SIFMA and ISDA provide comments to the Securities and Exchange Commission (SEC) on its proposed rules for risk mitigation techniques…
Options Regulatory Fee Filings
Ms. Vanessa Countryman
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: SIFMA Comment Letter on the Options Regulatory Fee Filings by SR-EMERALD 2019-01.
Dear Ms. Countryman,
The Securities Industry and Financial Markets Association (“SIFMA”)I appreciates the opportunity to comment on the above-referenced filings submitted by MIAX Emerald, LLC (“MIAX Emerald”, and the “Exchange”) to the Securities and Exchange Commission (“SEC” or “Commission”). In the filing, the exchange proposes to establish its Options Regulatory Fee (“ORF”).
While SIFMA supports certain aspects of the filing, we recommend the Commission suspend the referenced-filing to provide additional time for the Commission to establish a framework for determining whether the proposed ORFs are consistent with the requirements of Section 6(b) of the Securities Exchange Act of 1934 (“Exchange Act”). 3 If the Commission determines the proposals are inconsistent with the Exchange Act, the Commission should institute proceedings to disapprove the filing. Due to the lack of uniform transparency on the amount of the collected ORFs, and the Exchanges’ use of this money, SIFMA requests the Commission to suspend the filing to ensure the proposed ORFs provide for the equitable allocation of reasonable fees, as required by Section 6(b)(4) of the Exchange Act. 4