44-1823. Power to require testimony and
production of records; order of nondisclosure
A. For the purpose of investigations or hearings which, in the opinion of the
commission, are necessary and proper for the enforcement of this chapter, any member of
the commission, the director or any officer or officers designated by the commission may
administer oaths and affirmations, subpoena witnesses, take evidence and require by
subpoena duces tecum or by citation the production of books, papers, contracts,
agreements or other documents, records or information, whether filed or kept in original
form or electronically stored or recorded which the commission deems relevant or material
to the inquiry.
B. The commission may issue and apply to enforce a subpoena in this state at the
request of a securities agency or administrator of another state if the activities
constituting an alleged violation for which the information is sought would be a
violation of this chapter if the activities had occurred in this state.
C. In connection with the power to enforce the production of evidence by subpoena
vested in the commission by article XV of the Constitution of Arizona and the
commission's power to conduct private investigations pursuant to section 44-1822, the
commission has the authority to order a financial institution not to disclose the
existence or content of the subpoena to persons not affiliated with the financial
institution other than to the financial institution's legal counsel. The commission shall
exercise such power if the commission finds it necessary or appropriate in the public
interest or for the protection of investors.
|