
[Federal Register: September 19, 2008 (Volume 73, Number 183)]
[Notices]               
[Page 54439-54440]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19se08-105]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 12d2-2, SEC File No. 270-86, OMB Control No. 3235-0080 
Form 25]

 
Proposed Collection; Comment Request

Upon written request, copies available from: U.S. Securities and 
Exchange Commission, office of Investor Education and Advocacy, 
Washington, DC 20549-0213

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission

[[Page 54440]]

plans to submit this existing collections of information to the Office 
of Management and Budget for extension and approval.
     Rule 12d2-2 (17 CFR 240.12d2-2) and Form 25 (17 CFR 
249.25) Removal and Notification of Removal from Listing and/or 
Registration.
    On February 12, 1935, the Commission adopted Rule 12d2-2,\1\ and 
Form 25 under the Securities Exchange Act of 1934 (15 U.S.C. 78b et 
seq.) (``Act''), to establish the conditions and procedures under which 
a security may be delisted from an exchange and withdrawn from 
registration under Section 12(b) of the Act.\2\ The Commission adopted 
amendments to Rule 12d2-2 and Form 25 in 2005.\3\ Under the amended 
Rule 12d2-2, all issuers and national securities exchanges seeking to 
delist and deregister a security in accordance with the rules of an 
exchange must file the adopted version of Form 25 with the Commission. 
The Commission also adopted amendments to Rule 19d-1 under the Act to 
require exchanges to file the adopted version of Form 25 as notice to 
the Commission under Section 19(d) of the Act. Finally, the Commission 
adopted amendments to exempt options and security futures from Section 
12(d) of the Act. These amendments are intended to simplify the 
paperwork and procedure associated with a delisting and to unify 
general rules and procedures relating to the delisting process.
---------------------------------------------------------------------------

    \1\ See Securities Exchange Act Release No. 98 (February 12, 
1935).
    \2\ See Securities Exchange Act Release No. 7011 (February 5, 
1963), 28 FR 1506 (February 16, 1963).
    \3\ See Securities Exchange Act Release No. 52029 (July 14, 
2005), 70 FR 42456 (July 22, 2005).
---------------------------------------------------------------------------

    The Form 25 is useful because it informs the Commission that a 
security previously traded on an exchange is no longer traded. In 
addition, the Form 25 enables the Commission to verify that the 
delisting has occurred in accordance with the rules of the exchange. 
Further, the Form 25 helps to focus the attention of delisting issuers 
to make sure that they abide by the proper procedural and notice 
requirements associated with a delisting. Without Rule 12d2-2 and the 
Form 25, as applicable, the Commission would be unable to fulfill its 
statutory responsibilities.
    There are ten national securities exchanges that trade equity 
securities that will be respondents subject to Rule 12d2-2 and Form 
25.\4\ The burden of complying with Rule 12d2-2 and Form 25 is not 
evenly distributed among the exchanges, however, since there are many 
more securities listed on the New York Stock Exchange, the NASDAQ Stock 
Market, and the American Stock Exchange LLC than on the other 
exchanges. However, for purposes of this filing, the Commission staff 
has assumed that the number of responses is evenly divided among the 
exchanges. Since approximately 994 responses under Rule 12d2-2 and Form 
25 for the purpose of delisting equity securities are received annually 
by the Commission from the national securities exchanges, the resultant 
aggregate annual reporting hour burden would be, assuming on average 
one hour per response, 994 annual burden hours for all exchanges. In 
addition, since approximately 371 responses are received by the 
Commission annually from issuers wishing to remove their securities 
from listing and registration on exchanges, the Commission staff 
estimates that the aggregate annual reporting hour burden on issuers 
would be, assuming on average one reporting hour per response, 371 
annual burden hours for all issuers. Accordingly, the total annual hour 
burden for all respondents to comply with Rule 12d2-2 is 1,365 hours. 
The related costs associated with these burden hours are $76,177.50.
---------------------------------------------------------------------------

    \4\ The staff notes that there are two additional national 
securities exchanges that only trade standardized options which, as 
noted above, are exempt from Rule 12d2-2.
---------------------------------------------------------------------------

    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Comments should be directed to: Lewis W. Walker, Acting Director/
Chief Information Officer, Securities and Exchange Commission, C/O 
Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 
or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted 
within 60 days of this notice.

    Dated: September 15, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-21902 Filed 9-18-08; 8:45 am]

BILLING CODE 8010-01-P
