Haw. Code R. § 16-38-24 - Disqualification
(a) Any person who is disqualified from using
any provision of Regulation D, 17 CFR section 230, of the Securities Act by the
SEC shall not qualify for any of the exemptions under this
subchapter.
(b) No exemption under
this subchapter shall be used if any person or parties of interest:
(1) Has filed a registration statement which
is the subject of a currently effective stop order entered by any state within
five years prior to the commencement of the offering;
(2) Has been convicted within five years
prior to the commencement of the offering of any felony or misdemeanor in
connection with an offer or sale of any security;
(3) Has been convicted within five years
prior to the commencement of the offering of any felony or misdemeanor
involving fraud or deceit, including but not limited to forgery, embezzlement,
obtaining money under false pretenses, larceny, or conspiracy to
defraud;
(4) Is currently subject
to any state's administrative order or judgment which prohibits the use of any
exemption from registration in connection with the purchase or sale of
securities;
(5) Is currently
subject to any state's administrative order or judgment entered by that state's
security administrator or commissioner within five years prior to the
commencement of the offering or is subject to any state's administrative order
or judgment in which fraud or deceit, including but not limited to making
untrue statements of material facts or omitting to state material facts, was
found and the order or judgment was entered within five years prior to the
commencement of the offering; or
(6) Is currently subject to any order,
judgment, or decree of any court of competent jurisdiction temporarily or
preliminarily restraining or enjoining, or is subject to any order, judgment,
or decree of any court of competent jurisdiction, entered within five years
prior to the commencement of the offering, permanently restraining or enjoining
the person from engaging in or continuing any conduct or practice in connection
with the offer or sale of any security or involving the making of any false
filing with any state.
Paragraphs (1), (2), (3), (5), and (6) shall not apply if the person or party subject to the disqualifying order, judgment, or decree is duly licensed or registered to conduct securities related business in the state in which the order, judgment, or decree was entered against the person or party.
(c) Any
disqualification caused by this section shall be automatically waived if the
federal or state agency which created the basis for disqualification determines
upon a showing of good cause that it is not necessary under the circumstances
that the exemptions be denied.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.