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(c) If within 30 days after the publication of any rule or regulation which substantially alters or adds to the obligations, or detracts from the rights, of an issuer of a security registered pursuant to application under section 12 (b) or (c), or of its officers, directors, or security holders, or of persons soliciting or giving any proxy or consent or authorization with respect to such security, the issuer shall file with the Commission a request that such registration shall expire and shall accompany such request with a written explanation of the reasons why the publication of such rule or regulation leads the issuer to make such request, such registration shall expire immediately upon receipt of such request or immediately before such rule or regulation becomes effective, whichever date is later. The absence of an express reservation, in an application for registration, of the rights herein granted shall not be deemed a waiver thereof.

(d) A security may be stricken from listing and registration by a national securities exchange if

(1) Trading in such security has been terminated pursuant to a rule of such exchange requiring such termination whenever a security is admitted to trading on another exchange; and

(2) Listing and registration of such security has become ef

fective on such other exchange. The exchange upon which such security has been so stricken shall notify the Commission of its action within 3 days from the date thereof. Rule X-12D2-2 (a). Removal From Listing and Registration of

Matured, Redeemed, or Retired Securities. (a) Within a reasonable time after a national securities exchange knows or is realiably informed that any of the following conditions exist with respect to a security listed and registered thereon, the exchange shall file with the Commission a notification on Form 25 of its intention to remove such security from listing and registration:

(1) The entire class of the security has been called for redemption, maturity or retirement; appropriate notice thereof has been given; funds sufficient for the payment of all such securities have been deposited with an agency authorized to make such payments; and such funds have been made available to security holders.

(2) The entire class of the security has been redeemed or paid at maturity or retirement.

(3) The instruments representing the securities comprising the entire class have come to evidence, by operation of law or otherwise, other securities in substitution therefor and repre

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sent no other right, except, if such be the fact, the right to receive an immediate cash payment (the right of dissenters to receive the appraised or fair value of their holdings shall not prevent the application of this provision).

(4) All rights pertaining to the entire class of the security have been extinguished: Provided, That where such an event occurs as the result of an order of a court or other governmental authority, the order shall be final, all applicable appeal periods

shall have expired, and no appeals shall be pending. Effective date of removal.-If the conditions of this rule are complied with, removal of a security from listing and registration pursuant to a notification on Form 25 shall become effective at the opening of business on such date as the exchange shall specify in said Form: Provided, however, That such date shall be not less than seven days following the date on which said Form is mailed to the Commission for filing: And provided further, That in the event removal is being effected under paragraph (a) (3) of this rule and the exchange has admitted or intends to admit a successor security to trading under the temporary exemption provided for by Rule X-12A-5, such date shall not be earlier than the date on which the successor security is removed from its exempt status.

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UNLISTED TRADING

Rule X-12F-1. Applications for Permission to Continue or Extend

Unlisted Trading Privileges. (a) An application may be made to the Commission by any national securities exchange for the continuance or extension of unlisted trading privileges in any security, pursuant to section 12 (f). Such application shall be filed in triplicate, shall be in the form prescribed for registration statements by rule X-2 and shall set forth

(1) Title of security.
(2) Name of issuer.

(3) Amount of such security issued and outstanding (number of shares of stock or principal amount of bonds), stating the source of such information.

(4) Information as to the public distribution of such security in the vicinity of such exchange, and the geographical area which is deemed to constitute such vicinity, stating the source of such information.

(5) Information as to the volume of public trading in such security in the vicinity of such exchange during the twelve calendar months immediately preceding the date of such application, stating the source of such information.

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(6) Name of each exchange with such security is () listed and registered or () listed as a security exempted from the operation of section 12 (a) or (iii) admitted to unlisted trading privileges; and, if such information is available, name of each foreign exchange on which such security is traded.

(7) If such application is filed pursuant to section 12 (f) (3), a list of the registration statements and periodic reports and other data filed pursuant to the rules and regulations prescribed by the Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933 (giving the title of each security in respect of which such registration statements, periodic reports, and other data have been filed), supporting the contention that there is available in respect of the security which is the subject of the application, information substantially equivalent to that available in respect of a security duly listed and registered on a national securities exchange.

