D.C. Municipal Regulations (Last Updated: September 13, 2017) |
Title 26. INSURANCE, SECURITIES, AND BANKING |
SubTilte 26-B. SECURITIES |
Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B186. INVESTMENT ADVISER OPINION AND NO ACTION LETTERS
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186.1Upon written request for a statement of the Department's position on the applicability of enforcement actions contemplated under the Act, the Director (or designee), in discretion, may honor such requests by issuing a no action letter or interpretative opinion.
186.2An "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.
186.3Such letters or opinions shall also be kept in the Department's public files.
186.4For obtaining an "opinion" or "No action" letter from the Department, the fee shall be two hundred and fifty dollars ($ 250);