State Street received a Wells notice from the U.S. Securities and Exchange Commission (SEC) regarding its solicitation of asset servicing business for public retirement plans.
The Wells notice informs State Street that the SEC staff intends to ask the commission for permission to bring a civil enforcement action that would allege violations of the securities laws.
Read: State Street receives subpoenas
The investigation includes the company’s use of consultants and lobbyists and, in at least one instance, political contributions by one of its consultants during and after a public bidding process.
The issuance of a Wells notice provides State Street with the opportunity to make a submission to the commission in response to the SEC staff’s position.
“State Street intends to submit such a response,” the company says in an 8-K filing with the SEC on Thursday.
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