The Securities and Exchange Commission (SEC) has requested approval from the Office of Management and Budget to extend the existing information collection under Rule 12d2-2 and Form 25. This rule and form handle the procedures and conditions under which a security can be delisted from an exchange. The SEC estimates a total annual burden of 940 hours for the exchanges and issuers that need to comply with this rule. This collection is mandatory, with public access to responses, and allows for public comments by visiting a designated website or contacting the SEC directly.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to keep checking how companies say goodbye to a group they belong to on the stock market; they think they need about 940 hours of work each year to do this. They’re asking people to say what they think about these rules, so everyone can share ideas and concerns.