No-Action Letters

No-Action Letters in the United States

Finding No-Action Letters (Securities Law)

Note: Be sure to check the currency, coverage, and status (official or unofficial) of all sources.

Not all sources listed on this entry contain all No-Action letters issued by the SEC, but the list on this page provides suggestions for where to look for No-Action letters.

  • SEC Staff No Action, Interpretive and Exemptive Letters website – On this site, the No-Action letters are divided according to division: Division of Corporation Finance, Division of Investment Management, Division of Market Regulation, Office of the Chief Accountant (see below).
  • CCH’s Federal Securities Law Reporter looseleaf and the electronic version of the Federal Securities Law Reporter. After clicking on the link above, click on “CCH Business & Finance Research Network,” then on “Enter” and then click on the “Securities” tab.
  • In Lexis: SEC No-Action, Exemptive & Interpretative Letters (FEDSEC; NOACT)
  • In Westlaw: SEC No-Action Letters (FSEC-NAL)

Division of Corporation Finance: No-Action, Interpretive and Exemptive Letters

This SEC webpage contains Division of Corporation Finance no-action, interpretive and exemptive letters dated after January 15, 2002. The user may submit a request for copies of Division of Corporation Finance no-action, interpretive and exemptive letters issued before that date. Selected letters issued before January 15, 2002 may appear in other locations on this website.

The No-Action Letters are indexed in the following categories:

  • Subject Categories
  • Subject Category List of No-Action Letters
  • Alphabetical List of No-Action Letters
  • Chronological List of No-Action Letters

Division of Investment Management: Staff No-Action and Interpretive Letters

This page contains Division of Investment Management no-action letters dated on or after January 1, 2001. Division of Investment Management no-action letters issued before that date may be obtained for a copy and processing fee.

The No-Action Letters are indexed in the following categories:

  • Subject Categories
  • Subject Category List of No-Action Letters
  • Alphabetical List of No-Action Letters
  • Chronological List of No-Action Letters

Division of Trading and Markets

Exemptive Orders and Exemptive, Interpretive, and No-Action Letters

This page contains Division of Trading and Markets no-action letters dated on or after January 1, 2002. Division of Trading and Markets no-action letters issued before that date may be obtained by submitting a request for a paper copy. Selected letters issued before January 1, 2002 may appear in other places on this website.

Procedures applicable to requests for no-action and interpretive letters are available in Securities Act Release No. 6269.

The No-Action Letters are indexed in the following categories:

  • Subject Categories for No-Action Letters
  • Subject Category List of No-Action Letters
  • Selected Class Letters
  • Alphabetical List of No-Action Letters
  • Chronological List of No-Action Letters
  • Chronological List of Interpretive Letters
  • Chronological List of Exemptive Orders

Office of the Chief Accountant

It publishes “Staff Letters to Industry”.

No-Action Letters: Open and Free Legal Research of US Law

Federal Primary Materials

The U.S. federal government system consists of executive, legislative, and judicial branches, each of which creates information that can be the subject of legal research about No-Action Letters. This part provides references, in relation to No-Action Letters, to the legislative process, the federal judiciary, and the primary sources of federal law (cases, statutes, and regulations).

Federal primary materials about No-Action Letters by content types:

Laws and Regulations

US Constitution
Federal Statutory Codes and Legislation

Federal Case Law and Court Materials

U.S. Courts of Appeals
United States courts of appeals, inclouding bankruptcy courts and bankcruptcy appellate panels:

Federal Administrative Materials and Resources

Presidential Materials

Materials that emanate from the President’s lawmaking function include executive orders for officers in departments and agencies and proclamations for announcing ceremonial or commemorative policies. Presidential materials available include:

Executive Materials

Federal Legislative History Materials

Legislative history traces the legislative process of a particular bill (about No-Action Letters and other subjects) for the main purpose of determining the legislators’ intent behind the enactment of a law to explain or clarify ambiguities in the language or the perceived meaning of that law (about No-Action Letters or other topics), or locating the current status of a bill and monitoring its progress.

State Administrative Materials and Resources

State regulations are rules and procedures promulgated by state agencies (which may apply to No-Action Letters and other topics); they are a binding source of law. In addition to promulgating regulations, state administrative boards and agencies often have judicial or quasi-judicial authority and may issue administrative decisions affecting No-Action Letters. Finding these decisions can be challenging. In many cases, researchers about No-Action Letters should check state agency web sites for their regulations, decisions, forms, and other information of interest.

State rules and regulations are found in codes of regulations and administrative codes (official compilation of all rules and regulations, organized by subject matter). Search here:

State opinions of the Attorney General (official written advisory opinions on issues of state law related to No-Action Letters when formerly requested by a designated government officer):

Tools and Forms

Law in Other Regions

*This resource guide is updated frequently. However, if you notice something is wrong or not working, or any resources that should be added, please notify us in any of the "Leave a Comment" area.

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