proposed Rule Change to Add Specificity to the An agency may not conduct or solicit comments on the proposed rule Definition of a Professional in the Exchange's Rules) sponsor, and a person is not required to change from interested persons. (''SR-ISE-2016-19''). The instant proposal seeks to respond to, a collection of information codify the timing for review of Priority Customers' activity. 15 U.S.C. 78s(b)(1). The term ''Member'' means an organization that 1 617 CFR 200.30-3(a)(12). 17 CFR 240.19b-4. has been approved to exercise trading rights 362

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Section 6(b) of the Act,under FINRA Rules 2090 (Know Your review their Priority Customers' activity in general, and furthers the objectives of Section 6(b)(5) Customer) and 2111 (Suitability) and and, on at least a quarterly basis, of the Act, in particular, in that it is designate orders as Priority Customer would need to consider whether a 11designed to promote just and equitable orders or Professional orders. customer meets the Professional 7principles of trade, to remove designation for purposes of determining Specifically, Members are required to impediments to and perfect the conduct a quarterly review and make best execution and making appropriate mechanism of a free and open market any appropriate changes to the way in recommendations. The Exchange notes and a national market system, and, in that the trading behavior of a Priority which they are representing orders general to protect investors and the Customer can be distinguished from that within five days after the end of each public interest. calendar quarter.While Members are of a Professional which is the purpose 8The Exchange's proposal to shorten required to designate accounts on a of the separate designations. Finally, the quarterly look-back to a monthly some Members currently designate a quarterly basis, if during a quarter the look-back is consistent with the Act Priority Customer that has averaged Exchange identifies a customer for because it will ensure that the spirit of which orders are being represented as more than 390 orders per day during a the designation of Professional order month as a Professional on a more Priority Customer Orders but that has continues to be met, only on a more expedited basis, not waiting until five averaged more than 390 orders per day expedited basis--removing a potential days after the quarter. during a month, the Exchange must delay of two months before affecting a notify the Member and the Member is The Exchange believes that a calendar change in the designation. The required to change the manner in which month is a sufficient time period to Exchange believes that this amendment it is representing the customer's orders determine whether the activity of a will remove impediments to and perfect within five days. customer meets the criteria for a 9the mechanism of a free and open Professional order. The Exchange Proposal market and a national market system by believes that the shortened time period promoting the consistent application of At this time, the Exchange proposes to will ensure that the spirit of the its rules and shortening the timeframe to shorten the quarterly review and designation of Professional order is met change the designation for all Members designation to a monthly review. The in that Members will make any while continuing to provide a sufficient Exchange proposes to state at Options 1, appropriate changes to the way in time period to determine whether the Section 1(a)(40)(b) that orders for any which they are representing orders in a activity of a customer meets the criteria customer that had an average of more 30-day timeframe as opposed to a 90- for a Professional order. Further, the than 390 orders per day during any day timeframe, thereby ensuring the Exchange believes that the shortened calendar month must be represented as designation is applied in a more time period will continue to promote Professional orders for the next calendar expeditious manner. consistency in the treatment of orders as month. The Exchange continues to believe Professional orders while also As noted, currently, each Member is that identifying Professional orders preventing members with high volume required to monitor Priority Customer based upon the average number of from receiving benefits reserved for orders to determine if the Priority orders entered in qualified accounts is Priority Customer orders. Customer has averaged more than 390 As noted, currently, each Member is an appropriate and objective approach orders per day during a month. required to monitor Priority Customer to reasonably distinguish such persons Determining whether a Priority orders to determine if the Priority and entities from retail investors or Customer has executed more than 390 Customer has averaged more than 390 market participants. orders per day during a month requires orders per day during a month. computing a daily average. As such, Technical Amendment Determining whether a Priority Members should be performing the Customer has executed more than 390 The Exchange proposes to reserve workflow necessary to designate orders orders per day during a month requires Options 3B, Options 3C and Options 4D. on a daily basis. Therefore, the proposal computing a daily average. As such, Other Nasdaq affiliated exchanges have does not amend the current workflow, Members should be performing the proposed rules in those corresponding rather, the proposal amends the workflow necessary