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Federal Securities Law

About No Action, Interpretative, and Exemptive Letters

"No action letters are SEC staff responses to private requests for indication of whether certain contemplated conduct is in compliance with the appropriate statutory provisions and rules." Thomas Lee Hazen, The Law of Securities Regulation § 1.4[4] (8th ed. 2021).

No action, interpretative, and exemptive letters are available for free on SEC.gov as well as on subscription databases like Lexis and Westlaw. A selection of these resources is listed below.

Finding No Action, Interpretative, and Exemptive Letters

SEC.gov - Staff Interpretations U.S. Security and Exchange Commission
Includes No Action, Interpretative, and Exemptive Letters. Letters are found under the Division/Office that issued it. Coverage varies.

SEC No Action, Exemptive & Interpretative Letters
Available on the library's Lexis computers. From the Practice Area tab, select Securities Law > SEC No Action, Exemptive & Interpretative Letters (found under the "Administrative Materials" heading). Coverage begins with 1971.

SEC No Action Letters
Available on the library's Westlaw computers. From the Practice areas tab, select Securities Litigation & Enforcement > Administrative Decisions & Guidance > Securities & Exchange Commission (SEC) > No Action Letters. Coverage begins with 1970.

SEC No-Action, Exemptive and Interpretive Letters
Available on the library's Bloomberg Law computer. From All Legal Content Search, select U.S. Regulatory & Administrative > U.S. Government Departments & Agencies > Securities & Exchange Commission (SEC) > SEC Guidance and Interpretation > SEC No-Action, Exemptive and Interpretive Letters. Includes SEC Final Rule Releases, SEC Concept Releases, and more. Coverage begins with Dec. 1963.

SEC No Action Letters
Available on the library's VitalLaw computer. From Practice Areas, select Securities - Federal & International > SEC & CFTC Materials > See All > SEC No Action Letters. Coverage begins with 1971.

Federal Securities Law Reporter CCH
Library has Transfer Binders 1945-2019. More recent years available on the library's VitalLaw computer. Includes only those no action letters that the SEC considers significant.