No-Action Letters

You represent that each filing concerning the Securities that is made in reliance on the requested relief would be made in compliance with the conditions ...

The real estate finance business, however, has evolved substantially since the enactment of the Act, with the creation and use of new debt financing techniques ...

We are unable to conclude that you have demonstrated objectively that the proposal is materially false or misleading, including by impugning the integrity of the ...

Until the questions identified above can be addressed satisfactorily, we do not believe that it is appropriate for fund sponsors to initiate registration of funds ...

To address the negative impacts on FCM net capital, you have requested a no-action position to allow an FCM to exclude a deferred tax liability ...

As the Commission stated in adopting Rule 17f-6 under the 1940 Act, maintaining assets in an FCM’s custody is not without risk. As a result, ...

As the Commission stated in adopting Rule 17f-6 under the 1940 Act, maintaining assets in an FCM’s custody is not without risk.[14] As a result, ...