06/18/2026
Does a Wells Notice mean FINRA is done investigating you?
Nope, and the SEC just said so directly in its new DiPaola opinion on May 28th.
Practus partner, Robert Moreiro, breaks down the SEC's newest opinion in his latest blog.
He explains that FINRA doesn't have subpoena power like the SEC, so Rule 8210 is its main tool for demanding documents, information, and testimony during an investigation. The SEC confirmed FINRA can still use it to request testimony even after a Wells Notice goes out, and you can't refuse just because you think FINRA already has enough.
But here's the twist: the SEC still threw out FINRA's sanctions, since FINRA waited nearly two years to ask for more testimony and never explained why.
The takeaway? Comply with Rule 8210 requests, but if FINRA can't justify the timing, that's where a strong defense starts.
For the full breakdown, check out Robert's article linked in the comments.