Haw. Code R. § 16-38-39 - Registration; post-effective requirements

(a) Upon approval of the application by the commissioner, a certificate of registration shall be issued certifying that the investment adviser is authorized to engage in the investment advisory business in this State.

(b) Every registrant shall immediately notify the commissioner of any material change in any information, exhibits, or schedules submitted, or circumstances disclosed in its last prior Form ADV by filing a correcting amendment on Form ADV when required by Form ADV. Changes to be reported shall include, but are not limited to, the following:

(1) Change in firm name, ownership, management, or control of an investment adviser;

(2) A change in any of its partners, officers, or persons in similar positions;

(3) Change in its business address, or the creation or termination of a branch office in Hawaii;

(4) Change in type of entity, general plan, or character of the investment adviser's business, method of operation or type of securities in which it is dealing or trading;

(5) Material adverse change in financial condition, insolvency, dissolution or liquidation, or impairment of working capital, or noncompliance with the minimum net worth or bond requirements hereinabove provided; and

(6) The filing of any disciplinary proceeding that is required to be disclosed on Form ADV, including but not limited to, a criminal charge or civil action against a registrant or a partner, officer, or employee who acts as an investment adviser in which a fraudulent, dishonest, or unethical act is alleged, or a violation of a securities law or any aspect of the securities business is involved or entry of a court or administrative order or proceeding against a registrant to deny, suspend, or revoke a registration, or threatening to do so, or to enjoin it from engaging in or continuing any conduct or practice in the securities business, or to impose a fine, suspension, or expulsion from the NASD.

(c) Registration of successor to registered investment adviser. In the event that a new investment adviser becomes the successor and continues the business of an investment adviser registered pursuant to section 16-38-35, the registration of the predecessor investment adviser shall be deemed to remain effective as the registration of the successor investment adviser if the successor investment adviser, within thirty days after such succession, files an application for registration on Form ADV, and the predecessor investment adviser files a notice of withdrawal from registration on Form ADV-W.

(1) The registration of the predecessor investment adviser shall cease to be effective as the registration of the successor investment adviser forty-five days after the application for registration on Form ADV is filed by the successor investment adviser.

(2) Notwithstanding any other provision of this section, if an investment adviser succeeds to and continues the business of a registered investment adviser, and the succession is based solely on a change in the predecessor investment adviser's date or state of incorporation, form of organization, or composition of a partnership, the successor investment adviser may, within thirty days after the succession, amend the registration of the predecessor investment adviser on Form ADV to reflect these changes. This amendment shall be deemed an application for registration filed by the predecessor investment adviser and adopted by the successor investment adviser.

Notes

Haw. Code R. § 16-38-39

[Eff and comp 10/12/85; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-14)