The SEC’s Wells Process Turns 40

Law360, New York (August 31, 2012, 12:17 PM EDT) -- In September 1972, the U.S. Securities and Exchange Commission formally adopted its “Wells process” as a result of recommendations arising out of a report authored by three distinguished private practitioners. The committee chair, John A. Wells, submitted the report to then-SEC Chairman William Casey containing a multitude of recommendations geared toward enhancing and improving the SEC’s enforcement program.

The so-called “Wells committee” was an unusual and truly remarkable example of a government agency seeking advice from the private sector. The most significant of the recommendations, numbers...
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