The SEC's New 'Short Form' Criteria

Law360, New York (August 16, 2011, 1:37 PM EDT) -- On July 26, 2011, the U.S. Securities and Exchange Commission unanimously approved final rules that remove credit ratings as eligibility criteria for “Short Form” registration statements (e.g., Form S-3 and F-3) and replace such criteria with new eligibility requirements.[1]

Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”)[2] mandates that the commission review commission rules, regulations and forms that rely upon credit-worthiness and credit ratings, and remove and replace such references with a standard of credit-worthiness that the commission deems appropriate....
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