1 See Memorandum to SEC Rule Committee No. 34-96, Small Funds Committee No. 6-96, State Securities Members No. 9-96, and Unit Investment Trust Members No. 11-96, dated May 8, 1996.
June 18, 1996
TO: SEC RULES COMMITTEE No. 62-96
SMALL FUNDS COMMITTEE No. 11-96
STATE SECURITIES MEMBERS No. 18-96
UNIT INVESTMENT TRUST MEMBERS No. 23-96
RE: UPDATE ON HAWAII’S NEW FILING REQUIREMENTS
______________________________________________________________________________
As we previously informed you, effective July 1, 1996, the Hawaii Securities Act has
been amended to: (1) require the registration of all mutual funds and unit investment trusts that
do not meet the blue-chip criteria; and (2) impose a filing requirement and assess a fee on those
funds and trusts that claim the exemption.1 While the Institute has been informed by the
Hawaii Commissioner of Securities that it will be necessary to file a form to claim the
exemption, the Commissioner has not yet released the form, information on the filing
procedure, or the specific filing requirements for those funds that must register their securities
because they are ineligible to claim the exemption. The Commissioner has, however, indicated
that funds and trusts will have until August 31, 1996 to fulfill the new filing requirements.
As soon as the Institute is provided the information regarding Hawaiis new filing
requirements and procedures, we will notify you.
Tamara K. Cain
Assistant Counsel