§ 23-42-205 - Investigations.
23-42-205. Investigations.
(a) The Securities Commissioner, in his or her discretion, may:
(1) Make any public or private investigations within or outside of this state which he or she deems necessary to determine whether any person has violated or is about to violate any provision of this chapter or any rule or order under this chapter, or to aid in the enforcement of this chapter or in the prescribing of rules and forms under this chapter;
(2) Require or permit any person to file a statement in writing, under oath, or otherwise as the commissioner determines, as to all the facts and circumstances concerning the matter to be investigated; and
(3) Publish information concerning any violation of this chapter or any rule or order hereunder.
(b) For the purpose of any investigation or proceeding under this chapter, the commissioner or any officer designated by him or her may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the commissioner deems relevant or material to the inquiry.
(c) (1) In case of contumacy by or refusal to obey a subpoena issued to any person, the Pulaski County Circuit Court, upon application by the commissioner, may order the person to appear before the commissioner or the officer designated by the commissioner to produce evidence or testify concerning the matter under investigation or in question.
(2) Failure to obey the order may be punished as contempt of court.
(d) (1) No person is excused from attending and testifying, or from producing any document or record, before the commissioner, or in obedience to the subpoena of the commissioner or any officer designated by him or her, or in any proceeding instituted by the commissioner, on the ground that the testimony or evidence, documentary or otherwise, required of him or her may tend to incriminate him or her or subject him or her to a penalty or forfeiture. However, no individual may be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she is compelled, after claiming his or her privilege against self-incrimination, to testify or produce evidence, documentary or otherwise, except that the individual testifying is not exempt from prosecution and punishment for perjury or contempt committed in testifying.
(2) However, no provision of this chapter shall be construed to require, or to authorize the commissioner to require, any investment adviser engaged in rendering investment advisory services to disclose the identity, investments, or affairs of any client of the investment adviser, except insofar as the disclosure may be necessary or appropriate in a particular proceeding or investigation having as its objective the enforcement of a provision of this chapter.