STAND. COM. REP. NO. 1513

Honolulu, Hawaii

, 2001

RE: H.B. No. 602

H.D. 1

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committees on Commerce, Consumer Protection and Housing and Judiciary, to which was referred H.B. No. 602, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE UNIFORM SECURITIES ACT,"

beg leave to report as follows:

The purpose of this measure is to update state laws governing securities transactions.

The Commissioner of Securities (Commissioner) and Investment Company Institute testified in support of this measure.

Testimony in support of this measure was received from the Commissioner and Investment Company Institute.

This measure conforms provisions relating to exemptions from the security registration requirement to federal law, thereby making Hawaii's laws more uniform with the laws of other states and enhancing the ability of issuers of securities to raise capital. Additionally, this measure makes state law more uniform with respect to registration requirements for dealers, investment advisers, and their representatives, and limits an appeal from a decision of the Commissioner to a proceeding upon the record.

Your Committees have amended this measure by replacing its contents with the language of S.B. No. 1078, S.D. 1, a substantively similar, but technically different measure.

As affirmed by the records of votes of the members of your Committees on Commerce, Consumer Protection and Housing and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 602, H.D. 1, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 602, H.D. 1, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committees on Commerce, Consumer Protection and Housing and Judiciary,

____________________________

BRIAN KANNO, Chair

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RON MENOR, Chair