§485A-601 - Commissioner of securities. - Hawaii Statutes

PART VI.  ADMINISTRATION AND JUDICIAL REVIEW

 

     [§485A-601]  Commissioner of securities.  (a)  The administration of this chapter shall be vested in the commissioner.  The director, with the approval of the governor, shall appoint the commissioner who shall not be subject to chapter 76.  The commissioner shall hold the commissioner's office at the pleasure of the director and shall be responsible for the performance of the duties imposed under this chapter.

     (b)  The commissioner shall employ from time to time such other officers, deputies, attorneys, clerks, and employees, as are necessary for the administration of this chapter.  They shall perform such duties as the commissioner assigns to them, and their compensation, and the compensation of the deputies herein provided for, shall be fixed by the commissioner with the approval of the governor, subject to chapter 76.  The commissioner, deputies, or any person appointed or employed by the commissioner under this subsection shall be paid, in addition to their salary or compensation when required to travel on official duties, the transportation cost, board, lodging, and other traveling expenses necessary and actually incurred by each of them in the performance of the duties required by this chapter or performed by the direction of the commissioner.

     (c)  Notwithstanding any other law to the contrary, the commissioner, by contract, may retain the services of attorneys for the enforcement of this chapter.  The attorneys shall serve at the pleasure of the commissioner.  At the option of the commissioner, attorneys retained by contract under this subsection may be compensated on a fixed-price basis, an hourly rate basis, with or without a fixed cap, or through a contingent fee arrangement to be specified in the contract and payable out of all sums the attorney recovers for the State by judgment, order, or settlement.

     (d)  Upon the filing of the application for registration of securities as provided in section 485A-302 or 485A-303, the applicant, in writing, may request that the registration be reviewed by a private consultant and, when requested, the commissioner may contract with private consultants for such review.  The cost of the review shall be borne by the applicant; provided that upon payment of the cost of review, the applicant shall be reimbursed one-half of the respective filing fee.

     (e)  The governor shall cause the commissioner to be furnished with such quarters, stationery, furniture, office equipment, and other supplies as may be necessary for the efficient execution of the functions vested in the commissioner by this chapter.

     (f)  The commissioner shall report to the governor annually upon a date as the governor shall establish.  The report shall contain an account of the work of the commissioner during the period covered and data and information deemed necessary or appropriate.

     (g)  The commissioner may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud.  In developing and implementing these initiatives, the commissioner may collaborate with public and nonprofit organizations with an interest in investor education.  The commissioner may accept a grant or donation from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether the organization is affiliated with the securities industry, to develop and implement investor education initiatives.

     (h)  It shall be unlawful for the commissioner or an officer, employee, or designee of the commissioner to use for personal benefit or the benefit of others records or other information obtained by or filed with the commissioner that are not public under section 485A-608(b).  This chapter does not authorize the commissioner or an officer, employee, or designee of the commissioner to disclose the record or information, except in accordance with section 485A-602 or 485A-608(c). [L 2006, c 229, pt of §1]

 

Revision Note

 

  In subsection (h), "485A-608(b)" substituted for "485A-607(b)" and "485A-602 or 485A-608(c)" substituted for "485A-602, 485A-607(c), or 485A-608" pursuant to §23G-15.