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A '''no-action letter''' is a statement issued by the [[Securities and Exchange Commission]] advising a [[corporation]] as to its rights and the legality of its possible actions. The letter is not a binding administrative position, and may be repudiated by the agency, and is subject to [[judicial review]], but it is often said to be a "95% guarantee" of the legality of corporate action.
[[category:Corporations]]
[[category:Corporations]]