SEC Lightens Up on Enforcement

As any company served with a Wells notice knows, not all is well. Still, the Securities and Exchange Commission, which has adopted a more industry-friendly approach under Chairman Paul Atkins than his predecessor Gary Gensler, is making the notices slightly easier to manage. The agency unveiled an update to its enforcement manual on Tuesday, doubling the amount of time (four weeks, rather than two) that companies, including ETF issuers, have to respond to Wells notices, which inform them they have been in ...