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Well's Notice
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Notifications issued by regulators to inform individuals and companies of completed investigations where infractions have been discovered.
A Wells Notice is a letter that the U.S. Securities and Exchange Commission sends to people or firms when it is planning to bring an enforcement action against them. The Wells Notice indicates that the SEC staff has determined it may bring a civil action against the target.A Well's notice gives recipients the opportunity to explain any improprieties and convince regulators that Forward movement on such actions is unnecessary.
Regulators are not legally required to provide a Wells Notice; however, it is the practice of the SEC and the NASD to provide such notice.
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Privatebanking.com
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