44-1826. No-action requests

A. The director may formally respond to written requests from interested persons for interpretative no-action letters that confirm that the division will not institute enforcement proceedings against certain specified persons for engaging in certain specified activities.

B. A person shall submit a no-action request in writing and a nonrefundable filing fee pursuant to section 44-1861, subsection M. The request shall contain the following:

1. A brief summary of the statutory and regulatory provisions to which the request pertains.

2. A detailed statement of the relevant facts.

3. A detailed discussion and analysis of the law as it relates to the facts.

4. A statement of the legal authority for granting the request.

5. A statement of the reasons a no-action letter is appropriate.

6. A statement explaining any adverse or beneficial effect on the public interest resulting from the granting of the request.

7. A certification that, within the knowledge of the person on whose behalf the request is made, the transaction described is not directly or indirectly the subject of any pending or final judicial, SRO or administrative proceeding.

8. A certification that the transaction described has not been commenced or, if the transaction has commenced, a statement concerning the status.

9. An acknowledgment by the person on whose behalf the request is made that the request, together with any documents or information submitted and any response from the division, is public information that may be released for publication, except as otherwise provided by law.

C. Unless otherwise specified in writing by the division, a no-action letter is limited to the specific security, case, matter, facts, person or transaction described in the request and has no precedential value in any other context.