Removal From Listing and Registration of Securities Pursuant to Section 12(d) of the Securities Exchange Act of 1934

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The Securities and Exchange Commission ("Commission") is proposing to streamline the procedures for removing from listing, and/ or withdrawing from registration, securities under Section 12(b) of the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the Commission is proposing amendments to its rules and Form 25 so that the Commission would no longer issue an order to remove a security from listing and/or registration on a national securities exchange. Instead, all issuers and national securities exchanges seeking to delist and deregister a security in accordance with the rules of an exchange and the Commission would file a Form 25 with the Commission. The Commission is also proposing to require exchanges to file the revised Form 25 as notice to the Commission under Section 19(d) of the Exchange Act. In addition, the Commission is proposing to require mandatory electronic filing of the revised Form 25. Finally, the Commission is proposing to exempt options and security futures from Section 12(d) of the Exchange Act. The proposed amendments would reduce the regulatory burdens on exchanges and issuers, and make more information on delisting and deregistration publicly a