§ 207.050. Reports by engineers, appraisers and others.

 (a)  The Commission may, under section 207(e) of the act (70 P. S. §  1-207(e)), by order, require as a condition of registration that the issuer or other person seeking to register securities for sale submit a technical report, prepared and certified by an engineer, appraiser, accountant or other professional person with respect to the value of an asset held by the issuer or other material matter deemed by it to be reasonably related to the conduct of the issuer’s business. The cost of preparation of the report will be borne by the applicant for registration.

 (b)  The Commission may require that the report referred to in subsection (a) be prepared by an employee of the Commonwealth. In such event the Commission will notify the applicant for registration of the approximate cost of preparing the report, including travel and living expenses. Prior to commencement of preparation of the report, the applicant shall deposit with the Commission funds sufficient to cover costs with instructions authorizing disbursement of such funds as expenses are incurred. If it appears additional costs will be incurred in preparing the report, the applicant will be notified and required to deposit with the Commission the additional moneys necessary to permit completion of the work.

 (c)  A person who prepares for submission or submits a technical report to the Commission in response to the Commission’s request, and a person who prepares for submission or submits a technical report intended to be included or referred to in any part of the registration statement, shall attach to the report a statement as to the person’s qualifications and experience and a further statement as to a material relationship or other factor which would bear upon the person’s independence with respect to the subject matter to which or the person to whom the report relates.