Haw. Code R. § 16-39-442 - Books and records
(a) Every investment
adviser registered or required to be registered under chapter 485A, HRS, and
this chapter shall make and keep true, accurate, and current books and records
in compliance with the Investment Advisers Act,
17 CFR section
275.204-2. In addition, investment advisers
who have custody, as that term is defined in section
16-39-436, of client funds or
securities, shall keep all records and evidence of compliance required by
section 16-39-436.
(b) An investment adviser subject to
subsection (a), before ceasing to conduct or discontinuing business as an
investment adviser shall arrange for and be responsible for the preservation of
the books and records required to be maintained and preserved under this
section for the remainder of the period specified in this section, and shall
notify the commissioner in writing of the exact address where such books and
records shall be maintained during such period.
(c) To the extent that the SEC promulgates
changes to the rules of the Investment Advisers Act referenced in subsection
(a), investment advisers in compliance with such rules as amended shall not be
subject to enforcement action by the commissioner for violation of this section
to the extent that the violation results solely from the investment adviser's
compliance with the amended rule.
(d) Every investment adviser that has its
principal place of business in a state other than this State shall be exempt
from the requirements of this section; provided the investment adviser is
licensed in such state and is in compliance with the state's recordkeeping
requirements.
Notes
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