A Practice Note detailing how defense counsel for companies or individuals under investigation by the SEC can navigate the Wells process, which takes place after the SEC's enforcement staff concludes its investigation but before it recommends an enforcement action. This Note explains the strategic options to consider before the staff has served a Wells notice, the content of a Wells notice and issues to address after receiving a Wells notice, factors to consider when deciding whether to make a Wells submission and what information to include in it, and steps to take after making a Wells submission.