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The Secuiities and Exchange Commission has long encouraged its.staff to provide to the public written advice about the need to comply, or means of complying, with the registration obligations of the 1933 Securities Act. Typically, that advice is provided in the form of so-called "no-action letters," in which the staff advises a stockholder, upon inquiry, whether it would recommend Commission enforcement action if he should sell his stock, without prior registratioi, under the circumstances and in the manner proposed by the stockholder. The term is used loosely here to refer to all staff responses determining "no-action" requests-denial as well as approval of no-action positions. Though neither statute nor regulation imposes an 6bligition to render no-action advice,2 the no-action process has become a major staff function, particularly in the Division of Corporation Finance, which processes most of the no-action letters issued by the SEC staff. The no-action process is performed primarily by informal written exchanges between staff and applicant, results in determinations based upon staff-developed interpretations and policies as well as upon discretionary consideration of the applicant's circumstances, and significantly affects the financial condition of applicants with little or no opportunity for agency or judicial review. For these, reasons, in searching for wisdom about informal and discretionary functions of federal agencies, the Informal Action Committee of the AdminiStrative Conference of the United States made an extensive investigation of the no-action process as administered in the Division of Corporation Finance of the SEC. This article examining those discretionary processes is drawn largely from the author's report as a consultant to the Informal Action Committee 3

SEC No-Action Letters: Informal Advice as a Discretionary Administrative Clearance