The Royal Bank of Scotland disclosed the receipt of a Wells notice from the Securities and Exchange Commission, which is related to residential mortgage-backed securities. 

On March 28, the SEC staff informed RBS that it served a civil/administrative action against RBS Securities, the company said in its interim management statement.

The Wells notice arises out of the inquiry that the SEC began in Sept. 2010 when it requested voluntary production of information concerning RMBS underwritten by RBS (RBS) during Sept. 2006 to July 2007.

Ed Canaday, spokesperson for RBS, declined to comment on the matter.

In Nov. 2010, the SEC commenced a formal investigation, with claims related to due diligence conducted in connection with a 2007 offering of RMBS and corresponding disclosures.

The Royal Bank of Scotland has submitted a response to the Wells notice pursuant to SEC rules.

cmlynski@housingwire.com

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