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No-Action Letter

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No-action letter
A letter from the Securities and Exchange Commission agreeing that the commission will take no civil or criminal action against a party, regarding a specific activity.

No-Action Letter
A letter from the SEC stating that it will seek no civil or criminal penalties for a given activity. The SEC sends no-action letters in response to inquiries from organizations regulated by it. For example, if a company wishes to take a certain action but is uncertain as to its legality, it requests clarification from the SEC. Receiving a no-action letter equates to permission to take the action in question.

no-action letter
A response from the SEC staff to an individual inquiry, stating that the staff will recommend to the Commission that no action be taken on a specific transaction if the transaction is carried out in the fashion indicated.


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New products and features include: Legal Due Diligence Report, a workflow management tool related to periodic preparation, commercial transaction due diligence, litigation and competitive intelligence; Precedent Authority Database, a resource for researching the documents, contracts and agreements commonly associated with M&A transactions; and, No-Action Letters Database, a collection of no-action letters dating back to 1971.
Smithfield said the competition committee issued a no-action letter to Maple Leaf, clearing the deal in Canada.
Published by the Practicing Law Institute (New York), the volume carries case studies and reviews of SEC no-action letters and enforcement activity, as well as information on such topics as anti-money laundering, compensation, client privacy, reporting and record-keeping requirements.
 
 
 
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