935 CMR, § 501.302 - Compliance Examination
(1) After an MTC has been licensed, the
Commission or a Commission Delegee pursuant to M.G.L. c. 94I and M.G.L. 94G,
§ 4(a)(xx), has the authority to demand access to its papers, books,
documents, records, correspondence, electronic communications, and other
tangible things to examine and inspect. Such examination and inspection may
include interrogatories to parties or subpoenas to compel the production of
papers, books, documents, records, correspondence, electronic communications,
and other tangible things. The examination and inspection of an MTC may also
include the interview of material witnesses, registered agents or Close
Associates whom the Commission has determined is involved in the financing,
management or operation of the MTC.
(2)
Administrative
Subpoenas. The Commission or a Commission Delegee may, during a
preliminary investigation prior to a hearing, issue, modify, amend or rescind
subpoenas. Material witnesses, registered agents, or other Persons whom the
Commission has determined are involved in the financing, management or
operation of an MTC may petition the Commission to modify, amend or rescind
subpoenas.
(3)
General
Provisions. Administrative subpoenas for compliance examination
and inspection shall be issued in the name of the Commission by the Commission
or a Commission Delegee. Service may be made in a form and manner determined by
the Commission including, but not limited to, by the consent of the
parties.
(4)
Enforcement of
Subpoenas. On
the failure of a person to comply with a subpoena, and not
subsequently vacated or modified by the Commission or a Commission Delegee, the
Commission or a Commission Delegee may apply to the Superior Court for an order
to compel compliance with the subpoena; an order for costs and
fees associated with the issuance and enforcement of the
subpoena; or an order of contempt for any failure by a party
to comply with a court order.
(5)
The failure to cooperate with provisions of
935
CMR 501.302 may result in administrative or
disciplinary action against the Licensee .
Notes
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