to designate orders sections. The reserved sections are timeframe to change the manner in on a daily basis. Therefore, the proposal intended to harmonize the structure of which the customer's order is being does not amend the current workflow, the Exchange's rules to those of other represented from five days after the end rather, the proposal amends the Nasdaq affiliated exchanges. The of each calendar quarter to five days timeframe to change the manner in Exchange proposes that this amendment after the end of each calendar month. which the customer's order is being be operative 30 days from the date of The Exchange does not believe that represented from five days after the end filing. this amendment is a significant of each calendar quarter to five days departure from the current rule, nor Implementation after the end of each calendar month. does it impose any burden on any The Exchange does not believe that Member because each broker-dealer is The Exchange proposes implementing this amendment is a significant required currently to perform the this rule change on July 1, 2026, except departure from the current rule, nor necessary calculation daily to arrive at for the technical amendments which does it impose any burden on any the requisite average. Further, in should become operative 30 days after Member because each broker-dealer is addition to the calculation, broker- the date of the filing. The Exchange will required currently to perform the dealers are subject to know-your- issue an Options Trader Alert to provide necessary calculation daily to arrive at customer and suitability requirements notice to Members of the proposed the requisite average. Further, in change. addition to the calculation, broker- associated with Exchange Rights. See General 1, 2. Statutory Basis dealers are subject to know-your- Section 1(a)(13). See 81 FR 63252 at 63253. The Exchange believes that the 715 U.S.C. 78f(b). See id. proposed rule change is consistent with 81015 U.S.C. 78f(b)(5). See id. 911

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will impose any burden on intra-market customer and suitability requirements C. Self-Regulatory Organization's competition because, today, each under FINRA Rules 2090 (Know Your Statement on Comments on the Member is required to monitor Priority Customer) and 2111 (Suitability) and Proposed Rule Change Received From Customer orders to determine if the would need to consider whether a Members, Participants, or Others Priority Customer has averaged more customer meets the Professional No written comments were either than 390 orders per day during a month. designation for purposes of determining solicited or received. Determining whether a Priority best execution and making appropriate III. Date of Effectiveness of the Customer has executed more than 390 recommendations. Finally, some Proposed Rule Change and Timing for orders per day during a month requires Members currently designate a Priority Commission Action computing a daily average. As such, Customer that has averaged more than Members should be performing the 390 orders per day during a month as Because the foregoing proposed rule a Professional on a more expedited workflow necessary to designate orders change does not: (i) significantly affect basis, not waiting until five days after on a daily basis. Therefore, the proposal the protection of investors or the public the quarter. does not amend the current workflow, interest; (ii) impose any significant The Exchange notes that the trading rather, the proposal amends the burden on competition; and (iii) become behavior of a Priority Customer can be timeframe to change the manner in operative for 30 days from the date on distinguished from that of a Professional which the customer's order is being which it was filed, or such shorter time which is the purpose of the separate represented from five days after the end as the Commission may designate, it has designations. The Exchange continues of each calendar quarter to five days become effective pursuant to Section to believe that identifying Professional after the end of each calendar month. 19(b)(3)(A)(iii) of the Act and 12orders based upon the average number The Exchange does not believe that subparagraph (f)(6) of Rule 19b-4 this amendment is a significant of orders entered in qualified accounts thereunder. 13departure from the current rule, nor is an appropriately objective approach At any time within 60 days of the does it impose any burden on any to reasonably distinguish such persons filing of the proposed rule change, the Member because each broker-dealer is and entities from retail investors or Commission summarily may required currently to perform the market participants. Priority is one of temporarily suspend such rule change if necessary calculation daily to arrive at the marketplace advantages provided to it appears to the Commission that such the requisite average. Further, in Priority Customer orders on the action is necessary or appropriate in the addition to the calculation, broker- Exchange. Priority Customer orders are public interest, for the protection of dealers are subject to know-your- given execution priority over non- investors, or otherwise in furtherance of customer and suitability requirements Customer orders and quotations of the purposes of the Act. If the under FINRA Rules 2090 (Know Your market makers at the same price. Commission takes such action, the Customer) and 2111 (Suitability) and Another marketplace advantage afforded