On June 20th, the SEC provided notice of the Financial Industry Regulatory Authority's ("FINRA") proposal to amend FINRA Rules 6282, 6380A, 6380B and 6622 relating to trade reporting of over-the-counter transactions in equity securities in order 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 from the trade reporting requirements transfers of equity securities for the purpose of creating or redeeming instruments such as American Depositary Receipts and exchange-traded funds. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of June 27. SEC Release No. 34-64706.