(a)

1. (1) In most circumstances, persons requesting informal advice from the staff should submit a request for an interpretive opinion or no-action letter.
2. (2) In an interpretive opinion, the staff provides its views on the interpretation of a specific statute or rule in the context of an actual and narrow fact situation.
3. (3) A no-action letter is one in which the staff indicates that it will not recommend enforcement action to the Securities Commissioner if a proposed course of action described in the request occurs just as described in the request.
4. (4) In some instances, the staff may indicate that it is unable to assure the requesting party that it will not recommend enforcement action and may allow the requesting party to withdraw the request.
5. (5) A no-action letter expresses the staff’s position on enforcement action only and does not represent any legal conclusion on the question presented.

(b) Requests for no-action letters or interpretive opinions should comply with the following:

1. (1)

   1. (A) Each request for no-action letter or interpretive opinion shall be in writing.
   2. (B) The requesting party must submit an original and one (1) copy of each request;
2. (2) The specific section or subsection of the particular statute, rule, or order to which the request pertains must be indicated in the request;

3. (3)

   1. (A) The request must contain names of each person and entity involved in the underlying facts.
   2. (B) Requests relating to unnamed persons or entities, or to hypothetical situations, will not be answered;

4. (4)

   1. (A) The request must be limited to the particular situation involving the problem at hand and must not attempt to include every possible type of situation that may arise in the future.
   2. (B) The facts and representations must be specific, not general;
5. (5) While it is essential that the request contain all of the facts necessary to reach a conclusion in the matter, the request should be concise and to the point;

6. (6)

   1. (A) The requesting party must indicate why the requesting party thinks a problem exists, his or her own opinion in the matter, and the basis for the opinion.
   2. (B) If the requesting party seeks confidential treatment, a separate letter requesting confidential treatment and stating the basis for confidential treatment must be submitted with the interpretive request.
   3. (C)

(i) Confidential treatment will generally not be available unless necessary to protect bona fide trade secrets or unless clearly authorized by some other provision of law.

1. (ii) In responding to a properly submitted request for interpretive opinion or no-action letter, the staff will use an endorsement to the incoming request.

   1. (iii) The staff will state its position on a separate page attached to the incoming request.

      1. (iv) Both the incoming letter and the staff’s endorsement response will be:

(b) (b) Made publicly available; and

1. (c) (c) Posted to the State Security Department’s website; and
2. (7) In responding to a properly submitted request for interpretive opinion or no-action letter, if the requesting party seeks confidential treatment, a separate letter requesting confidential treatment and stating the basis for confidential treatment must be submitted with the request for informal advice.