All No-Action Letters articles

  • FinCEN

    FinCEN launches rulemaking on no-action letter process


    The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.

  • Letters

    FinCEN eyes no-action letters as aid for FinTech rollouts


    The Financial Crimes Enforcement Network will launch rulemaking for a no-action letter process that would give financial institutions another way to enter dialogue with the regulator about innovative and newly emerging technologies.

  • Blog

    Supreme Court Asked to Consider No-Action Letters


    As if the process for excluding shareholder proposals wasn’t confusing enough, now the Supreme Court could weigh in. Trinity Wall Street has petitioned it to review a 2014 appellate court ruling, which found that a proposal requiring that Walmart’s board review the retailer’s policy on gun sales encroached upon “ordinary ...

  • Blog

    Appeals Court Opinion Sheds Light on Excluding Proxy Proposals


    A newly released opinion from a federal appeals court sheds light on why Walmart was allowed to reject a shareholder proposal calling for a board review of its policies regarding the sale of high-capacity firearms. The opinion could provide a blueprint for future courts weighing in on the SEC’s traditional ...

  • Blog

    Trade Groups Tell SEC: Reverse Course on No-Action Policy


    A coalition of 17 business groups is asking the SEC to reinstate its practice of giving guidance about shareholder proposals that conflict with other proposals sponsored by management—and hinted that the agency’s new policy of silence on the subject may violate the law. The complaint is the latest salvo in ...

  • Article

    Companies Face New Twists in Shareholder Proposals


    What the SEC giveth, the courts may taketh away—a point made clear lately by two conflicting messages for companies seeking to keep shareholder proposals off the proxy statement. At the SEC, a victory for Whole Foods suggests the agency might be more business-friendly in granting no-action letters this coming proxy ...

  • Blog

    SEC Sides With Whole Foods in Proxy Access Battle


    Image: The SEC has sided with Whole Foods in a closely watched effort to submit its own proxy access proposal at the annual meeting. The move supersedes a proposal sought by activist shareholder Jim McRitchie, who wanted to give proxy access to any group of shareholders that collectively owns at ...

  • Article

    CFPB Offers No-Action Letters With Strings Attached


    Image: Title: LampeFinancial firms worried about an enforcement action from the Consumer Financial Protection Bureau may soon get a reprieve. The agency has proposed a no-action letter policy that would let financial firms test the regulatory waters before they roll out new financial products. The application process, however, requires much ...