Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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10 Pa. Code § 304.041. Examinations of broker-dealers and investment advisers.

§ 304.041. Examinations of broker-dealers and investment advisers.

 (a)  In the conduct of an examination authorized under section 304(d) of the act (70 P.S. §  1-304(d)), every broker-dealer and investment adviser registered under the act:

   (1)  Shall honor all requests by representatives of the Department to have physical access to all areas of the office which is the subject of the examination.

   (2)  Shall permit the Department to review and examine the files in the physical place where the files routinely are maintained on request.

   (3)  May accompany the representatives of the Department themselves or through a representative of the broker-dealer or investment adviser.

 (b)  Files referred to in subsection (a) include books, ledgers, accounts, records and electronic files required to be kept by broker-dealers and investment advisers in accordance with this chapter, rules of the Securities and Exchange Commission and rules of a National securities exchange or National securities association, and any document reasonably related to these required records.

Authority

   The provisions of this §  304.041 issued under section 304(a), (d) and (e) of the Pennsylvania Securities Act of 1972 (70 P.S. §  1-304(a), (d) and (e)); amended under section 202.C of the Department of Banking and Securities Code (71 P.S. §  733-202.C); section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §  1-609(a)); and section 9(b) of the Takeover Disclosure Law (70 P.S. §  79(b)).

Source

   The provisions of this §  304.041 adopted December 28, 2001, effective December 29, 2001, 31 Pa.B. 7032; transferred and renumbered from 64 Pa. Code §  304.041, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533; amended January 12, 2018, effective January 13, 2018, 48 Pa.B. 389. Immediately preceding text appears at serial pages (364765) to (364766).



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