A system adopted by the US SEC which allows a company having certain features to file a master registration statement with it in respect of an issue which the company hopes to offer within the next two years. Following the master registration, the company may sell the security any time within the period, provided it files short statements. The features for qualification include:
(i) an investment grade rating;
(ii) no default on its debt in the past one year;
(iii) a given size of market capitalization; and
(iv) non-violation of the Securities Act within the past one year.