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Texas Government Code - GOV'T § 4007.102. Cease and Desist Order:  Investment Adviser or Investment Adviser Representative

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Notwithstanding any provision of this title to the contrary, the commissioner may hold a hearing as provided by this section if at any time it appears to the commissioner that:

(1) an investment adviser or investment adviser representative is engaging or is likely to engage in fraud or a fraudulent practice with respect to rendering services as an investment adviser or investment adviser representative;  or

(2) a person is acting as an investment adviser or investment adviser representative in violation of this title.

(b) A hearing under this section must be held not later than the 30th day after the date the person described by Subsection (a):

(1) receives actual notice;  or

(2) is provided notice by registered or certified mail, return receipt requested, to the person's last known address.

(c) After the hearing, the commissioner shall issue or decline to issue a cease and desist order.  An order issued under this subsection must:

(1) require the investment adviser or investment adviser representative to immediately cease and desist from the fraudulent conduct;  or

(2) prohibit an unregistered or other unauthorized person who is not exempt from the registration or notice filing requirements of this title from acting as an investment adviser or investment adviser representative in violation of this title.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 4007.102. Cease and Desist Order:  Investment Adviser or Investment Adviser Representative - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-4007-102/

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