§ 31-5606.02 — Enforcement — Administrative.

District of Columbia § 31-5606.02

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 56: Securities.
• Subch. VI: Enforcement, Criminal, and Civil Liability.

Text

(a) Whenever the Commissioner determines that a person has engaged, or is about to engage, in an act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, and that immediate action against such person is in the public interest, the Commissioner may issue, without a hearing, a summary order directing the person to cease and desist from engaging in such activity; provided, that the summary cease and desist order shall give the person:

(1) Notice of the opportunity for a hearing before the Commissioner to determine whether the summary cease and desist order should be vacated, modified, or entered as final; and

(2) Notice that the summary cease and desist order will be entered as final if the person does not request a hearing within 15 days of the receipt of the summary cease and desist order.

(b) Whenever the Commissioner determines after notice and a hearing, unless the right to a hearing is waived, that a person has engaged in an act or practice constituting a violation of this chapter or any rule or order adopted under this chapter, the Commissioner may, in addition to taking any other action authorized under this chapter:

(1) Issue a cease and desist order against the person;

(2) Censure the person if the person is licensed under this chapter;

(3) Bar the person from engaging in the securities business or investment advisory business in the District;

(4) Issue an order against the person imposing a civil penalty up to $10,000 for any single violation of this chapter; or

(5) Issue an order requiring the person to pay restitution and reasonable costs of the hearing.

Legislative History

Oct. 26, 2000, D.C. Law 13-203, § 602, 47 DCR 7837; June 25, 2002, D.C. Law 14-150, § 2(k), 49 DCR 4238