Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 7 - STATE SECURITIES BOARD
Chapter 116 - INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Section 116.7 - Maintenance and Inspection of Records

Universal Citation: 7 TX Admin Code ยง 116.7

Current through Reg. 49, No. 38; September 20, 2024

(a) The Securities Commissioner, without notice, may inspect a registered investment adviser as necessary to ensure compliance with the Texas Securities Act and Board rules.

(b) The Commissioner or his or her authorized representative, during regular business hours, may:

(1) enter the business premises of a registered investment adviser; and

(2) examine and copy books and records pertinent to the inspection.

(c) During the inspection, the investment adviser shall:

(1) provide to the Commissioner or the Commissioner's authorized representative immediate and complete access to the person's office, place of business, files, safe, and any other location in which books and records pertinent to the inspection are located; and

(2) allow the Commissioner or the Commissioner's authorized representative to make photostatic or electronic copies of books or records subject to inspection.

(d) An investment adviser may not charge a fee for copying information under this section.

(e) The Commissioner or his or her authorized representative may require that all records required to be maintained pursuant to Board rules or maintained in the normal course of business of the investment adviser be made available in any office of the State Securities Board designated by the Commissioner or his or her representative within 48 hours of a request or within a greater time period as the Commissioner or his or her authorized representative deems reasonable.

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