The SEC did not interpret Dodd-Frank's Section 939A
requirement to remove credit ratings from short-form
eligibility criteria to decrease the number of short-form
issuers. New rules adopted on July 26 may do just the opposite,
according to US counsel.
In response to 48 comment letters from law firms, companies
and others, the Securities and Exchange Commission (SEC)
amended its new rules on short form registration requirements
for non-convertible debt securities issuers (Form S-3 and Form
F-3) to make them less restrictive.
The original proposal made in February featured only one
alternative for the transaction requirement – an
issuance of at least $1 billion in non-convertible securities
for cash in registered...