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LSDefine

Simple English definitions for legal terms

Wells Notice

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A quick definition of Wells Notice:

A Wells Notice is a letter sent by a securities regulator to someone they plan to charge with breaking the rules. The letter tells the person what they are being accused of and gives them a chance to explain their side of the story in writing. The regulator doesn't have to send a Wells Notice, but it's a common practice. The notice came about because of a committee that reviewed how the SEC enforces its rules.

A more thorough explanation:

A Wells Notice is a letter sent by a securities regulator to someone they are investigating. The letter tells the person what charges the regulator plans to bring against them. The person then has the chance to write a statement to the decision maker.

The SEC and NASD usually send Wells Notices, but they don't have to. The people investigating the case can't start legal proceedings without approval from someone else. The person being investigated doesn't get to give their opinion on this decision.

In 1972, the SEC Chairman appointed a committee to review the Commission's enforcement policies and practices. The committee recommended that people being investigated should have the chance to address the decision maker before legal proceedings start. This is why Wells Notices exist.

John is being investigated by the SEC for insider trading. He receives a Wells Notice that tells him the SEC plans to charge him with breaking the law. John writes a statement explaining why he thinks he didn't break the law. The decision maker reads John's statement before deciding whether to start legal proceedings.

well-known seasoned issuer (WKSI) | Wells Submission

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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