(a) A formal investigative proceeding
may be initiated upon issuance of an order of investigation by the
Board or by the general counsel or his or her designees in accordance
with 12 CFR 265.6. The order of investigation must indicate the purpose
of the formal investigative proceeding and designate the Board’s
representatives to direct the conduct of the investigation.
(b) Any person who is compelled or requested to furnish
documentary evidence or testimony at a formal investigative proceeding
may, upon request, inspect a copy of the order of investigation at
a time and place that the Board’s designated representative
determines to be appropriate. Any person who is compelled or requested
to furnish documentary evidence or testimony in a formal investigative
proceeding may not refuse to comply with a subpoena on the grounds
that the order of investigation was not made available in advance
of the date of production or testimony set forth in a subpoena.
(c) Copies of an order of investigation may not
be produced to or retained by any person except with the express written
approval of the Board officer supervising the investigation. The Board
may provide a copy of an order of investigation, in whole or in part,
if the Board officer concludes, in the officer’s discretion,
that disclosure of the order of investigation would not infringe upon
the privacy of persons involved in the investigation or impede the
conduct of the investigation.
