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- Title
SEC NO-ACTION LETTERS: INFORMAL ADVICE AS A DISCRETIONARY ADMINISTRATIVE CLEARANCE.
- Authors
LOCKHART, WILLIAM J.
- Abstract
The article focuses on the so-called action letters administered by the Division of Corporate Finance of the U.S. Securities and Exchange Commission (SEC) and examines the discretionary power exercised by the SEC staff to grant or deny such form of informal advice. It explains that these letters advise a stockholder about compliance to the registration obligations of the 1933 Securities Act. It analyzes the application of Rule 144 with respect to the no-action process. It suggests the adoption of a new policy respecting public disclosure of the operating interpretations, standards and policies of the SEC. Also noted is the issue raised by control of discretion beyond the no-action process.
- Subjects
UNITED States; LETTERS; UNITED States. Securities &; Exchange Commission. Division of Corporation Finance; STOCKHOLDERS; SECURITIES; JUDICIAL discretion
- Publication
Law & Contemporary Problems, 1972, Vol 37, Issue 1, p95
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1191124