A no-action letter is a letter written by the staff members of a government agency, requested by an entity subject to

regulation Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. Fo ...

by that agency, indicating that the staff will not recommend that the agency take

legal action In legal terminology, a complaint is any formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties (the plaintiff(s)) believes are sufficient to support a claim against the party ...

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
/ref> * US

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mo ...

(CFPB)CFPB Announces First No-Action Letter to Upstart Network
/ref> * Australian Securities and Investments Commission (ASIC)RG 108 No-action letters
/ref>

References

Corporate law Financial law Business law Economic law {{Law-stub