§ 17-4-602 — Investigations and subpoenas

Wyoming § 17-4-602

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 4: SECURITIES
• Art. 6: ADMINISTRATION AND JUDICIAL REVIEW

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(a) The secretary of state may:
(i) Conduct public or private investigations within
or outside of this state which the secretary of state considers
necessary or appropriate to determine whether a person has
violated, is violating, or is about to violate this act or a
rule adopted or order issued under this act, or to aid in the
enforcement of this act or in the adoption of rules and forms
under this act;
(ii) Require or permit a person to testify, file a
statement, or produce a record, under oath or otherwise as the
secretary of state 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
(iii) Publish a record concerning an action,
proceeding, or an investigation under, or a violation of, this
act or a rule adopted or order issued under this act if the
secretary of state 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 act,
the secretary of state or his designated officer 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 secretary of
state 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 secretary of state under this act,
the secretary of state may refer the matter to the attorney
general or district attorney, who may apply to the Wyoming
district court or a court of another state to enforce
compliance. The court may:
(i) Hold the person in contempt;
(ii) Order the person to appear before the secretary
of state;
(iii) Order the person to testify about the matter
under investigation or in question;
(iv) Order the production of records;
(v) Grant injunctive relief, including restricting or
prohibiting the offer or sale of securities or the providing of
investment advice;
(vi) Impose a civil penalty of not less than five
thousand dollars ($5,000.00) and not greater than fifty thousand
($50,000.00) for each violation; and
(vii) Grant any other necessary or appropriate
relief.
(d) This section does not preclude a person from applying
to Wyoming district court or a court of another state for relief
from a request to appear, testify, file a statement, produce
records, or obey a subpoena.
(e) An individual is not excused from attending,
testifying, filing a statement, producing a record or other
evidence, or obeying a subpoena of the secretary of state under
this act or in an action or proceeding instituted by the
secretary of state under this act 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
secretary of state may apply to the Wyoming district court 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 secretary of state 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 secretary of state may provide the assistance by using the
authority to investigate and the powers conferred by this
section as the secretary of state 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 act or other law of this state if
occurring in this state. In deciding whether to provide the
assistance, the secretary of state may consider whether the
requesting regulator is permitted and has agreed to provide
assistance reciprocally within its state or foreign jurisdiction
to the secretary of state on securities matters 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 secretary of state to carry out
the request for assistance.