Haw. Code R. § 16-38-50 - Registration; application

(a) An application for registration of an investment adviser representative shall be filed on Form U-4, which shall be filed with the commissioner through the IARD.

(b) The application shall be filed together with the following:

(1) A filing fee of $50; and

(2) Proof that the applicant has passed the exam requirement as provided by section 16-38-51, or otherwise qualifies for exemption from the exam as specified in section 16-38-51.

(c) Additional exhibits or information not specifically required by the application may be submitted by the applicant.

(d) The commissioner may require the applicant to file additional information if such information is necessary for the commissioner to determine whether to approve or deny the application. In accordance with the provisions of section 16-38-4.5, any such additional information requested by the commissioner shall be requested in writing within sixty days of the commissioner's receipt of the application.

(e) The commissioner shall, in accordance with section 16-38-4.5, notify the applicant in writing within sixty days of receipt of the application of any deficiencies that must be completed by the applicant in order for the application to be deemed complete. These deficiencies may include, but are not limited to, requiring copies of the documents relating to the applicant's disciplinary history.

(f) The application of an investment adviser representative that has been on file for a period of sixty days after the applicant has received any request for additional information or deficiency notice from the commissioner pursuant to subsection (c) or (d) without the commissioner receiving a complete response to such request or notice, may be denied by the commissioner pursuant to section 485-15, HRS. The commissioner shall notify in writing the applicant and the investment adviser or federal covered adviser with which the applicant is affiliated of the denial and the reasons therefor.

(g) Within sixty days of receipt of a complete application, the commissioner shall notify an applicant in writing whether the application has been approved or denied. If the application was filed through the CRD, the written notification may be provided to the applicant through the CRD. Any application that has not been denied by the commissioner within sixty days of it being completed shall be deemed effective on the sixty-first day after it was deemed complete.

(h) Registrations of investment adviser representatives, including renewals, on or after July 1, 2001 shall be filed through the IARD.

Notes

Haw. Code R. § 16-38-50

[Eff and comp 10/12/85; am 4/4/87; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-14)