Securities and Exchange subpoenas are legal documents issued by the Securities and Exchange Commission (SEC) in the United States as part of an investigation into potential violations of securities laws.

When the SEC launches an investigation, it may issue subpoenas to individuals or companies to compel them to provide information and documents that are relevant to the investigation. The SEC has broad investigative powers and can require individuals and companies to produce any documents, records, or other materials that it deems necessary for the investigation.

If a person or company receives a subpoena from the SEC, they are legally obligated to comply with it. Failure to comply with a subpoena can result in fines, penalties, and even imprisonment. However, if the recipient of the subpoena believes that the subpoena is overly broad or unduly burdensome, they can file a motion to quash the subpoena or seek to negotiate the scope of the subpoena with the SEC.

In some cases, the SEC may also issue a subpoena duces tecum, which requires the recipient to produce specific documents or materials that are relevant to the investigation. This type of subpoena can be particularly burdensome, as it may require the recipient to search through large volumes of documents to identify and produce the requested materials.

In summary, SEC subpoenas are powerful tools used by the SEC to investigate potential violations of securities laws. Recipients of these subpoenas are legally obligated to comply with them and failure to do so can result in serious consequences. However, recipients may have the ability to negotiate the scope of the subpoena or challenge it in court if they believe it is overly broad or unduly burdensome.