Traditionally the SEC has released correspondence related to its review of registration statements.  Now the staff will also release “no review” letters for filed registration statements that are not reviewed. It doesn’t add much, because after the passage of time it wasn’t hard to tell when a registration statement was declared effective without any review correspondence entering the public domain.  If you’ve read one “no review” letter you pretty much have read them all. But any increase in transparency by the SEC is welcome.

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