SEC Adopts Short Form Criteria to Replace Credit Ratings

SEC Release No. 33-9245 / 34-64975

July 26, 2011

The SEC adopted new rules, as required by the Dodd-Frank Act, to remove credit ratings as eligibility criteria for issuers seeking to use “short forM” registration for their securities.In lieu of credit ratings, the new rules replace it with four tests that look at, among other things, the company’s amount of securities issuances and company’s regulatory filing history.

Cross References

SEC Press Release No. 2011-155

Securities Act Forms S-4 and F-4

Securities Act Rules 134, 138, 139,168

Dodd-Frank § 939A