Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 38 - SECURITIES - REPEALED
Subchapter 11 - INVESTMENT ADVISERS
Section 16-38-36 - Registration; financial requirements
Current through February, 2024
(a) Every registered investment adviser shall file an annual report within ninety days following the end of the investment adviser's fiscal year as follows:
(b) Except as otherwise provided in subsection (d), each registered investment adviser shall have at all times a minimum net worth of not less than $5,000. As used in this section and section 485-14(q), HRS, "net worth" shall mean the difference between total assets and total liabilities or indebtedness, computed in accordance with the following:
(c) To ensure the investment adviser's compliance with section 485-14(q), HRS, and this section, the commissioner may require the investment adviser to provide to the commissioner, upon request, that the value of unsecured notes, accounts receivable, or advanced commissions due from a salesperson, officer, director, partner, or affiliate be substantiated by an opinion of a bank, finance company, or other lending institution satisfactory to the commissioner.
(d) The provisions of subsections (b) and (c) shall not apply to an investment adviser that maintains its principal place of business in a state other than this State provided that that investment adviser is registered in the state where it maintains its principal place of business and is in compliance with such state's net worth or net capital requirements, if any.