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SEC No-Action Relief Rate Held Steady
While the number of requests for no-action relief submitted to the SEC saw a notable increase in 2025, the agency approved them at a rate very consistent with last year.
In the first half of 2025, companies submitted 363 no-action requests, a 36% jump from the 267 requests in 2024, according to a June 26 report from global law firm Freshfields. Of those, 194 proposals had received no-action relief (up from 145 in 2024), 88 did not receive no-action relief (up from 66 in 2024), 74 proposals were withdrawn (up from 56 in 2024) and seven requests were still pending at the time of the report. Freshfields attributed the increase in successful requests in part to SEC guidance (Staff Legal Bulletin No. 14M) from February expanding the circumstances under which the SEC will grant no-action relief pursuant to Rule 14a-8.
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