Form S-3 is used for "short form" registration of securities and shelf registration. The SEC has adopted rules that change the standards of eligibility for filing Form S-3. These rules will be effective 30 days after publication in the Federal Register. The alert applies to the Series 79, Series 62 and Series 24 exams.
One old criterion for Form S-3 registration was if the securities were rated investment grade by a nationally recognized statistical ratings organization. This criterion will be replaced with four new tests. The issuer may use Form S-3 if they satisfy any one of these four conditions and meet certain additional standards. The conditions may be found here.
Source: SEC Release 2011-155