no-action letter
C1CEFR level
85/100Rarity: very rare
TechnicalRegister
A regulatory staff assurance that it will not recommend enforcement against a specifically described course of conduct.
We got a no-action letter blessing the resale structure before anyone touched the shares.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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