STAND. COM. REP. NO. 615
Honolulu, Hawaii
, 2001
RE: S.B. No. 1078
S.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 1078 entitled:
"A BILL FOR AN ACT RELATING TO THE UNIFORM SECURITIES ACT,"
begs leave to report as follows:
The purpose of this measure is to update state laws governing securities.
Specifically, the measure:
(1) Modernizes and clarifies state law to provide greater certainty in the capital formation process involving limited offerings and to provide a new transactional exemption that mirrors federal law involving stock options as compensation;
(2) Makes State law more uniform with respect to registration requirements for dealers, investment advisers, and their representatives; and
(3) Repeals the requirement that an appeal of a decision rendered by the Commissioner of Securities to the circuit court be heard de novo.
Testimony in support of the measure was received from the Commissioner of Securities and the Investment Company Institute.
Your Committee finds that it is in the State's best interest to enact legislation that modernizes and maintains the uniformity of Hawaii's business registration laws. By adopting language that is consistent with the majority of other states and by incorporating the latest developments in securities law, this measure will improve the State's regulatory effectiveness through the coordination and uniform interpretation of laws among states.
Your Committee has amended the measure by making technical, nonsubstantive amendments for the purposes of clarity, style, and to bring the measure into conformance with recommended drafting procedures.
As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1078, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1078, S.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection and Housing,
|
____________________________ RON MENOR, Chair |
||