[§485A-602]  Investigations and subpoenas. 
(a)  The commissioner may:



(1)  Conduct public or private investigations within
or outside of this State which the commissioner considers necessary or
appropriate to determine whether a person has violated, is violating, or is
about to violate this chapter or a rule adopted or order issued under this
chapter, or to aid in the enforcement of this chapter or in the adoption of
rules and forms under this chapter;



(2)  Require or permit a person to testify, file a statement,
or produce a record, under oath or otherwise as the commissioner determines, as
to all the facts and circumstances concerning a matter to be investigated or
about which an action or proceeding is to be instituted; and



(3)  Publish a record concerning an action,
proceeding, or an investigation under, or a violation of, this chapter or a
rule adopted or order issued under this chapter if the commissioner determines
it is necessary or appropriate in the public interest and for the protection of
investors.



(b)  For the purpose of an investigation under
this chapter, the commissioner or its designee may administer oaths and
affirmations, subpoena witnesses, seek compulsion of attendance, take evidence,
require the filing of statements, and require the production of any records
that the commissioner considers relevant or material to the investigation.



(c)  If a person does not appear or refuses to
testify, file a statement, produce records, or otherwise does not obey a
subpoena as required by the commissioner under this chapter, the commissioner
may apply to a court of competent jurisdiction to enforce compliance.  The
court may:



(1)  Hold the person in contempt;



(2)  Order the person to appear before the
commissioner;



(3)  Order the person to testify about the matter
under investigation or in question;



(4)  Order the production of records;



(5)  Grant injunctive relief, including restricting or
prohibiting the offer or sale of securities or the providing of investment
advice;



(6)  Impose a civil penalty not greater than $100,000
for each violation; and



(7)  Grant any other necessary or appropriate relief.



(d)  This section shall not preclude a person
from applying to a court of competent jurisdiction for relief from a request to
appear, testify, file a statement, produce records, or obey a subpoena.



(e)  An individual shall not be excused
from attending, testifying, filing a statement, producing a record or other
evidence, or obeying a subpoena of the commissioner under this chapter or in an
action or proceeding instituted by the commissioner under this chapter on the
ground that the required testimony, statement, record, or other evidence,
directly or indirectly, may tend to incriminate the individual or subject the
individual to a criminal fine, penalty, or forfeiture.  If the individual
refuses to testify, file a statement, or produce a record or other evidence on
the basis of the individual's privilege against self-incrimination, the
commissioner may apply to a court of competent jurisdiction to compel the
testimony, the filing of the statement, the production of the record, or the
giving of other evidence.  The testimony, record, or other evidence compelled
under such an order may not be used, directly or indirectly, against the
individual in a criminal case, except in a prosecution for perjury or contempt
or otherwise failing to comply with the order.



(f)  At the request of the securities regulator
of another state or a foreign jurisdiction, the commissioner may provide
assistance if the requesting regulator states that it is conducting an
investigation to determine whether a person has violated, is violating, or is
about to violate a law or rule of the other state or foreign jurisdiction
relating to securities matters that the requesting regulator administers or
enforces.  The commissioner may provide the assistance by using the authority
to investigate and the powers conferred by this chapter as the commissioner
determines is necessary or appropriate.  The assistance may be provided without
regard to whether the conduct described in the request would also constitute a
violation of this chapter or other law of this State if occurring in this
State.  In deciding whether to provide the assistance, the commissioner may
consider whether the requesting regulator is permitted and has agreed to
provide assistance reciprocally within its state or foreign jurisdiction to the
commissioner when requested; whether compliance with the request would violate
or prejudice the public policy of this State; and the availability of resources
and employees of the commissioner to carry out the request for assistance.



(g)  The commissioner shall, in its discretion,
cooperate, coordinate, consult, and, subject to section 485A-608, share records
and information with the securities regulator of another state, a foreign
jurisdiction, the Securities and Exchange Commission, the Department of
Justice, the Commodity Futures Trading Commission, the Federal Trade
Commission, the Securities Investor Protection Corporation, a self-regulatory
organization, a national or international organization of securities
regulators, a federal or state banking and insurance regulator, and any other
governmental law enforcement agency among the federal government,
self-regulatory organizations, states, and foreign governments.  Chapter 92F
shall apply to records and information. [L 2006, c 229, pt of §1]



 



Revision Note



 



  In subsection (g), "485A-608" substituted for
"485A-607".