I wonder what activity they are planning.
No-Action Letter
Administrative review letter by the Securities and Exchange Commission (SEC). In a no-action letter the agency declines to rule on the legality of a proposed activity, and will not undertake civil or criminal action if the activity takes place as proposed. SEC no-action letters generally are viewed favorably by those requesting comment because it means the agency will not oppose the activity unless the relevant facts change. These letter rulings are specific to each case, and are applicable only to the facts outlined.
Looks like the no action letter covers a lot of different things CPA's to financial consultants, brokers etc.
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