HAR §16-38-38. Registration; disclosure statements

Unless waived by the commissioner, every investment adviser that is registered or required to be registered under chapter 485, HRS, shall, in accordance with the provisions of this section, furnish each advisory client and prospective advisory client with a written disclosure statement that is in compliance with the provisions of SEC rule 204-3 under the Investment Advisers Act of 1940 notwithstanding the fact that the investment adviser is not registered or required to be registered under the Investment Advisers Act of 1940. The delivery and updating of the disclosure statement required by this section shall be in accordance with the requirements of SEC rule 204-3. [Eff and comp §16-38-38 38-54 10/12/85; am and comp 4/14/03] (Auth: HRS §485-2) (Imp: HRS §§485-14, 485-25)