A no-action letter is a letter written by the staff members of a
government agency, requested by an entity subject to
regulation by that agency, indicating that the staff will not recommend that the agency take
legal action against the entity, should the entity engage in a course of action proposed by the entity through its request for a no-action letter.
[
Often, a request is made because the legality of the course of action in question is uncertain, and in some cases a request may be granted when it is understood that the action is not technically legal, but is nonetheless acceptable according to a common sense approach to the situation.
]
Examples
* US Securities and Exchange Commission (SEC)[No Action Letters]
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* US Consumer Financial Protection Bureau (CFPB)[CFPB Announces First No-Action Letter to Upstart Network]
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* Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to pro ...
(ASIC)[RG 108 No-action letters]
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References
Corporate law
Financial law
Business law
Economic law
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