Jul 23, 2026 · 24 min · 11 segments
With the SEC currently soliciting public feedback on its Draft Strategic Plan (FY 2026–2030), the window to reform regulatory overreach is wide open. In Episode 102 of SEC Roundup, we welcome…
Kimball CannonGuestNick MorganHost
Tom ZaccaroHost
It came about in 1972 when the then chair of the commission put together a committee to evaluate the SEC's entire enforcement program.
the former name partner of Rogers and Wells, which doesn't exist any longer, but for those of us who are a little bit older, we remember Rogers and Wells as a well-established firm in New York.
In any event, the committee recommended that before any enforcement recommendation is submitted to the commission, the defendant or the target should be permitted to put in a brief or a white paper arguing why the commission should not proceed with the enforcement action.
Because John Wells was the chair of the committee, it became known as a Wells Notice.
And it has been around, and that right has been exercised, as I said, for over 50 years.
When Nick and I were at the commission back in the 2000s, Basically, defendants were just told, we're going to charge you, and you get an opportunity to submit either a written or a video Wells notice.
I think, Nick, the entire time we were there, we got one video Wells notice, Wells response, which was about 30 seconds long.
And, you know, probably in the late 2000s, early 2010s, the SEC promulgated their enforcement manual.
And they said, you know, let's start giving defense counsel some of the evidence we've collected, including transcripts, which otherwise would not be available to the defense.
It wasn't always observed by all offices, and it wasn't always all the testimony.
So you were still subject to some extent to the whims of the staff attorneys on the investigation.
And then with the current commission, Atkins... formalized that even further and said, like, you've got to give the transcripts and other evidence to the opposing counsel.
And it had always been the case that the staff would give you an unreasonable period of time to do a well submission.
It would be, you know, they would conduct an investigation for five years and then give you two weeks to do a well submission.
It came about in 1972 when the then chair of the commission put together a committee to evaluate the SEC's entire enforcement program.
the former name partner of Rogers and Wells, which doesn't exist any longer, but for those of us who are a little bit older, we remember Rogers and Wells as a well-established firm in New York.
In any event, the committee recommended that before any enforcement recommendation is submitted to the commission, the defendant or the target should be permitted to put in a brief or a white paper arguing why the commission should not proceed with the enforcement action.
Because John Wells was the chair of the committee, it became known as a Wells Notice.
And it has been around, and that right has been exercised, as I said, for over 50 years.
When Nick and I were at the commission back in the 2000s, Basically, defendants were just told, we're going to charge you, and you get an opportunity to submit either a written or a video Wells notice.
I think, Nick, the entire time we were there, we got one video Wells notice, Wells response, which was about 30 seconds long.
And, you know, probably in the late 2000s, early 2010s, the SEC promulgated their enforcement manual.
And they said, you know, let's start giving defense counsel some of the evidence we've collected, including transcripts, which otherwise would not be available to the defense.
It wasn't always observed by all offices, and it wasn't always all the testimony.
So you were still subject to some extent to the whims of the staff attorneys on the investigation.
And then with the current commission, Atkins... formalized that even further and said, like, you've got to give the transcripts and other evidence to the opposing counsel.
And it had always been the case that the staff would give you an unreasonable period of time to do a well submission.
It would be, you know, they would conduct an investigation for five years and then give you two weeks to do a well submission.
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