Section 1-510 - Investigations and subpoenas(a) The department in its discretion: (i) May make such public or private investigations within or without this State as it deems necessary to determine whether any person has violated or is about to violate this act or any rule or order hereunder, or to aid in the enforcement of this act or in the prescribing of rules and forms hereunder;(ii) May, for a reasonable time not exceeding thirty days, take possession of the books, papers, accounts and other records, however created, produced or stored, pertaining to the business of any broker-dealer or investment adviser or pertaining to the activities of any issuer in connection with any transaction in a security, whether or not exempted under section 202 or 203 and the use of any proceeds obtained therefrom, and place a keeper in exclusive charge of them in the place where they are usually kept. During such possession no person shall remove or attempt to remove any of the books, records, accounts, or other papers except pursuant to a court order or with the consent of the department; but the directors, officers, partners, and employes of the broker- dealer, investment adviser or issuer may examine them, and employes shall be permitted to make entries therein reflecting current transactions;(iii) May require or permit any person to file a statement in writing, under oath or otherwise as the department determines, as to all the facts and circumstances concerning the matter being investigated;(iv) May publish information concerning any violation of this act or any rule or order hereunder or concerning securities, or practices in the sale thereof, which appear or tend to be unfair, inequitable or fraudulent, but only where it deems such publication to be in the public interest and for the protection of investors; (v) May hold hearings, upon reasonable notice, in respect of any matters arising out of the administration of this act; and(vi) May record presentations made at meetings, seminars or other assemblies conducted in a public forum which may involve the offer or sale of securities in this State in any manner that the department determines appropriate.(b) For the purpose of any investigation, hearing or proceeding under this act, the department or any officer designated by it may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of any books, papers, correspondence, memoranda, agreements or other documents or records which the department deems relevant or material to the inquiry.(c) In case of contumacy by, or refusal to obey a subpoena issued to, any person, the Commonwealth Court or any of the several courts of common pleas of Pennsylvania, upon application by the department, may issue to the person an order requiring him to appear before the department, or the officer designated by it, there to produce documentary evidence, if so ordered, or to give evidence touching the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt.(d)(i) If, in a proceeding before the department, any person shall refuse to testify or to produce evidence of any other kind on the ground that his testimony or evidence may tend to incriminate him, that person may be ordered to give such testimony. The order to testify shall not be given except upon an order of court after a hearing in which the Attorney General has established a need for the grant of immunity, as hereinafter provided;(ii) The Attorney General may petition the Commonwealth Court or the court of common pleas of the county in which such person resides (if he is a resident of this State) for an order requiring any person to testify or produce evidence, which petition may be joined in by the district attorney of such county. Such petition shall set forth the nature of the investigation and the need for the immunization of the witness;(iii) No such witness shall be prosecuted or subjected to any penalty or forfeiture, nor shall there be any liability on the part of and no cause of action of any nature shall arise against, any such witness for or on account of any transaction, matter or thing concerning which he is compelled, after having claimed his privilege against self-incrimination, to testify or produce evidence, nor shall testimony so compelled be used as evidence in any criminal proceeding against him in any court;(iv) No person so ordered to testify or to produce evidence, shall be exempt from any punishment or forfeiture for perjury committed by him while so testifying. Such testimony shall be admissible against him in any criminal action or other proceeding concerning such perjury;(v) Any person who shall refuse or decline to testify or produce evidence of any other kind after being granted immunity and ordered by the court shall be guilty of criminal contempt and, upon conviction thereof, shall be sentenced to pay a fine of not exceeding one thousand dollars ($1,000), or to undergo imprisonment for a period not exceeding one year, or both.(e) At the request of the securities regulatory authority of another jurisdiction, the department may provide assistance if the requesting authority states that it is conducting an investigation which it deems necessary to determine whether a person has violated, is violating or is about to violate laws or rules relating to securities matters that the requesting authority administers or enforces. The department may, in its sole discretion, conduct such investigation and use the powers conferred under this section as the department deems necessary to collect information and evidence pertinent to the request for assistance. The assistance may be provided without regard to whether the facts stated in the request would constitute a violation of this act or the laws of this Commonwealth. In deciding whether to provide such assistance, the department shall consider whether: (i) the requesting authority is permitted and has agreed to provide reciprocal assistance in securities matters to the department; and(ii) compliance with the request would prejudice the public interest.(f) Nothing in this act may prohibit the department from investigating and bringing an administrative proceeding with respect to fraud, deceit or unlawful conduct by a funding portal as that term is defined in section 3(a)(80) of the Securities Exchange Act of 1934 (48 Stat. 881, 15 U.S.C. § 78c(a)(80)), provided that the department may not apply any provision of this act or any rule or regulation adopted under this act or take an administrative action that is in addition to, or different from, the requirements for registered funding portals established by the Securities and Exchange Commission.Amended by P.L. 678 2014 No. 52, § 20, eff. 8/9/2014.1972, Dec. 5, P.L. 1280, No. 284, § 510, effective Jan. 1, 1973. Amended 1998, Nov. 24, P.L. 829, No. 109, § 21, effective in 60 days; 2002, July 4, P.L. 721, No. 108, § 12, effective in 60 days.