If the word "or" was included at the end of clause number 1, these new guidelines would make more sense to me.  Both clause 1 and 3 list credentials which require a graduate degree (MSN or higher) and/or significant additional experience, much like a graduate degree.  Without the word "or" before it, clause 2 doesn't make much sense because clause 2 is required for any nurse to meet the requirements of clause 1 or clause 3.

In the current nurse shortage and nurse-faculty shortage environment, we need to have more flexibility, not less, to hire BSN-prepared clinical faculty who have at least 2-years of experience in a particular clinical area to help us teach and graduate well-prepared bedside nurses.  Clause number 2 allows for that, but only if the word "or" appears at the end of clause 1.