HAR §16-38-21. Limitation on issuers and offerors

(a) Nothing in this subchapter shall relieve, or be construed as in any way relieving, issuers or persons acting on their §16-38-21 38-42 behalf from providing disclosure to prospective investors adequate to satisfy the anti-fraud provisions of chapter 485, HRS. (b) In view of the objective of this subchapter and the purpose and policies underlying chapter 485, HRS, these exemptions are not available to any issuer or persons acting on their behalf with respect to any transaction which, although in technical compliance with this subchapter, is part of a plan or scheme to evade registration or the conditions or limitations explicitly stated in this subchapter. (c) Nothing in this subchapter is intended to exempt registered dealers, issuers, or agents from the due diligence standards otherwise applicable to registered persons. (d) Nothing in this subchapter is intended to exempt any person from the dealer, issuer, or agent requirements of chapter 485, HRS. [Eff and comp 10/12/85; am and comp 4/14/03] (Auth: HRS §485-2) (Imp: HRS §§485-2, 485-6)