(a) General rule.--No foreign copromoter shall directly or indirectly participate in the promotion of or receive any remuneration from or render any services in connection with any professional contest or exhibition held within this Commonwealth unless he has first been granted a permit therefor by the commission. No promoter shall be associated with any foreign copromoter in promoting any contest or exhibition unless the foreign copromoter has first secured a permit. A foreign copromoter by accepting a permit agrees to be subject to all the provisions of this subpart and the rules and regulations promulgated under this subpart.

(b) Penalty.--A violation of this section may subject the promoter or foreign copromoter, or both, to suspension of not less than 30 days or revocation of his license or permit, at the discretion of the commission, pursuant to section 1304 (relating to suspension or revocation of licenses or permits).