In an October 2025 address, SEC Chairman Paul Atkins dropped a new track on the SEC’s enforcement playlist, and due process is the headliner. Specifically, Atkins announced reforms to the Wells submission process that are designed to restore fairness, increase transparency, and improve the quality of the SEC’s decisions.
Wells submissions are advocacy documents that the SEC permits a potential respondent or defendant to submit for the purpose of dissuading the SEC from commencing an enforcement action that it may be contemplating against the submitter. Atkins urged the SEC staff to preserve the Wells process’s “original purpose” and to guard against “plain mistakes, extreme legal theories, misinformation, biases, and conflicts of interest.” His statements are akin to remastering a favorite record.
The first change resets the tempo. Enforcement staff will now provide at least four weeks for defense counsel to respond to a Wells. And extensions may be available in complex matters.
The second change raises the volume on transparency. Staff is directed to be more forthcoming about its evidence and potential charges and to share meaningful portions of the SEC’s investigative file. Wells submitters should no longer have to guess which tune the staff intends to play.
Atkins also spotlighted the value of “white paper” submissions, which allow potential defendants and respondents to address legal or factual issues without the expense or exposure of a full formal Wells submission. Atkins noted that white papers are especially useful “in cases where a potential respondent or defendant feels obligated to make a public disclosure of a Wells notice or to save on the costs of making a Wells submission.” Atkins further emphasized that the SEC (and not merely the staff) will receive each white paper and Wells submission, in both settled and contested cases, ensuring that the submitters’ voices make it into the final mix.
For defense counsel and potential defendants and respondents, the message is simple: treat the Wells/white paper process as a headline performance, not a mere soundcheck. Engage early with the staff, request the evidence and a detailed explanation of the potential charges, and use the additional time now allotted to draft a white paper or a Wells submission that will really resonate with the SEC.
