On August 3rd, the Commission approved FINRA's proposed amendment of its trade reporting rules to: (1) clarify the existing exception for transactions that are part of a distribution of securities and impose certain notice requirements on members relying on the exception for transactions that are part of an "unregistered secondary distribution"; and (2) expressly exclude transfers of equity securities for the purpose of creating or redeeming instruments such as American Depositary Receipts and exchange-traded funds. SEC Release No. 34-65025.