What is a Wells notice?

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What is a Wells notice?

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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.

Sources

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

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

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