Delisting refers to the removal of a security from a regulated securities exchange. At the point of delisting, a company ceases to be publicly quoted and becomes a private company. Trading can still take place but over-the-counter and under a different – typically less onerous – set of transparency, disclosure and reporting regulations. Some companies are delisted by the exchanges for breach of listing rules. Some choose to delist for a host of reasons; other securities are delisted as a result of takeovers or mergers. Others delist as a result of private equity acquisitions, known as take-privates.