A No-Action Letter is a written response from a regulator (commonly the SEC staff) indicating that the staff would not recommend enforcement action if a party proceeds with a proposed activity as described, although it is not a binding legal determination. In securities compliance, a No-Action Letter can provide useful guidance for novel fundraising, token, broker-dealer, or adviser questions, and No-Action Letter positions are often cited in structuring decisions.
Ryan RobertsStartup Lawyer
Ryan Roberts is a startup lawyer with more than two decades of experience advising on venture financings and M&A transactions totaling more than $1 billion. He is the author of the Amazon bestselling startup law book Acceleration.
