A no-action letter is a statement from agency staff that they will not recommend enforcement against a described activity, given the facts presented. It gives limited comfort and binds only the staff who issue it.
Companies request them before launching a product or structure whose treatment under the rules is unclear. The agency's response applies to the facts in the request and can be withdrawn.
The letters create a public record of how an agency reads its rules in practice, which is useful to anyone assessing regulatory exposure for a new activity.
A no-action letter is not a ruling, not an approval and not a safe harbor. It does not bind the agency's commissioners or other regulators.
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