Rule 590-4-1-.11 - Appointment of Investigative Agent, Examiner or Regulatory Monitor(1) In the case of any investigation or examination conducted under Code Section 10-5-71, the Commissioner may appoint an investigative agent, examiner or regulatory monitor to conduct the investigation or examination who shall have the powers and authority granted by the Commissioner.(2) An investigative agent, examiner or regulatory monitor must possess the necessary investigative, legal, accounting or financial skills and expertise to properly analyze the evidence, prepare and present a comprehensive report, and follow through until completion of the assigned task. The investigative agent, examiner or regulatory monitor must certify that he or she does not have, nor is there a perception that he or she may have, a professional conflict of interest in the matter to be investigated. The Commissioner, in his or her sole discretion, shall determine the qualifications of an investigative agent, examiner or regulatory monitor.(3) Unless otherwise indicated in the order, supervision of the investigative agent is vested in the Commissioner or his or her designee.(4) An investigative agent, examiner or regulatory monitor shall be appointed by order under the appropriate Code Section. The order shall generally identify the matter, the persons to be investigated, the qualifications of the individual appointed as investigative agent, procedures for securing subpoenas, and reporting requirements. The order shall also establish the rate of compensation and invoicing and billing procedures.(5) An investigative agent, examiner or regulatory monitor shall serve for a period of up to twelve (12) months. The period of appointment may be shortened or extended by the Commissioner as circumstances require.(6) In any case where investigations or examinations are conducted by an investigative agent, examiner or regulatory monitor, he or she shall submit to the Commissioner a written report, including the transcript of the testimony in evidence (if requested by the Commissioner), the findings and recommendations of the action to be taken by the Commissioner. The recommendation of the agent may be approved, modified, or disapproved by the Commissioner. The Commissioner may direct an investigative agent or examiner to conduct further investigation, take additional testimony or acquire further documentary evidence as may be necessary and appropriate. Failure to submit the written report may disqualify the appointed individual or firm from any future appointment as an investigative agent, examiner or regulatory monitor.Ga. Comp. R. & Regs. R. 590-4-1-.11
O.C.G.A. Secs. 10-5-.10, 10-5-70, 10-5-71.
Original Rule entitled "Uniform Interpretation of Securities Laws, Cooperation with Other Agencies, Investor Education, Referrals to SEC Fair Fund" adopted. F. Dec. 21, 2004; eff. Jan. 10, 2005.Repealed: New Rule entitled "Appointment of Investigative Agent, Examiner or Regulatory Monitor" adopted. RF. Nov. 18, 2011; eff. Dec. 8, 2011.