My interpretation of the "no action" portion of 3(a)(10) is that an actual stated position of no action from the Division or Commission can be sought if an issuer is unsure of the availability of the exemption for their specific transaction.
Otherwise, the 3(a)(10) exemption is available with no action as long as the bold requirements(previous post) are met. IMO, the difference is whether or not the participants in the transaction(settlement) are in need of the Division to expressly state no action. If they do not need the Division to expressly quell their unsureness of the availability of the exemption for their transaction with a letter, then they just need to meet the requirements in bold.
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