(8) Any other information which is deemed pertinent to the question of whether the continuation or extension of unlisted trading privileges in such security is necessary or appropriate

in the public interest or for the protection of investors. (6) Within 5 days after such application has been filed with the Commission, a copy thereof shall be furnished by the applicant to the issuer of such security and to every other national securities exchange on which such security is listed or admitted to unlisted trading privileges.

Rule X-12F-2. Changes in Securities Admitted to Unlisted Trad

ing Privileges.

(a) Any security admitted to unlisted trading privileges on a national securities exchange shall be deemed to be the security theretofore admitted to unlisted trading privileges on such exchange although changed in one or more of the following respects

(1) Title of such security or the name of the issuer;

(2) The maturity, interest rate, and/or outstanding aggregate principal amount of an issue of bonds, debentures or notes;

(3) The par value, dividend rate, number of shares author

ized and/or the outstanding number of shares of a stock. Such exchange shall notify the Commission in writing of any such change promptly after learning thereof, except that such notification ned not be filed if such security is also listed and registered on another national securities exchange.

(6) Any security admitted to unlisted trading privileges on a national securities exchange in respect of which there is etfected any change other than those specified in paragraph (a) of this rule, shall, nevertheless, be deemed to be the security theretofore admitted to unlisted trading privileges on such exchange, provided the Commission shall have determined, upon application by such exchange, that the security after such change is substantially equivalent to the security theretofore admitted to unlisted trading privileges.

Such application shall be filed in triplicate, shall be in the form prescribed for registration statements by rule X-2 and shall contain the following information:

(1) Title of security.
(2) Name of issuer.

(3) A brief but comprehensive description of each change proposed to be effected in such security, together with a copy of all written matter submitted to security holders relating to

each such change. Rule X-12F-3. Termination or Suspension of Unlisted Trading

Privileges. (a) The issuer of any security for which unlisted trading privileges on any exchange have been continued or extended, or any broker or dealer who makes or creates a market for such security, or any other person having a bona fide interest in the question of termination or suspension of such unlisted trading privileges may make application to the Commission for the termination or suspension of such unlisted trading privileges. Such application shall be filed in triplicate, shall be in the form prescribed for registration statements by rule X-2 and shall contain the following information:

(1) Name and address of applicant.

(2) A brief statement of the applicant's interest in the question of termination or suspension of such unlisted trading privileges.

(3) Title of security.
(4) Name of issuer.

(5) Amount of such security issued and outstanding (number of shares of stock or principal amount of bonds), stating source of information.

(6) Annual volume of public trading in such security (number of shares of stock or principal amount of bonds) on such exchange for each of the three calendar years immediately preceding the date of such application, and monthly volume of trading in such security for each of the twelve calendar months immediately preceding the date of such application.

(7) Price range on such exchange for each of the twelve calendar months immediately preceding the date of such application.

(8) A brief statement of the information in the applicant's possession, and the sources thereof, with respect to (a) the extent of public distribution of such security in the vicinity of such exchange and the geographical area which is deemed to constitute such vicinity, (6) the extent of public trading activity in such security on such exchange, and (c) the character of trading in such security on such exchange.

(9) Any other information which is deemed pertinent to the question of termination or suspension of such unlisted trading

privileges. (6) Within five days after such application has been filed with the Commission, a copy thereof shall be furnished by the applicant to such issuer (if such application is not made by such issuer) and to such exchange.

(c) Unlisted trading privileges in any security on any national securities exchange may be suspended or terminated by such exchange in accordance with its rules. Such exchange shall promptly notify the Commission of any such suspension or termination, the effective date thereof, and the reasons therefor.

Rule X-12F-4. Exemption of Securities Admitted to Unlisted

Trading Privileges From Sections 13, 14, and 16. (a) Any security for which unlisted trading privileges on any national securities exchange have been continued or extended pursuant to section 12 (f), the issuer of which has no security registered as a listed security on such exchange, shall be exempt from the operation of section 13 with respect to the filing of information, documents, and reports by the issuer thereof with such exchange, and, unless the issuer also has a security registered as a listed security on any other national securities exchange, with respect to such filing with the Commission.

(6) Any security for which unlisted trading privileges on any national securities exchange have been continued or extended pursuant to section 12 (f) shall be exempt from the operation of section 14 unless such security is also registered as a listed security on any other national securities exchange.

(c) (1) Any security for which unlisted trading privileges on any national securities exchange have been continued or extended pursuant to section 12 (f) (1) or (3), the issuer of which has no equity security

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