About the Course
Introduction
This program will examine the latest reforms to the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) rules relating to investigations and enforcement actions, specifically the Wells process. The panel will discuss the implications of these changes and provide guidance for advising companies and individuals facing investigations or enforcement actions in light of these recent reforms.
Description
The Wells process gives parties under investigation the chance to present their side of the story and to argue against charges, for reduced charges, or propose a settlement before the SEC or CFTC decides whether to charge the party with violations. However, the process is fraught with legal pitfalls.
The SEC recently adopted changes to the Wells process. These changes expand opportunities for respondents to engage with SEC leadership before and during the Wells process, increase transparency of the evidence underlying a Wells notice, and extend the timeframe for respondents to prepare and submit their responses from two weeks to at least four weeks.
Similarly, the CFTC also adopted amendments to its Rules of Practice and Rules Relating to Investigations, including the agency's Wells process. The CFTC's reforms align with the SEC's changes and require that a Wells notice be in writing and identify the specific charges the Department of Enforcement (DOE) plans to recommend to the Commission. The notice must also include the specific evidence that forms the basis for the DOE's recommendations. The recent amendments also require the CFTC to provide a minimum of 30 days to respond to a Wells notice, as compared to the prior response time of 14 days.
Listen as our authoritative panel discusses the recent SEC and CFTC reforms to the Wells process, settlement procedures, and related rules and provides strategies for navigating the Wells process to settle complaints on behalf of clients facing SEC or CFTC investigations.
Presented By
A former Assistant U.S. Attorney, DOJ Fraud Section Trial Attorney, and SEC Senior Counsel, Mr. Barr is a seasoned advocate who vigorously defends and advises public companies, corporate executives, and individuals in complex civil, regulatory and criminal law enforcement investigations and litigation. With more than 20 years of experience in government investigations, Mr. Barr is regularly retained by corporations and executive management to conduct internal investigations into whether FCPA or other violations have occurred, to provide advice during investigations, and to advise clients on remedial measures, compliance programs, and training. His engagements include representing clients in investigations involving the FCPA, complex accounting and securities issues, market manipulation restrictions, fraud allegations, insider trading restrictions, healthcare law issues, off-label drug marketing restrictions, the Federal Anti-Kickback Statute, the False Claims Act, money laundering allegations, federal criminal tax issues, asset forfeiture claims, the Commodity Exchange Act, the Martin Act, government contracting and procurement issues, antitrust price fixing, and sanctions and export control restrictions.
Mr. Carney is a former Securities Fraud chief, assistant U.S. attorney, U.S. Securities and Exchange Commission senior counsel and certified public accountant at a “Big Four” accounting firm. He is a seasoned advocate who represents public and private corporations and financial institutions in complex civil, regulatory and criminal law enforcement investigations and litigation, and advises and defends corporations and senior officers on FCPA compliance, investigation and defense. Having litigated for, and against, the U.S. government, Mr. Carney strongly encourages clients to take preemptive governance and remediation measures to mitigate legal and reputational risk in today's increasingly aggressive law enforcement environment. He lectures extensively at domestic and international conferences and training seminars on anticorruption and anti-money laundering laws, corporate governance, compliance and disclosure, insider trading, securities, tax and other financial crimes, and defending complex and multijurisdictional civil and criminal cases.
Ms. Tanney brings a wealth of knowledge to her securities enforcement and litigation practice. Her involvement in regulatory compliance and disclosure informs her ability to counsel clients on a broad range of issues, including securities litigation, SEC investigations, enforcement actions and evolving financial regulations. Ms. Tanney also has in-house experience, having been seconded to a multi-billion dollar global investment firm in New York.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, February 24, 2026
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. Overview of the Wells process
II. SEC's recent amendments to the Wells process and settlement procedures
III. Changes to the CFTC's Rules of Practice and Rules Relating to Investigations, including the Wells process
IV. How the CFTC's rule changes align with the SEC's recent reforms
V. Implications of these reforms on future CFTC and SEC investigations and enforcement actions
VI. Strategies for counsel advising clients facing CFTC or SEC investigations or enforcement actions
The panel will review these and other key considerations:
- What reforms did the SEC and CFTC make to the Wells process and settlement procedures?
- What other related changes did the CFTC make to its Rules of Practice?
- What are the implications of these recent reforms on investigations and enforcement actions?
- What are key strategies for companies and individuals facing SEC or CFTC investigations or enforcement actions in light of these recent changes?
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