Haw. Code R. § 16-39-432 - Eligibility requirements
(a) An applicant, if
a natural person, shall have attained the age of eighteen years.
(b) A partner, officer, manager,
representative, or employee of a registered investment adviser may render
investment advisory services only if the person meets all the requirements of
and has been duly registered as an investment adviser or investment adviser
representative, as provided by section
485A-404, HRS, and this
chapter.
(c) A corporation,
partnership, limited liability company, sole proprietorship, or other
unincorporated association whose partners, officers, managers, representatives,
or employees render investment advisory services as defined in section
485A-403, HRS, shall comply with
registration procedures as provided by section
485A-406, HRS, and this chapter,
unless otherwise exempted.
(d) An
individual applying to be registered as an investment adviser shall take and
pass a written examination, prescribed by the commissioner, under section
16-39-438.
(e) An applicant shall have at all times, the
minimum net worth, as defined in section
16-39-433. An applicant that
maintains its principal place of business in a state other than this State
shall not be required to comply with the minimum net worth requirement of this
section; provided that the applicant is registered in the state where it
maintains its principal place of business and is in compliance with that
state's net capital or net worth requirements, if any.
(f) Except as otherwise expressly provided in
this subchapter, an applicant who has custody or discretionary authority over
client funds or securities shall obtain a surety bond as set forth in section
16-39-434.
(g) A foreign corporation, partnership, or
limited liability company intending to establish a branch office in this State
shall comply with the requirements of this State's business registration laws,
as applicable.
Notes
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