On September 24th, the SEC provided notice of the Financial Industry Regulatory Authority's filing of a proposed rule change that would clarify the classification and reporting of two categories of hybrid securities (depositary shares and capital trust securities (also referred to as trust preferred securities)) to clarify the appropriate trade reporting facility to which such securities should be reported. In addition, FINRA proposes a policy to address the treatment of securities that are currently being reported to a facility that is not the designated facility under this interpretation. Comments should be submitted within 21 days after publication in the Federal Register, which is expected shortly. SEC Release No. 34-70482.