Home -> Law Blog Directory -> Criminal Law Blogs -> NASD, SEC and Regulatory Defense Blog

Criminal Law

: NASD, SEC and Regulatory Defense Blog

Arbitrary and Capricious Standards Governing Access to the SEC Staff?s Investigative File

By Michael MacPhail, Esq.

             The issuance of a Wells notice presents defense counsel with an opportunity to learn about the proposed case against their client.  Counsel should always arrange a conference call or meeting to discuss the charges in detail.    Granting access to the entire investigative file (including the testimony transcripts of other witnesses) is a key part of the Wells process, since it permits defense counsel to more intelligently advise clients of the risks of possible enforcement action, facilitates the preparation of more focused and helpful Wells submissions, and encourages better and quicker resolutions of proposed enforcement actions. Yet the standards governing whether to grant such access, and their application by the staff, are arbitrary and capricious...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on April 01, 2009 (boomark / email).