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Abstract: 

Despite its intended function as a mechanism for fairness and informed decision-making, the Wells process historically operated with considerable informality, resulting in inconsistent disclosure, compressed response periods, and uneven opportunities for meaningful advocacy. Recent reforms by the SEC and the CFTC represent a notable effort to recalibrate that framework. Announced in late 2025, these changes reflect a shared objective of strengthening pre-charging procedures while preserving enforcement effectiveness. This article situates the Wells process within its historical and doctrinal context, and evaluates how the agencies’ reforms alter both the structure and consequences of pre-charging engagement. In this recalibrated environment, the Wells process has emerged as a consequential point of regulatory judgment — one in which the timing, substance, and framing of advocacy can materially influence enforcement outcomes.

Keywords: Wells Process; Pre-Charging Advocacy; Pre-Wells Engagement; CFTC’S Changes to the Wells Process

Affiliations:  1: Baker & Hostetler LLP; 2: Baker & Hostetler LLP.