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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
(TSX: WJA) ('WestJet') today announced that the Canadian Competition Bureau has granted unconditional approval for WestJet's proposed transaction with Onex Corporation ('Onex') (TSX: ONEX) (the 'Arrangement') by issuing a no-action letter.
Upon admittance to the Sandbox, innovators will receive a limited no-action letter setting out the duration of the beta test and establishing the limitations of the safe harbor in which the innovation may be used, implemented or sold.
For the same reasons, attention must be paid in advance to the text of any "no-action letter" as confidentiality does not extend to "information relating to the insurance innovation necessary to clearly establish the safe harbor of the extended letter." This is of critical importance because the results of any Beta Test and any no-action letter must be published on the DOI's website.
The Division of Investment Management of the Securities and Exchange Commission (SEC) issued a no-action letter on March 25, clarifying that an employer-sponsored retirement plan that meets requirements for favorable tax treatment under the Puerto Rico (P.R.) tax code may participate in certain pooled investment vehicles without requiring the vehicle or interests in it to be registered under U.S.
If they are currently involved in assisting sellers in obtaining discharges from mortgage lenders or creditors in short sales and are not licensed under RSA 397-A or 399-D, it is recommended that they consult with counsel and consider whether under the facts and circumstances it is advisable to ask for a no-action letter from the banking department.
(NYSE : FNF ) has announced the Canadian Competition Bureau has sent a no-action letter indicating the bureau does not intend to oppose completion of the previously announced acquisition of Stewart Information Services Corporation by FNF, the company said.
(NYSE: PF) have received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge Conagra Brands' acquisition of Pinnacle Foods, the companies said.
BUREAU, supra note 147 (stating the various exceptions of the no-action letter that leave fulfilment of the CFPB's "present intentions" up to the agency's discretion).
The CFTC could also issue what's known as a no-action letter. The regulatory get-out-of-jail free cards allow firms to violate rules without the risk of being punished.
Last year, the Division of Investment Management, in consultation with my office and the Division of Corporation Finance, issued a temporary no-action letter with respect to the Loan Provision regarding certain lending and ownership relationships.
Her practice will focus on all areas of transactional law, including no-action letter condominium conversions, inclusionary housing, acquisitions, sales, financing and leasing.