Why The Wells Process Is No Longer A One-Sided Exercise

By Ashwin Ram ( April 30, 2026, 3:36 PM EDT) -- On Feb. 24, the U.S. Securities and Exchange Commission announced comprehensive revisions to its Enforcement Manual — the first major overhaul since 2017. At the Practising Law Institute's annual SEC Speaks conference weeks later, Sam Waldon — who had by then assumed the role of acting enforcement director — elaborated on what those revisions mean in practice, and the picture that emerged fundamentally alters how the Wells process works....

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