I don't know why FINRA should be consulted about registration of new shares. They have attacks the powershares ETF's in the past; there is a real problem with having to consult them about the registration of new shares. The SEC approval should be enough!

FINRA is like the BBB-Better Business Bureau. Have you ever tried to complain to the BBB; the inmates run the asylum. FINRA is a sham organization, you can also draw parallels to the American Petroleum Institute or other trade groups. FINRA has conflicting interests and the biggest bucks $$$ are what will govern their decisions. Self regulation does not work and FINRA is almost worthless.

There has been malicious prosecution brought against some ETF's; quite frankly I wonder why there are no counter-suits filed yet against these law-firms that bring forth these merit-less cases. The same disputes are turning the markets upside down. The SEC should be doing it's job, i.e. enforcing the threshold securities - SHO act and handing down large fines for non-delivery of shares by short-sellers, who have been illegally targeting these ETF's, including the Proshares Funds which are prominent on the Threshold Securities Lists!!!