Md. Code Regs. 02.02.07.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.07.03 - Subpoenas

A. Type of Subpoena. As part of an investigation, the Commissioner may issue a subpoena to any person to:

(1) Testify under oath;

(2) Answer written interrogatories under oath;

(3) Produce documents and tangible things; and

(4) Permit inspection and copying of documents.

B. Content of Subpoena. A subpoena shall:

(1) Describe generally the nature of the investigation;

(2) If the subpoena requires testimony under oath, specify the date, time, and place for the taking of testimony;

(3) If the subpoena requires answers to written interrogatories, contain a copy of the written interrogatories;

(4) If the subpoena requires the production of tangible things or documents:

(a) Describe the things and documents to be produced with reasonable specificity; and

(b) Specify a date, time, and place at which the things and documents are to be produced;

(5) Notify the person to whom the subpoena is directed of the obligation to supplement responses under Regulation .05 of this chapter;

(6) Advise the person to whom the subpoena is directed that the person may be represented by counsel; and

(7) Identify a member of the Securities Division who may be contacted in reference to the subpoena.

C. Subpoenas to Corporations and Other Entities.

(1) A subpoena directed to a corporation, partnership, or other entity that requires testimony under oath shall describe with reasonable particularity the subject matter of the testimony.

(2) An entity that receives a subpoena to answer written interrogatories or to testify under oath shall designate one or more of its officers, agents, employees, or other authorized persons familiar with the subject matter specified in the subpoena to respond to the subpoena on its behalf.

(3) The persons designated by an entity to respond to a subpoena on its behalf shall answer the interrogatories or testify as to all matters known or reasonably available to the entity.

(4) A subpoena directed to an entity that requires testimony under oath or answers to written interrogatories shall advise the entity of its obligations under this regulation.

D. Service of Subpoena.

(1) A subpoena may be served by personal service or by mail.

(2) The person who serves a subpoena shall complete a certificate of service attesting to the method and date of service.

E. Effect of Other Proceedings. The pendency or beginning of administrative or judicial proceedings against a person by the Commissioner does not relieve the person of its obligation to respond to a subpoena issued under this regulation.

F. Petition to Modify or Quash Subpoena.

(1) A person served with a subpoena under this regulation may request that the subpoena be modified or quashed.

(2) A petition to modify or quash a subpoena issued under this regulation shall be filed with the Commissioner within 10 days of service of the subpoena or by the date specified for compliance with the subpoena, whichever is earlier. The petition shall set forth good cause why the subpoena should be modified or quashed.

G. Enforcement of Subpoena. If a person served with a subpoena under this regulation fails to appear as required by the subpoena, or fails to provide testimony, answers to written interrogatories, or documents and tangible things as required by the subpoena, the Commissioner may apply to the appropriate circuit court for enforcement of the subpoena.

Md. Code Regs. 02.02.07.03