Wells Notice


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Wells Notice

Written documentation of a coming enforcement action from the Securities and Exchange Commission to the respondent. While a Wells notice is not legally required, it has been standard practice since the 1970s.
References in periodicals archive ?
The Division has discretion to inform parties that may be named in a proposed enforcement action of the nature and substance of the allegations against them before such action is filed (i.e., the Wells Notice).
No individual currently employed by the company has received a Wells notice. The Wells notice issued to the company states that the proposed action against the company would allege violations of certain provisions of the U.S.
The Newport Beach, California-based firm said last August that it had received a Wells Notice from the SEC indicating the regulator's staff was recommending civil action against the firm related to an investigation into the ETF.
At the conclusion of its investigation, the staff often sends a Wells notice to the respondents notifying them that the SEC has concluded that they should be charged with violation of the securities laws.
The investigation focuses on events described in the Securities & Exchange Commission's (SEC) Wells Notice sent to First Bancorp in November 2014.
JPMorgan revealed last month that it had received a Wells notice from the CFTC, and that the regulator planned to recommend enforcement action on the bank.
According to the report, Netflix disclosed in a SEC filing on Thursday that the company and Hastings had received a Wells notice from SEC staff, warning of the agency's intentions to file civil charges for violating Regulation Fair Disclosure.
(Cuomo settled an investigation into the rating agencies' conduct leading up to the sub-prime mortgage meltdown in 2008.) Moody's just disclosed that it received a Wells notice indicating a forthcoming SEC action.
Paulson, in a conference call on Monday and followed up with a letter to investors late on Tuesday, says neither he nor anyone else at the firm had received a so-called Wells notice indicating that charges might be filed against the fund, several investors who listened to the call said.
<li>State Street receives Wells Notice, may be sued by SEC over securities-law violations (<a href="http://www.ibtimes.com/articles/20090629/state-street-may-face-sec-charges-over-mortgages.htm">Reuters</a>)</li>
Greenberg was sent what is known as a "Wells Notice," which offers the respondent an opportunity to provide a written statement addressing the charges before a decision is made on Whether to proceed.
The SEC has notified Dow Jones board director David Li, chairman and chief executive of Bank of East Asia Ltd., through a Wells notice that it plans to recommend filing civil charges against him, the report said.