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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.
The name "Wells notice" is derived from the Wells Committee of the SEC which proposed this process in 1972. This SEC committee was named after John A. Wells, its chair. [5] The other members of the committee were former SEC Chairmen Manuel F. Cohen and Ralph Demmler. [6] Among the recommendations made by the committee was the following:
The no-action letter is a tool to reduce risk and ensure the SEC will not take action in a given situation. Prior to a transaction an individual can apply for a no-action letter with the SEC outlining exactly what the individual plans to do.
SEC sends letter to companies urging updated disclosures amid 'widespread disruption' in crypto markets. David Hollerith. December 8, 2022 at 12:56 PM. ... In an attached sample letter, the agency ...
The U.S. Securities and Exchange Commission unanimously voted Wednesday to bar traders from having unfiltered access to trading markets. The move, meant to prevent mistaken or malicious trades ...
Elon Musk's brain-chip implant startup Neuralink faces a new SEC probe, according to a letter from his lawyer he ... Wednesday to agree within 48 hours to make a payment or face enforcement action.
No-action letters are letters by the SEC staff indicating that the staff will not recommend to the commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear.
Swap Execution Facilities are regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The regulated trading of certain swaps is a result of requirements in the United States by the Dodd–Frank Wall Street Reform and Consumer Protection Act (in particular Title VII ). [ 3 ]