Wells Notice

A Wells Notice is a notification issued by regulators to inform individuals and companies of completed investigations where infractions have been discovered. It usually takes the form of a letter, which notifies recipients of both of the broad nature of the violations uncovered, and of the nature of the enforcement proceedings to be initiated against the recipient. The Wells notice is named after the Wells Committee, formed in 1972 by then-SEC Chairman William J. Casey in order to review the SEC’s enforcement practices and policies, and chaired by John Wells.