A Wells notice is an official communication from the SEC indicating its preliminary decision to recommend enforcement action against a company or individual. The notice allows the recipient to make a "Wells submission," a written defense explaining why the enforcement should not proceed.

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A Wells notice is an official communication from the SEC indicating its preliminary decision to recommend enforcement action against a company or individual. The notice allows the recipient to make a "Wells submission," a written defense explaining why the enforcement should not proceed.

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Wells notices are preliminary warnings that inform respondents of the charges the regulator is considering bringing against them. They usually lead to enforcement actions.
A Wells notice is a formal notification issued by the SEC to inform a company or individual that the regulator’s staff intends to recommend enforcement action against them. This notice gives the recipient an opportunity to provide a written explanation or argument (a “Wells submission”) as to why such action should not be taken.

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SEC issues Wells Notice to Uniswap Labs, signaling a likely forthcoming enforcement action

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What is a Wells notice?

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