Research guides

Securities Law

No-Action Letters

No-Action, Interpretive, and Exemptive Letters

Individuals or corporations often write to the SEC to describe a proposed action and to request information on the relevant SEC policies regarding this proposed action. No-Action and interpretive letters are written by the SEC in response to these requests.

An exemptive letter is the SEC's response to an individual or corporation's request for an exemption from a regulatory requirement.

To locate these SEC letters use the resources below.

For Pennsylvania No-Action Letters see the State Cases and Administrative Decisions page of this guide.

Jenkins' Print Collection

Federal Securities Law Reporter CCH

  • Location: KF1436.5 C735 (General Collection)
  • Note: Use the Case Table in vol. 7.
  • Note: Not every letter is published here, only those that the SEC considers significant.
  • Note: For older No-Action and Interpretive Letters back to 1971, see the Transfer Binders.

Lexis

SEC No-Action, Exemptive & Interpretive Letters

  • Location: Librarians at Jenkins can search for a fee. Please contact Research Services at 215.574.1505 or research@jenkinslaw.org for more information.
  • Source Trail: From the Legal tab, select Area of Law - By Topic > Securities > Find SEC & Other Administrative Materials > Search SEC No-Action, Exemptive & Interpretive Letters
  • Note: 1971 - present´╗┐

Westlaw

SEC No-Action Letters

  • Location: Library Westlaw computers
  • Source Trail: From the All Content tab, select Administrative Decisions & Guidance > All Federal Administrative Decisions & Guidance > Securities & Exchange Commission > No-Action Letters
  • Note: 1970 - present

Tip: Other SEC letters, interpretations, and comments are also available in in the Securities & Exchange Commission file.

Internet Resources

U.S. Securities and Exchange Commission - Staff Interpretations

  • Note: For No-Action, Interpretive, and Exemptive Letters. Each letter is found under the Division/Office that issued it.
  • Note: Coverage varies by Division/Office.