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No-action letter

(USA) A procedure where private parties can write to the SEC staff and request an interpretation of how particular aspects of the securities laws apply to their factual situation. The SEC's response takes the form of a letter indicating that the SEC staff will or will not recommend that the SEC take any enforcement action if the parties proceed as described. This process is not typically formalised in other markets, but it is common for regulatory authorities to be asked for 'clarification'.

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