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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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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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