Hawaii Revised Statutes 485a. Uniform Securities Act
PART I. GENERAL PROVISIONS
- 485a-101 Short Title.
This chapter shall be known and may be cited as the Uniform Securities Act (2002). [L 2006, c 229, pt of §1]
- 485a-102 Definitions.
As used in this chapter, unless the context otherwise requires: "Agent" means an individual, other than a broker-dealer, who represents a broker-dealer in effecting...
- 485a-103 References to Federal Statutes.
"Securities Act of 1933" (15 U.S.C. 77a et seq.), "Securities Exchange Act of 1934" (15 U.S.C. 78a et seq.), "Public Utility Holding Company Act of...
- 485a-104 References to Federal Agencies.
A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department....
- 485a-105 Electronic Records and Signatures.
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede section 101(c)...
PART II. EXEMPTIONS FROM REGISTRATION OF SECURITIES
- 485a-201 Exempt Securities.
The following securities are exempt from the requirements of sections 485A-301 to 485A-305 and 485A-504: (1) A security, including a revenue obligation or a...
- 485a-202 Exempt Transactions.
(a) The following transactions are exempt from the requirements of sections 485A-301 to 485A-305 and 485A-504: (1) An isolated nonissuer transaction, whether or not...
- 485a-203 Additional Exemptions and Waivers.
A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a...
- 485a-204 Denial, Suspension, Revocation, Condition, or Limitation of Exemptions.
Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application...
PART III. REGISTRATION OF SECURITIES AND NOTICE
FILING OF FEDERAL COVERED SECURITIES
- 485a-301 Securities Registration Requirement.
It is unlawful for a person to offer or sell a security in this State unless: (1) The security is a federal covered security;...
- 485a-302 Notice Filing.
(a) With respect to a federal covered security, as defined in section 18(b)(2) of the Securities Act of 1933 (15 U.S.C. 77r(b)(2)), that is not...
- 485a-303 Securities Registration by Qualification.
(a) A security may be registered by qualification under this section. (b) A registration statement under this section shall contain the information or records specified...
- 485a-304 Securities Registration Filings.
(a) A registration statement may be filed by the issuer, a person on whose behalf the offering is to be made, or a broker-dealer registered...
- 485a-305 Denial, Suspension, and Revocation of Securities Registration.
(a) The commissioner may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, a registration statement if the commissioner finds...
- 485a-306 Waiver and Modification.
The commissioner, in the commissioner's sole discretion, may waive or modify, in whole or in part, any or all of the requirements of sections 485A-302...
PART IV. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,
INVESTMENT ADVISER REPRESENTATIVES, AND
FEDERAL COVERED INVESTMENT ADVISERS
- 485a-401 Broker-Dealer Registration Requirement and Exemptions.
(a) It is unlawful for a person to transact business in this State as a broker-dealer unless the person is registered under this chapter...
- 485a-402 Agent Registration Requirement and Exemptions.
(a) It is unlawful for an individual to transact business in this State as an agent unless the individual is registered under this chapter as...
- 485a-403 Investment Adviser Registration Requirement and Exemptions.
(a) It is unlawful for a person to transact business in this State as an investment adviser unless the person is registered under this...
- 485a-404 Investment Adviser Representative Registration Requirement and Exemptions.
(a) It is unlawful for an individual to transact business in this State as an investment adviser representative unless the individual is registered under...
- 485a-405 Federal Covered Investment Adviser Notice Filing Requirement.
(a) Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to...
- 485a-406 Registration by Broker-Dealer, Agent, Investment Adviser, and Investment Adviser Representative.
(a) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service...
- 485a-407 Succession and Change in Registration of Broker-Dealer or Investment Adviser.
(a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a...
- 485a-408 Termination of Employment or Association of Agent and Investment Adviser Representative; Transfer of Employment or Association. ; ;
(a) If an agent registered under this chapter terminates employment or association with a broker-dealer or issuer; or if an investment adviser representative registered...
