List the facts a no-action request would have to state

Key facts

Human involvement

Red · Lawyer-led

How AI is used

List, from the file, the product, service, or action the request would describe, and the facts and representations the file already records. Do not write the request, and do not say that the staff have granted relief.

What the lawyer must review

You write any request that is sent. The Commission's no-action page describes these letters as correspondence from Commission staff in response to requests for no-action, interpretive, or exemptive letters. The Investor.gov glossary says a person who is not certain whether a product, service, or action would violate the federal securities laws may request a no-action letter. Most letters describe the request, analyse the facts, discuss the applicable laws, and, if the staff grant the request, conclude that the staff would not recommend that the Commission take enforcement action against the requester based on the facts and representations in the request. The staff sometimes respond with an interpretive letter. Relief is based on the specific facts. In some cases the staff may permit a third party to rely on it where that party's facts are substantially similar. The staff reserve the right to change positions taken in earlier letters. The opened pages do not say that a staff letter is an action of the Commission.

Written for / version

United States versionUSCth