Commission shall institute proceedings would need to consider whether a to Priority Customer orders on the to determine whether the proposed rule customer meets the Professional Exchange is that members are generally should be approved or disapproved. designation for purposes of determining not assessed transaction fees or are best execution and making appropriate IV. Solicitation of Comments assessed lower fees for the execution of recommendations. Finally, some Priority Customer orders. The purpose Interested persons are invited to Members currently designate a Priority of these marketplace advantages is to submit written data, views and Customer that has averaged more than attract retail order flow to the Exchange arguments concerning the foregoing, 390 orders per day during a month as by leveling the playing field for retail including whether the proposed rule a Professional on a more expedited investors over market Professionals. change is consistent with the Act. basis, not waiting until five days after This proposal will continue to provide Comments may be submitted by any of the quarter. Priority Customer accounts with the following methods: The Exchange notes that the trading marketplace advantages and distinguish behavior of a Priority Customer can be Electronic Comments those accounts non-Professional retail distinguished from that of a Professional investors from the Professionals • Use the Commission's internet which is the purpose of the separate accounts. The Exchange notes that some comment form (https://www.sec.gov/ designations. non-broker-dealer individuals and rules/sro.shtml); or Further, the designation of • Send an email to rule-comments@entities have access to information and Professional orders would not result in technology that enables them to sec.gov. Please include file number SR- any different treatment of such orders Professionally trade listed options in the ISE-2026-16 on the subject line. for purposes of compliance with the same manner as a broker or dealer in Paper Comments Exchange's Rules. Priority Customers securities. have been granted certain priority over • Send paper comments in triplicate Technical Amendment other non-broker-dealer individuals and to Secretary, Securities and Exchange entities that have access to information Reserving Options 3B, Options 3C and Commission, 100 F Street NE, and technology that enables them to Options 4D are non-substantive Washington, DC 20549-1090. Professionally trade listed options in the amendments. All submissions should refer to file same manner as a broker or dealer in number SR-ISE-2026-16. This file B. Self-Regulatory Organization's securities. Further, the Priority Statement on Burden on Competition Customer designation allows the 15 U.S.C. 78s(b)(3)(A)(iii). Exchange to attract order flow or create The Exchange does not believe that 12 17 CFR 240.19b-4(f)(6). In addition, Rule 19b- more competitive markets. the proposed rule change will impose 13 4(f)(6) requires a self-regulatory organization to give Also, the Exchange does not believe any burden on competition that is not the Commission written notice of its intent to file that the proposed rule change will necessary or appropriate in furtherance the proposed rule change at least five business days impose any burden on inter-market prior to the date of filing of the proposed rule of the purposes of the Act. change, or such shorter time as designated by the Specifically, the Exchange does not competition because other exchanges Commission. The Exchange has satisfied this are expected to adopt similar rules. believe that the proposed rule change requirement.

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1. Self-Regulatory Organization's number should be included on the Commission (the ''Commission''), which Statement of the Terms of Substance of was recently approved. subject line if email is used. To help the On March 5, 2025, the Exchange the Proposed Rule Change Commission process and review your 5 filed SR-PEARL-2025-08, as Modified comments more efficiently, please use The Exchange proposes to amend by Partial Amendments No. 1 and 2, a only one method. The Commission will Exchange Rule 402, Criteria for proposed rule change to amend its post all comments on the Commission's Underlying Securities, and Exchange listing rules at Exchange Rule 402, internet website (https://www.sec.gov/ Rule 403, Withdrawal of Approval of Criteria for Underlying Securities, to rules/sro.shtml). Copies of the filing will Underlying Securities, to establish allow the listing and trading of options be available for inspection and copying listing criteria and withdrawal on interests in a Commodity-Based at the principal office of the Exchange. standards for options on Commodity- Trust and on November 6, 2025, during Do not include personal identifiable Based Trusts that hold multiple crypto the government shutdown, the information in submissions; you should Exchange submitted Amendment 3 to assets. submit only information that you wish SR-PEARL-2025-08. SR-PEARL-2025- to make available publicly. We may The text of the proposed rule change 08 was deemed approved as of redact in part or withhold entirely from is available on the Exchange's website at November 14, 2025. The Exchange also publication submitted material that is https://www.miaxglobal.com/markets/ 6 reiterated the changes proposed in SR- obscene or subject to copyright us-options/pearl-options/rule-filings PEARL-2025-08 to codify the proposed protection. All submissions should refer and at MIAX Pearl's principal office. rule text in the Exchange's Rulebook by to file number SR-ISE-2026-16 and II. Self-Regulatory Organization's filing SR-PEARL-2025-49, which was should be submitted on or before May noticed for immediate effectiveness. Statement of the Purpose of, and 77, 2026. Currently, Exchange Rule 402(i)(6) Statutory Basis for, the Proposed Rule allows the Exchange to list and trade Change For the Commission, by the Division of options on a Commodity-Based Trust Trading and Markets, pursuant to delegated In its filing with the Commission, that meets the generic listing standards authority. 