§485A-606 - Rules, forms, orders, interpretative opinions, and hearings. - Hawaii Statutes

     [§485A-606]  Rules, forms, orders, [interpretative] opinions, and hearings.  (a)  The commissioner may adopt, amend, and repeal, pursuant to chapter 91, such rules as may be necessary to carry out the purposes of this chapter.  Notwithstanding this subsection, the commissioner may adopt, amend, and repeal forms and orders necessary to implement this chapter without regard to chapter 91.  No form or order shall be adopted, amended, or repealed without regard to chapter 91, unless the commissioner finds that the action is in the public interest, necessary or appropriate for the protection of investors, and consistent with the purposes of this chapter.

     (b)  Subject to section 15(h) of the Securities Exchange Act (15 U.S.C. 780) and section 222 of the Investment Advisers Act of 1940 (15 U.S.C. 806-18a), the commissioner may require that a financial statement filed under this chapter be prepared in accordance with generally accepted accounting principles in the United States and comply with other requirements specified by rule adopted or order issued under this chapter.  A rule adopted or order issued under this chapter may establish:

     (1)  Subject to section 15(h) of the Securities Exchange Act (15 U.S.C. 780) and section 222 of the Investment [Advisers] Act of 1940 (15 U.S.C. 806-18a), the form and content of financial statements required under this chapter;

     (2)  Whether unconsolidated financial statements must be filed; and

     (3)  Whether required financial statements must be audited by an independent certified public accountant.

     (c)  The commissioner may provide interpretative opinions or issue determinations that the commissioner will not institute a proceeding or an action under this chapter against a specified person for engaging in a specified act, practice, or course of business if the determination is consistent with this chapter.  A rule adopted or order issued under this chapter may establish a reasonable charge for interpretative opinions or determinations that the commissioner will not institute an action or a proceeding under this chapter.

     (d)  A hearing in an administrative proceeding under this chapter shall be conducted in public unless the commissioner for good cause consistent with this chapter determines that the hearing will not be so conducted. [L 2006, c 229, pt of §1]