California Government Code

§ 12659

GOV § 12659 Effective Jan 1, 2023Div. 3 · Title 2 · Part 2 · Ch. 6 · Art. 10

Statute text

(a)The Attorney General, in their discretion, (1) may make public or private investigations within or outside of this state that the Attorney General deems necessary to determine whether any person has violated or is about to violate the securities law or the commodities law or to aid in the enforcement of these laws or in the prescribing of rules and forms by the Commissioner of Financial Protection and Innovation under these laws, and (2) may publish information concerning any violation of the securities law or the commodities law.

(b)In making any investigation authorized by subdivision (a), the Attorney General may, for a reasonable time not exceeding 30 days, take possession of the books, records, accounts, and other papers pertaining to the business of any broker-dealer or investment adviser and place a keeper in exclusive charge of them in the place where they are usually kept. During this 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 Attorney General, but the directors, officers, partners, and employees of the broker-dealer or investment adviser may examine them, and employees shall be permitted to make entries therein reflecting current transactions.

(c)For the purpose of any investigation or proceeding under the securities law or the commodities law, the Attorney General or any officer designated by the Attorney General may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of books, papers, correspondence, memoranda, agreements, or other documents or records that the Attorney General deems relevant or material to the inquiry.

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 182. (SB 1498) Effective January 1, 2023.