SEC Investigations and Enforcement: Wells Process

Summary

This practice note discusses the Wells Process, which occurs after the staff of the Division of Enforcement (Division) of the U.S. Securities and Exchange Commission (SEC or Commission) concludes an investigation but prior to recommending an enforcement action against an individual or entity. The practice note explains the typical Wells Notice issued to the subject of an investigation and the important aspects of, and strategy related to, that individual or entity making a Wells Submission to the Commission.