710 IAC 4-14-14 - Failure to cooperate

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.


710 IAC 4-14-14
Securities Division; 710 IAC 4-14-14; filed Jun 28, 2010, 2:36 p.m.: 20100728-IR-710100044FRA Readopted filed 5/12/2016, 1:47 p.m.: 20160608-IR-710160136RFA

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