Subpoena Definition & Meaning | Financial Term | CSIMarket
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Glossary

Subpoena

Financial Term

A subpoena is a legal document that orders a person to appear before a court, administrative agency or tribunal, or to produce specific documents or information relevant to a legal case. It is typically issued by an attorney, court clerk, or other authorized legal official and is enforceable through the court*s power of contempt.

In the financial industry, subpoenas are commonly used by regulatory agencies such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to investigate allegations of securities fraud, insider trading, or other violations of securities laws. They may also be used in civil lawsuits to obtain financial records or other evidence related to a case.

A financial institution that receives a subpoena must comply with its terms and produce the requested documents or information, unless they have a legal basis for challenging it. Failure to comply with a subpoena can result in penalties and sanctions, including fines, imprisonment, or other legal sanctions.


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