Difference between revisions of "No-action letter"
Jump to navigation
Jump to search
(a start) |
(No difference)
|
Revision as of 02:14, March 13, 2008
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.