The SEC said the application "does not reflect a determination" that Jay-Z "has violated provisions of the federal securities laws at issue in the investigation".
Investigators want to ask Carter about his relationship with Iconix, among other things, according to the SEC application for a subpoena enforcement action.
"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand", the SEC stated, but so far Hov has failed to appear to testify about his business relationship with Iconix.
The SEC described Jay-Z, whose hits include "99 Problems" and "Empire State of Mind", as an "important witness" who has "defied two lawful subpoenas", failing to show up twice for scheduled testimony.
Iconix announced a $169-million write down for Rocawear in early 2016 and another writedown of $34 million this year.
The Securities and Exchange Commission, on May 3, filed a subpoena enforcement action against Shawn Carter, better known as rapper Jay-Z. It also said that it wants to learn about his other businesses that did business with Iconix along with also his awareness of the wisdom and objective of individuals who realized of trades involving his organizations Jay-Z along with Iconix. He declined to appear or provide any dates on which he would be available, the SEC statement said.
Now, the SEC if fighting back.
Jay-Z appears on "My Next Guest Needs No Introduction with David Letterman" dropping on Netflix Friday. Rocawear was one of his early business successes.
Iconix lawyers didn't immediately return emails seeking comment. Iconix has faced a series of troubles in recent years, including slipping sales and a number of high-profile executive departures.
Demand for many of its brands also is waning, as retailers like Sears, Kohl's and Macy's struggle to keep up with changing consumers habits.