The Securities and Exchange Commission and several state regulators overseeing auction-rate securities issued inquiries and subpoenas to Wachovia Securities LLC and other affiliates of Wachovia Corp. Wachovia said regulators wanted information concerning the underwriting, sale and subsequent auctions of municipal auction-rate securities and auction-rate preferred securities. "Further review and inquiry is anticipated by the regulatory authorities and Wachovia will cooperate fully," the company said in its quarterly report with the SEC.

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