Issuers of securities are normally required under the Securities Act of 1933 to file a registration statement with the Securities Exchange Commission before these securities are either offered or sold to the general public. Which of the following is a reason why the SEC adopted the registration statement forms called Form S-2 and Form S-3?

  1. To require more extensive reporting.
  2. To be filed along with Form S-1.
  3. To reduce the burden that issuers have under the securities laws.
  4. To reduce the burden of disclosure that issuers have for intrastate issues of securities.