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.
References in periodicals archive ?
The CFTC could also issue what's known as a no-action letter.
Today, our first-ever no-action letter is being issued to Upstart, a company that uses non-traditional or alternative data and modeling techniques in lending decision-making.
As previously reported on 23 September, the Canadian Competition Bureau issued a no-action letter under the Competition Act (Canada) in respect of the arrangement.
Her practice will focus on all areas of transactional law, including no-action letter condominium conversions, inclusionary housing, acquisitions, sales, financing and leasing.
The SEC has ruled on a number of occasions-including the no-action letter issued to Benson White & Co.
Receipt of a no-action letter provides the SEC staff's informal view regarding whether it would recommend enforcement action to the SEC if the company excludes the shareholder proposal.
They created a no-action letter so that centralized corporate treasuries wouldn't be subject to Dodd-Frank clearing and reporting requirements.
Lawyers told Compliance Complete the card mail-outs were likely to breach laws governing unsolicited offers of financial products, but ASIC's no-action letter meant the matter was unlikely to ever go before the courts.
Securities and Exchange Commission (SEC) EDGAR filings that are designed with attorneys in mind, fields for No-Action Letter searches of SEC documents, and navigation improvements that allow quick access to securities laws and regulations.
Securities and Exchange Commission (SEC) EDGAR filings, fields for No-Action Letter searches of SEC documents, and navigation improvements that allow quick access to securities laws and regulations.
See Nagy, supra note 22, at 959 (contrasting the public comment process with "policymaking through the no-action letter process," which "substantially increases the likelihood of agency capture").