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Best practices from SEC enforcement official on Wells meeting communication

Jaclyn Jaeger | May 11, 2018

In a keynote address May 9 at the New York City Bar Association’s 7th Annual White Collar Crime Institute, SEC Co-Director of the Division of Enforcement Steven Peikin discussed in broad detail what best-practice techniques make for productive and effective communication with SEC staff during Wells meetings. Prudent defense counsel will want to heed the advice.

During an SEC investigation, the purpose of the Wells process is to ensure that the Commission not only is informed of the findings made by its staff but also, where practicable and appropriate, it has before it the position of persons under investigation.

“A Wells notice is an invitation for defense counsel to respond to the Enforcement staff’s preliminary conclusions and try to persuade us we are mistaken,” Peikin said. “We are focused on getting it right, not bringing cases...

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