A No-Action Letter, as defined by Westlaw:

"A type of letter issued by the SEC staff to an issuer, in response to a request letter from the issuer, stipulating that the staff does not object to a course of action proposed by the issuer. When the SEC staff issues a no-action letter, it usually confirms in the letter that it will not recommend that the SEC take enforcement action relating to the issuer's proposed activities as long as the specific facts and circumstances presented by the issuer do not change."

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