Section 26-B125. NO ACTION AND OPINION LETTERS

 

125.1Upon written request for a statement of the Department's position on the applicability of enforcement actions contemplated under the Act, the Director, in his or her discretion, may honor the requests by issuing a no action letter or interpretative opinion.

 

125.2An "opinion" or "no action" letter represents the recommendation the Director would make to the Commissioner on the basis of the facts presented; it is not a formal administrative act of the Commissioner. The Director's opinion is predicated upon the assumption that the facts presented are a true and complete statement of all the circumstances surrounding the transaction in question and is of no effect unless the facts are as stated.

 

125.3The Director shall maintain a record of all requests for no action letters or interpretive opinions, as well as any such actions taken pursuant to this section.

 

125.4The letters or opinions shall also be kept in the Department's public files.

 

125.5For requesting an "Opinion" or "No Action" letter from the Securities Bureau, the fee shall be two hundred and fifty dollars ($ 250).

 

125.6The fees required in Section 125.5 shall be made payable to the "D.C. Treasurer" and shall be sent with the opinion or no action letter to the Department of Insurance, Securities and Banking, 810 First Street, N.E., Suite 601, Washington, D.C. 20002.

 

source

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001).