May 8, 1996
TO: SEC RULES COMMITTEE No. 34-96
SMALL FUNDS COMMITTEE No. 6-96
STATE SECURITIES MEMBERS No. 9-96
UNIT INVESTMENT TRUST MEMBERS No. 11-96
RE: HAWAII AMENDS EXEMPTION FROM REGISTRATION
______________________________________________________________________________
Effective July 1, 1996, Hawaiis exemption from registration for investment companies
will no longer be free or self-executing. Additionally, it will only be available to those
companies that meet the "blue-chip" criteria. Recently enacted amendments to the Hawaii
Securities Act: (1) require the registration of all mutual funds and unit investment trust that do
not meet the blue-chip criteria; and (2) impose a notice filing requirement and assess a fee on
those funds and trusts that claim the exemption. The fee for claiming the exemption initially
will be $200 per fund or trust, with a $50 annual renewal fee. The Institute is currently working
with Hawaiis Securities Commissioner to determine the filing requirements and procedures
for claiming the exemption, as well as for registering securities. As soon as such information is
available, it will be disseminated by the Institute. A copy of the relevant amendments to the
Hawaii Securities Act is attached.
Tamara K. Cain
Assistant Counsel
Attachment
Note: Not all recipients of this memo will receive an attachment. If you wish to obtain a copy
of the attachment referred to in this memo, please call the Institute’s Information Resource
Center at (202)326-8304, and ask for this memo’s attachment number: 7849.