HAR §16-38-35. Registration; application

(a) An application for registration shall be filed on Form ADV, which shall be filed with the commissioner directly or through the IARD and shall contain the information requested therein concerning the applicant's identification, qualification, business association, history, experience, and financial condition. (b) The application shall be filed together with the following: (1) An application fee of $100 as provided in section 16-38-3; (2) Evidence of compliance with all applicable requirements of subsections 16-38-34(d) to (g); (3) Financial statements consisting of either: (A) A balance sheet as of a date within thirty days of filing, or if the applicant has been engaged in business one year or more preceding, a balance sheet certified by an independent public accountant as of the last fiscal year, together with a balance sheet verified by the applicant as of a date within thirty days of filing. However, if the applicant does not have custody or discretionary authority over client funds, the adviser need only file financial statements verified by the adviser; or (B) If the adviser maintains its principal place of business in a state other than this State, and if the adviser is registered in the other state and is in compliance with the other state's financial reporting requirements, if any, a copy of the adviser's most recent financial statement filed with the state where the adviser maintains its principal place of business; and (4) Proof that the applicant has complied with the exam requirement provided in section 16-38-37, or otherwise qualifies for exemption from the exam as specified in section 16-38-37. (c) Additional exhibits or information not specifically required by the application may be submitted by the applicant. (d) The commissioner may require the applicant to file additional information if such information is necessary for the commissioner to determine whether to approve or deny the application. In accordance with the provisions of section 16- 38-4.5, any additional information requested by the commissioner shall be requested by the commissioner in writing within sixty days of receipt of the application. §16-38-36 38-51 (e) The application for annual renewal registration as an investment adviser shall be filed with the IARD together with the applicable fee set forth in section 16-38- 3. (f) 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. (g) Registrations of investment advisers, including renewals, on or after July 1, 2001 shall be filed through the IARD. [Eff and comp 10/12/85; am 4/4/87; am and comp 4/14/03] (Auth: HRS §485-2) (Imp: HRS §485-14)