- 485a-409 Withdrawal of Registration of Broker-Dealer, Agent, Investment Adviser, and Investment Adviser Representative.
The withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty days after the filing of the application to...
- 485a-410 Filing Fees.
(a) A person shall pay a fee of $200 when initially filing an application for registration as a broker-dealer and a fee of $200 when...
- 485a-411 Postregistration Requirements.
(a) Subject to section 15(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(h)) or section 222 of the Investment Advisers Act of...
- 485a-412 Denial, Revocation, Suspension, Withdrawal, Restriction, Condition, or Limitation of Registration.
(a) If the commissioner finds that it is in the public interest and subsection (d) authorizes the action, the commissioner, under this chapter may...
PART V. FRAUD AND LIABILITIES
- 485a-501 General Fraud.
(a) It shall be unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly: (1) To...
- 485a-502 Prohibited Conduct in Providing Investment Advice.
(a) It shall be unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to...
- 485a-503 Evidentiary Burden.
(a) In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion shall have the burden...
- 485a-504 Filing of Sales and Advertising Literature.
(a) Except as otherwise provided in subsection (b) and section [485A-501(a)(7)], a rule adopted or order issued under this chapter may require the filing...
- 485a-505 Misleading Filings.
It shall be unlawful for a person to make or cause to be made, in a record that is used in an action or...
- 485a-506 Misrepresentations Concerning Registration or Exemption.
(a) The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice...
- 485a-507 Qualified Immunity.
A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative shall not be liable to another broker-dealer, agent, investment adviser, federal...
- 485a-508 Criminal Penalties.
(a) Whoever violates this chapter shall be punished as follows: (1) An offense in which the total value of all money and anything else...
- 485a-509 Civil Liability.
(a) Enforcement of civil liability under this section shall be subject to the Securities Litigation Uniform Standards Act of 1998. (b) A person is liable...
- 485a-510 Rescission Offers.
A purchaser, seller, or recipient of investment advice may not maintain an action under section 485A-509 if: (1) The purchaser, seller, or recipient of investment...
PART VI. ADMINISTRATION AND JUDICIAL REVIEW
- 485a-601 Commissioner of Securities.
[§485A-601] Commissioner of securities. (a) The administration of this chapter shall be vested in the commissioner. The director, with the approval of the governor,...
- 485a-602 Investigations and Subpoenas.
(a) The commissioner may: (1) Conduct public or private investigations within or outside of this State which the commissioner considers necessary or appropriate to...
- 485a-603 Civil Enforcement.
(a) If the commissioner believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of...
- 485a-603.5 Additional Civil Penalties for Securities Violations Committed Against Elders.
If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the...
- 485a-604 Administrative Enforcement.
(a) If the commissioner determines that a person has engaged, is engaging, or is about to engage in an act, practice, or course of...
- 485a-604.5 Additional Administrative Penalties for Securities Violations Committed Against Elders
. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at...
- 485a-605 Venue.
Any action brought by the commissioner under this chapter may be brought in any circuit in the State at the commissioner's discretion. Any other action...
- 485a-606 Rules, Forms, Orders, [Interpretative] Opinions, and Hearings.
(a) The commissioner may adopt, amend, and repeal, pursuant to chapter 91, such rules as may be necessary to carry out the purposes of...
- 485a-607 Administrative Files and Opinions.
(a) The commissioner shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications...
- 485a-608 Public Records; Confidentiality.
(a) Except as otherwise provided in subsection (b) or chapter 92F, records obtained by the commissioner or filed under this chapter, including a record...
- 485a-609 Appeals to Court, First Circuit; Time; Bonds; Costs; Decree; Further Appeal.
(a) An appeal may be taken by any aggrieved person from any final order of the commissioner to the circuit court of the first...
- 485a-610 Service of Process.
(a) A consent to service of process complying with this section shall be signed and filed in the form required by a rule or...
PART VII. TRANSITION
Last modified: October 27, 2016