Haw. Code R. § 16-39-437 - Annual financial reporting requirements
(a) Every
registered investment adviser shall file an annual report within ninety
calendar days following the end of the investment adviser's fiscal year as
follows:
(1) An investment adviser that
maintains its principal place of business in this State shall file audited
financial statements; however, if an investment adviser does not have custody
or discretionary authority over client funds, the investment adviser shall file
financial statements verified by a duly authorized officer, or the equivalent,
of the investment adviser and notarized. Any statement that does not adequately
reflect the applicant's true financial picture shall not be accepted;
and
(2) An investment adviser that
maintains its principal place of business in a state other than this State
shall file with the commissioner a copy of the most recent financial report or
statement, if any, that the investment adviser has filed with the securities
commissioner in the state in which it maintains its principal place of
business. An investment adviser that maintains its principal place of business
in a state other than this State but that is not registered in the state in
which it maintains its principal place of business or is not in compliance with
that state's financial reporting requirements, if any, shall be required to
file with the commissioner financial statements that comply with the
requirements of paragraph (1).
(b) Except as otherwise provided in
subsection (d), each registered investment adviser shall have at all times a
minimum net worth specified in section 16-39-433.
(c) To ensure the investment adviser's
compliance with section
16-39-433 and this section, the
commissioner may require that the value of unsecured notes, accounts
receivable, or advanced commissions due from an agent, officer, director,
partner, or affiliate be substantiated by an opinion of a bank, finance
company, or other lending institution satisfactory to the
commissioner.
(d) The provisions of
subsections (b) and (c) shall not apply to an investment adviser that maintains
its principal place of business in another state; provided that the investment
adviser is registered in the state where it maintains its principal place of
business and is in compliance with that state's net worth or net capital
requirements, if any.
Notes
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