What is a SEC No Action Letter?

What is a SEC No Action Letter?

An individual or entity who is not certain whether a particular product, service, or action would constitute a violation of the federal securities law may request a “no-action” letter from the SEC staff.

What is no action relief?

No-action relief is a mechanism that allows registrants to obtain certain assurances when their conduct may touch upon a gray area of regulation, or even may be technically proscribed, but does not raise the policy concerns underlying a particular rule.

How long does it take to get a no-action letter?

FinCEN notes in its report, however, that no-action letters for other agencies like the SEC and the CFTC typically take between several months to over a year to issue.

What is no-action?

A no-action letter is a letter written by the staff members of a government agency, requested by an entity subject to regulation by that agency, indicating that the staff will not recommend that the agency take legal action against the entity, should the entity engage in a course of action proposed by the entity …

What is a no-action position?

This ‘no-action’ position means that ASIC will not take action against an entity with a financial year end of between 7 January 2021 and 7 April 2021 who fails to comply with s250N(2) of the Corporations Act 2001 provided the entity holds the AGM within seven months after their financial year end.

What does ASIC’s no action position mean for individual fund members?

Can ASIC documents be signed electronically?

2.1. You may lodge a Document with us electronically by using our Lodgement Services and using a required electronic signature to submit a Document.

What is a no action position?

Which Organisation was investigating whether the Unauthorised trading at the National Australia Bank contravened the Corporations Act?

APRA closes investigation into Westpac anti-money laundering breaches. The Australian Prudential Regulation Authority (APRA) has closed its investigation into possible breaches of the Banking Act 1959, including the Banking Executive Accountability Regime (BEAR), by Westpac Banking Corporation (Westpac).

Do ASIC forms need to be originals?

The minimum requirements for registered agents to store documents lodged electronically can be found in ASIC’s Electronic Lodgement Protocol (ELP). Generally, forms and documents must be kept for a period of seven years and in some instances must include original signed paper copies.

Can financial statements be signed electronically?

Companies can get their Financial Statement signed even with the Digital Signature of the Directors, CEO, CFO, CS and the Statutory Auditors.

How long do ASIC investigations take?

Our goal is to finalise our initial assessment within 28 days. We can only take action if the matter is within one of our areas of responsibility.

Can ASIC forms be signed electronically?

Do financial statements need to be signed?

Your financial statements must be signed by 2 directors, or 1 if the company only has 1 director. The directors must sign and date the financial statements before or on the same day the audit report is signed and dated. The directors who sign the financial statements must be current directors at the date of signing.

Who is responsible for signing financial statements?

The financial statements should also be signed by Managing Director, CEO, CFO, and the Company Secretary wherever such functionaries are mandated, whether or not they are present at the Board meeting at which the accounts are adopted.

Can ASIC prosecute in a criminal court?

If we consider that we have gathered sufficient evidence to prove that a criminal offence has been committed, we will usually refer the matter to the Commonwealth Director of Public Prosecutions (CDPP) for assessment. However, we are authorised to prosecute some minor regulatory offences on our own behalf.

What is a Form 902?

Form 902. Description. Notification of supplementary information. Purpose. This document is submitted as supplementary information to an already lodged document that has not been accepted by us.

What is ASIC edge?

Our EDGE system is for large volume lodgers, such as accountants or legal firms. It offers flexible lodgement, helps schedule workflows, and provides direct access to ASIC’s register information. EDGE also supports our most commonly lodged forms.