no-action relief;creating a paradigm for case-by-case analysis permitting foreign companies to qualify as EFCs

[Alex16]

Initially, few foreign custodians qualified under Rule 17f-5 because its strict requirements made it difficult for many companies, especially those in Russia, to fit into the regulatory scheme. To qualify as an eligible foreign custodian (“EFC”), a company had to: a) have at least $200 million in shareholder equity; b) be a subsidiary of a U.S. bank; c) be a securities depository or clearing agency operating the central system for handling securities in that country or d) be a securities depository or clearing agency operating a transnational system for the central handling of securities.
In light of the difficulties encountered in complying with this rule, the SEC, in 1995 and 1997, respectively, granted no-action relief to Templeton Russia Fund, Inc. (the “Templeton No-Action Letter”) and the Russia Growth Fund, Inc. (the “RGF No-Action Letter” and, together with the Templeton No-Action Letter, the “Rule 17f-5 No-Action Letters”) creating a paradigm for case-by-case analysis permitting foreign companies to qualify as EFCs even when they do not meet the precise requirements of the rule.

Как лучше назвать "no action relief"? освобождение с отказом от действий?

и что это за парадигма? м.б., просто основа для проведения анализа в зависимости от конкретного случая?

[V]

«Предварительное письмо юридического советника об условном освобождении от ответственности»

Это официальное, на бланке письмо за подписью начальника правового департамента SEC'а о том, что если эмитент (в проспекте и т.п.) все честно изложил, но к нему тем не менее возникнут вопросы (к эмитенту от СЕКа и т.п.), то он будет рекомендовать СЕКу не возбуждать преследования

своего рода "условная охранная грамота"