Section 26-B185. EXAMINATION PROCEDURES AND FEES

 

185.1The Commissioner may conduct examinations of investment advisers and may charge a reasonable fee for the examination, consistent with these regulations, as provided in Section 206 of the Act (D.C. Offical Code § 31-5602.06; D.C. Register at 47 DCR 7849).

 

185.2When conducting any examination under these regulations, the Commissioner may retain or require the examinee to retain independent accountants, auditors, examiners, and other persons to perform the examination on behalf of the Commissioner.

 

185.3The Commissioner may cooperate with national securities associations and national and regional securities exchanges, and with the Securities and Exchange Commission in administering examinations of any investment adviser.

 

185.4The fee for an on-site examination of an investment adviser shall be the actual amount of the compensation paid to each employee for their time, including the preparation of any written report of the examination, audit, or investigation that reasonably be needed in the discharge of the Commissioner's duties.

 

185.5The Commissioner may charge a reasonable fee in excess of the amount in § 185.4 involving an examination of an investment adviser if extenuating or unforeseen circumstances arise during the course of the examination.

 

185.6The Commissioner may charge a reasonable fee in excess of the amount in § 185.4 to defray the cost of any examination of an investment adviser administered by the Commissioner, which involves out-of-town travel.

 

source

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001).