FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020067770401 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Wolfe Research Securities (Respondent) Member Firm CRD No. 151850 Pursuant to FINRA Rule 9216, Respondent Wolfe Research Securities submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that,