On July 26th, the SEC voted unanimously to adopt new rules required by the Dodd-Frank Act. The rules remove credit ratings as eligibility criteria for companies seeking to use "short form" registration when registering securities for public sale. The new rules replace credit ratings with four new tests, one of which must be satisfied for an issuer to use Form S-3 or Form F-3, the short forms. In order to ease transition for companies, the rules include a temporary, three-year grandfather provision. The new rules will be effective 30 days after publication in the Federal Register, which is expected during the week of August 1, except the rescission of Form F-9 and amendments to remove references to Form F-9 in other rules and forms, which will be effective December 31, 2012. SEC Press Release. See also Paredes Open Meeting Remarks (noting that the revisions that have been made to mitigate the risk that the rule amendments would shrink the pool of eligible Form S-3 issuers).