Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 12 - INVESTMENT ADVISER REPRESENTATIVES › Section 16-38-54 - Registration; expiration, renewal, termination

Current through June, 2024
(a) All
				registrations shall automatically expire on December 31 of each year, unless
				sooner terminated, and shall be renewed by an investment adviser pursuant to
				section 16-38-40 or by a federal covered adviser pursuant to section
				16-38-33.5. An application for initial or renewal registration shall not be
				considered filed until the required fee and all required submissions have been
				received by the commissioner. Any registration of an investment adviser
				representative that has not been renewed by December 31 shall be terminated by
				the commissioner effective at 12:00 a.m., on December 31. An investment adviser
				representative whose registration has been terminated based upon a failure to
				timely renew such registration may apply for registration in accordance with
				the provisions of this subchapter. The investment adviser representative is
				under a continuing obligation to update information required by Form U- 4 as
				changes occur. An investment adviser representative and the investment adviser
				shall file promptly with the IARD any amendments to the representative's Form
				U-4. An amendment shall be considered to be filed promptly if the amendment is
				filed within thirty days of the event that requires the filing of the
				amendment.
(c) An investment
				adviser representative's registration may be terminated at any time prior to
				its expiration date by the investment adviser or federal covered adviser
				employing the investment adviser representative by filing a Form U-5 with the
				commissioner directly or through the IARD.
(d) An investment adviser representative's
				registration shall not be transferred. When a representative terminates an
				affiliation with the investment adviser or federal covered adviser with whom
				the representative is registered, and wishes to be employed by another
				investment adviser or federal covered adviser, a notice of termination shall be
				filed with the commissioner. The representative may then reapply for
				registration with another investment adviser or federal covered adviser by
				complying with the requirements of this subchapter.
(e) Termination of any investment adviser's
				registration or any federal covered adviser's notice filing for any reason
				shall automatically constitute cancellation of all investment adviser
				representatives registered thereunder.
(f) When an investment adviser representative
				ceases those activities of a representative, or the representative otherwise
				becomes ineligible to be registered, notice shall be promptly filed with the
				commissioner on Form U- 5 by either the investment adviser representative, or
				the investment adviser or federal covered adviser with whom the representative
				is registered. Unless another date is indicated on the Form U-5, the
				termination of registration shall be effective upon the commissioner's receipt
				of such form. In no event shall Form U- 5 be filed with the commissioner later
				than thirty days following the event or occurrence.