no-action letter.A letter from the staff of a governmental agency stating that if the facts are as represented in a person’s request for an agency ruling, the staff will advise the agency not to take action against the person. • Typically, a no-action letter is requested from the SEC on such matters as shareholder proposals, resales of stock, and marketing techniques. [Cases: Securities Regulation 81. C.J.S. Securities Regulation §§ 242–244.]

[Blacks Law 8th]