(a) Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this State as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c).

Terms Used In Hawaii Revised Statutes 485A-405

  • Commissioner: means the commissioner of securities of this State. See Hawaii Revised Statutes 485A-102
  • Federal covered investment adviser: means a person registered under the Investment Advisers Act of 1940. See Hawaii Revised Statutes 485A-102
  • Filing: means the receipt of a record required under this chapter by the commissioner or a designee of the commissioner. See Hawaii Revised Statutes 485A-102
  • Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Hawaii Revised Statutes 485A-102
  • Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Hawaii Revised Statutes 485A-102
  • Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Hawaii Revised Statutes 485A-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Hawaii Revised Statutes 485A-102
(b) The following federal covered investment advisers are not required to comply with subsection (c):

(1) A federal covered investment adviser without a place of business in this State if its only clients in this State are:

(A) Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) Institutional investors;
(C) Bona fide preexisting clients whose principal places of residence are not in this State; or
(D) Other clients specified by rule adopted or order issued under this chapter;
(2) A federal covered investment adviser without a place of business in this State if the person has had, during the preceding twelve months, not more than five clients that are residents of this State in addition to those specified under paragraph (1); or
(3) Any other person excluded by rule adopted or order issued under this chapter.
(c) A person acting as a federal covered investment adviser not excluded under subsection (b) shall file a notice on a form designated by the commissioner, a consent to service of process complying with § 485A-610, and records that have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as required by rule adopted or order issued under this chapter, and pay the fees specified in section 485A-410(e).
(d) The notice under subsection (c) becomes effective upon its filing.

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