Bill Text: HI SB3042 | 2018 | Regular Session | Introduced
Bill Title: Relating To Securities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-02-15 - The committee on CPH deferred the measure. [SB3042 Detail]
Download: Hawaii-2018-SB3042-Introduced.html
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THE SENATE |
S.B. NO. |
3042 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to securities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 485A-411, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c)
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 1940 (15 U.S.C.
80b-22):
(1) A
broker-dealer registered or required to be registered under this chapter and an
investment adviser registered or required to be registered under this chapter
shall make and maintain for a period of three years after the close of the
calendar or fiscal year to which they pertain, the accounts, correspondence,
memoranda, papers, books, and other records required by rule adopted or order
issued under this chapter;
(2) Broker-dealer
records required to be maintained under paragraph (1) may be maintained in any
form of data storage acceptable under section 17(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78q(a)) if they are readily accessible to the
commissioner; [and] provided that broker-dealer records relating to
security transactions involving a purchaser, customer, or client shall be maintained
in the broker-dealer's office in this State; and
(3) Investment adviser records required to be maintained under paragraph (1) may be maintained in any form of data storage required by rule adopted or order issued under this chapter."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Securities; Broker-dealers; Security Transactions; Records
Description:
Requires a broker-dealer's records that relate to security transactions involving a purchaser, customer, or client be maintained in the broker-dealer's office in this State.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