14MIAX Pearl included statements for Commodity-Based Trust Shares of Sherry R. Haywood, concerning the purpose of and basis for the applicable primary listing market, Assistant Secretary. the proposed rule change and discussed provided that the Commodity-Based [FR Doc. 2026-07349 Filed 4-15-26; 8:45 am] any comments it received on the Trust holds a single crypto asset. 8proposed rule change. The text of these On September 17, 2025, the BILLING CODE 8011-01-P Commission approved proposals by The statements may be examined at the Nasdaq Stock Market LLC, Cboe BZX places specified in Item IV below. MIAX SECURITIES AND EXCHANGE Exchange, Inc. and NYSE Arca, Inc., to Pearl has prepared summaries, set forth COMMISSION Adopt Generic Listing Standards for in sections A, B, and C below, of the most significant aspects of such Release No. 34-105221; File No. SR- statements. See Securities Exchange Act Release No. 105072 4PEARL-2026-15, (SR-ISE-2025-30) (Self- A. Self-Regulatory Organization's Regulatory Organizations; Nasdaq ISE, LLC; Order Self-Regulatory Organizations; MIAX Statement of the Purpose of, and Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, Regarding the Adoption PEARL, LLC; Notice of Filing of a Statutory Basis for, the Proposed Rule of Listing Criteria for Options on Commodity-Based Proposed Rule Change To Amend Change Trusts That Hold Multiple Crypto Assets). Exchange Rule 402, Criteria for See Securities Exchange Act Release No. 102659 51. Purpose Underlying Securities, and Exchange (March 5, 2025), 90 FR 12876 (March 19, 2025) (SR- PEARL-2025-08) (Self-Regulatory Organizations; Rule 403, Withdrawal of Approval of The Exchange proposes to amend Notice of Filing of a Proposed Rule Change, as Underlying Securities, To Establish Exchange Rule 402, Criteria for Modified by Partial Amendment Nos. 1 and 2, by Listing Criteria and Withdrawal MIAX PEARL, LLC To Amend Exchange Rule 402, Underlying Securities, and Exchange Standards for Options on Commodity- Criteria for Underlying Securities, To List and Rule 403, Withdrawal of Approval of Trade Options on Commodity-Based Trust Shares). Based Trusts Holding Multiple Crypto Underlying Securities, to establish See Securities Exchange Act Release No. 104210 Assets 6listing criteria and withdrawal (November 18, 2025), 90 FR 52727 (November 21, 2025) (SR-PEARL-2025-08) (Self-Regulatory standards for options on Commodity- April 13, 2026. Organizations; BOX Exchange LLC, Cboe Exchange, Based Trusts that hold multiple crypto Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Pursuant to Section 19(b)(1) of the assets. Specifically, the Exchange Inc., Cboe EDGX Exchange, Inc., Miami 3Securities Exchange Act of 1934 International Securities Exchange, LLC, MIAX proposes to amend the criteria for listing (''Act''),and Rule 19b-4 thereunder, PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, options on Exchange-Traded Fund 12 LLC, New York Stock Exchange LLC, NYSE notice is hereby given that on March 30, Shares (''ETFs'') at Exchange Rule 402(i) American LLC, NYSE Arca, Inc., NYSE National, 2026, MIAX PEARL, LLC (''MIAX Pearl'' and withdrawal criteria at Exchange Inc., and NYSE Texas, Inc.; Notice of Deemed or the ''Exchange'') filed with the Approval of Various Proposed Rule Changes). Rule 403. This is a competitive filing Securities and Exchange Commission See Securities Exchange Act Release No. 104458 substantively identical to the proposal 7 (December 5, 2025), 90 FR 60187 (December 23, (''Commission'') a proposed rule change submitted by Nasdaq ISE, LLC (''ISE'') 2025) (SR-PEARL-2025-49) (Self-Regulatory as described in Items I and II below, to the Securities and Exchange Organizations; MIAX PEARL, LLC; Notice of Filing which Items have been prepared by of a Proposed Rule Change To Amend Exchange MIAX Pearl. The Commission is Rule 402, Criteria for Underlying Securities, To List and Trade Options on Commodity-Based Trust The Exchange notes that its affiliate options publishing this notice to solicit 3 Shares). exchanges, Miami International Securities comments on the proposed rule change Exchange, LLC (''MIAX'') and MIAX Sapphire, LLC The term ''crypto asset'' means an asset that is 8from interested persons. (''MIAX Sapphire''), submitted (or will submit) generated, issued and/or transferred using a substantively similar proposals. The Exchange blockchain or similar distributive ledger technology notes that the rules of Chapter IV of MIAX, network, including but not limited to, assets known 17 CFR 200.30-3(a)(12). including Exchange Rule 402, are incorporated by as ''tokens,'' ''digital assets,'' ''virtual currencies,'' 1415 U.S.C. 78s(b)(1). reference into the MIAX Emerald, LLC (''MIAX and ''coins'' and that relies on cryptographic 117 CFR 240.19b-4. Emerald'') rulebook. protocols. See Exchange Rule 402(i)(6)(iii). 2

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