                                 CODE OF VIRGINIA

INVESTIGATIONS; CONFIDENTIALITY OF INFORMATION AND DOCUMENTS (§ 13.1-518)

A. The Commission may make such investigations within or outside of this
Commonwealth as it deems necessary to determine whether any person has violated
or is about to violate the provisions of this chapter or any order, rule or
injunction of the Commission, and may require any broker-dealer, investment
advisor, investment advisor representative, issuer or agent subject to the
investigation to pay the actual costs of the investigation. The Commission shall
have power to issue subpoenas and subpoenas duces tecum to require the
attendance of any person and the production of any papers for the purposes of
such investigation. No person shall be excused from testifying on the ground
that his testimony would tend to incriminate him, but if, after asserting his
claim of the privilege, he is required to testify, he shall not be prosecuted or
penalized on account of any transactions concerning which he does testify.

B. Information or documents obtained or prepared by any member, subordinate or
employee of the Commission in the course of any examination or investigation
conducted pursuant to the provisions of this chapter shall be deemed
confidential and shall not be disclosed to the public. However, nothing
contained herein shall be interpreted to prohibit or limit (i) the publication
of the findings, decisions, orders, judgments or opinions of the Commission;
(ii) the use of any such information or documents in proceedings by or before
the Commission or a hearing examiner appointed by the Commission; (iii) the
disclosure of any such information or documents to any quasi-governmental entity
substantially associated with law enforcement or the securities or investment
advisory business approved by rule of the Commission; or (iv) the disclosure of
any such information or documents to any governmental entity approved by rule of
the Commission, or to any attorney for the Commonwealth, or to the Attorney
General of Virginia.

HISTORY: Code 1950, § 13-134; 1956, c. 428; 1979, c. 379; 1987, c. 678; 1992,
c. 157.