On August 2, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposed to amend FINRA Rule 6730(a)(1) (the “FINRA Proposal”) to reduce the Trade Reporting and Compliance Engine (“TRACE”) reporting timeframe for transactions in “TRACE-Eligible Securities” currently subject to a 15-minute outer limit reporting timeframe to one minute. The one-minute outer limit reporting timeframe would apply to most transactions in corporate and agency debt securities, asset-backed securities (“ABS”) and agency pass-through mortgagebacked securities (“MBS”) traded to-be-announced (“TBA”) for good delivery (“GD”), but it would not apply to a list or fixed price transaction or takedown transaction, transactions in certain securitized products and U.S. Treasury Securities transactions. FINRA would continue to make information on these reported transactions publicly available immediately upon receipt.