Revisions to SEC “Wells Process.”

On November 24, 2003, WLF petitioned the Securities and Exchange Commission, asking the SEC to revise its “Wells Process,” which provides a party under SEC investigation a formal opportunity to present its side of the case before the SEC decides whether to charge it with a violation of the securities laws. In particular, WLF’s petition asks that companies be given access to all evidence upon which the SEC staff is relying in its tentative charging recommendation, and that the SEC pledge not to use or threaten to use Wells Submissions against the submitters.