[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR11.7]

[Page 266-267]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 11_RULES RELATING TO INVESTIGATIONS--Table of Contents
 
Sec.  11.7  Rights of witnesses.

    (a) Orders authorizing issuance of subpoenas. Any person upon whom a 
subpoena has been served compelling him to furnish documentary evidence 
or testimony in an investigation shall, upon his request, be permitted 
to examine a copy of the Commission's order pursuant to which the 
subpoena has been issued. However, a copy of the order shall not be 
furnished for his retention except with the express approval of either 
the Director, a Deputy Director, the Program Coordinator, the Chief 
Counsel, an Associate Director, or a Regional Counsel of the Division of 
Enforcement, or a Regional Director of the Commission; approval shall 
not be given unless it has been shown by the person seeking to retain a 
copy that his retention of a copy would be consistent both with the 
protection of privacy of persons involved in the investigation and with 
the unimpeded conduct of the investigation.
    (b) Copies of testimony or data. A person compelled to submit data 
or evidence in the course of an investigatory proceeding shall be 
entitled to retain or, upon payment of appropriate fees as set forth in 
the Schedule of Fees for records services, 17 CFR part 145b, procure a 
copy or transcript thereof, except that the witness may for good cause 
be limited to inspection of the official transcript of his testimony.
    (c) Right to counsel. A person compelled to appear, or who appears 
in person by request or permission of the Commission or its staff during 
an investigation, may be accompanied, represented, and advised by 
counsel. Subject to the provisions of Sec.  11.8(b) of this part, he may 
be represented by any attorney-at-law who is admitted to practice before 
the highest court in any State or territory or the District of Columbia, 
who has not been suspended or disbarred from appearance and practice 
before the Commission in accordance with the provisions of part 14 of 
this title, and who has not been excluded from further participation in 
the particular investigatory proceeding for good cause established in 
accordance with paragraph (c)(2) of this section.
    (1) The right to be accompanied, represented and advised by counsel 
shall mean the right of a person testifying to have an attorney present 
with him during any aspect of an investigative proceeding and to have 
this attorney advise his client before, during and after the conclusion 
of such examination. At the conclusion of the examination, counsel may 
request the person presiding to permit the witness to clarify any of his 
answers which may need clarification in order that his answers not be 
left equivocal or incomplete on the record. For his use in protecting 
the interests of his client with respect to that examination counsel may 
make summary notes during the examination.
    (2) With due regard for the rights of a witness, the Commission may 
for good cause exclude a particular attorney from further participation 
in any investigation in which the Commission has found the attorney to 
have engaged in dilatory, obstructionist or contumacious conduct. The 
person conducting an investigation may report to the Commission 
instances of apparently dilatory, obstructionist or contumacious conduct 
on the part of an attorney. After due notice to the attorney, the 
Commission may take such action as the circumstances warrant based upon 
a written transcript evidencing the conduct of the attorney in that 
investigation or such other or additional written or oral presentation 
as the Commission may permit or direct.
    (d) Self-Incrimination; immunity--(1) Self-Incrimination. Except as 
provided in paragraph (d)(2) of this section, a witness testifying or 
otherwise giving information in an investigation may refuse to answer 
questions on the basis of the right against self-incrimination granted 
by the Fifth Amendment of the Constitution of the United States.
    (2) Immunity.\2\ If the Commission believes that the testimony or 
other information sought to be obtained from

[[Page 267]]

any individual may be necessary to the public interest and that 
individual has refused or is likely to refuse to testify or provide 
other information on the basis of his privilege against self-
incrimination, the Commission, with the approval of the Attorney 
General, may issue an order requiring the individual to give testimony 
or provide other information which he previously refused to give on the 
basis of self-incrimination. Whenever a witness refuses, on the basis of 
his privilege against self-incrimination, to testify or provide other 
information in an investigation under this part, and the person 
presiding over the investigation communicates to the witness an order 
issued by the Commission requiring the witness to give testimony or 
provide other information, the witness may not refuse to comply with the 
order on the basis of his privilege against self-incrimination; but no 
testimony or other information compelled under the order (or any 
information directly or indirectly derived from such testimony or other 
information) may be used against the witness in any criminal case, 
except a prosecution for perjury, giving a false statement, or otherwise 
failing to comply with the order.
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    \2\ This subsection shall be effective on and after such date as 
section 6001 of Title 18 of the United States Code has been amended to 
include the Commodity Futures Trading Commission among those agencies 
which may, with the approval of the Attorney General, grant immunity to 
witnesses to the extent and in the manner prescribed in 18 U.S.C. 6001 
et seq.

[41 FR 29799, July 19, 1976, as amended at 61 FR 1709, Jan. 23, 1996]