Authority: IC
23-19-6-5
Affected: IC
23-19-4-12
Sec. 14.
(a) In
response to action by the division, a person shall cooperate in any:
(1) inquiry;
(2) investigation; or
(3) inspection;
conducted by, or on behalf of, the division, for purposes of
determining whether or not any person has violated or is about to violate any
provision of the Indiana Securities Act or any rule or order promulgated by the
commissioner. A person's willful failure to cooperate, absent a bona fide claim
of privilege, may be deemed by the division a violation of the Indiana
Securities Act within the meaning of IC
23-19-4-12(d)(2)
and thus subject the person to denial, suspension, or revocation of
registration or a bar from registration.
(b) The following are examples of, but not
limited to, conduct by a person that may be deemed a failure to cooperate:
(1) The failure to timely respond by way of
appearance or production of documents to a subpoena or order issued by the
division under IC 23-19 or as may otherwise be provided by law.
(2) The failure to answer any question
pertinent to inquiry made under IC 23-19 or other applicable law unless the
response to the question is subject to a bona fide claim of
privilege.
(3) The failure to grant
the division personnel access to the business premises of a broker-dealer or
investment adviser or to the records and documents that the broker-dealer or
investment adviser is required, by statute or rule, to make available for
inspection.
(4) The failure to
attend any scheduled proceeding at which the person's appearance is directed.
In the event a person elects to retain counsel for the purpose of
representation in any proceeding, it shall be the person's responsibility to do
so in a timely fashion. The failure of a person to retain counsel, absent a
showing of good cause, shall not require an adjournment of the
proceeding.
(5) The failure to
timely respond or to provide information requested pursuant to a demand under
IC 23-19 or any other applicable law.
(6) Aiding or abetting another person's
failure to cooperate.