Business Registration

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
KA ʻOIHANA PILI KĀLEPA

JOSH GREEN, M.D.
GOVERNOR | KE KIAʻĀINA

NADINE Y. ANDO
DIRECTOR | KA LUNA HOʻOKELE

TY Y. NOHARA
COMMISSIONER OF SECURITIES

FOR IMMEDIATE RELEASE
December 14, 2023

New Rule Requiring Continuing Education for Investment Adviser Representatives

HONOLULU – The state Commissioner of Securities announces the adoption of Hawaiʻi Administrative Rules (HAR) § 16-39-454.5, which requires both state-registered and federal covered investment adviser representatives to complete annual continuing education courses in order to maintain their registration in Hawaiʻi. The new rule took effect on November 28, 2023.

Under the new rule, as of January 1, 2024, investment adviser representatives currently registered in Hawaiʻi will have until December 31, 2024, to complete the required continuing education courses. Newly registered investment adviser representatives will have until the end of the first full calendar year following the year in which they first became registered, to complete the required continuing education courses.

Investment adviser representatives play an important role in the financial well-being of Hawaiʻi investors by providing advice on important financial decisions such as retirement planning.

The adoption of HAR § 16-39-454.5 implements continuing education requirements for investment adviser representatives in alignment withthose currently in effect for other financial services professionals to ensure continued competency and knowledge regarding industry standards, practices, and products.

“This requirement will help promote heightened regulatory compliance to further protect Hawaiʻi investors and ensure that investment adviser representatives are kept up to date on best practices, ethical issues, and industry resources to serve their clients,” said Commissioner of Securities Ty Nohara.

The new rule allows for investment adviser representatives that are dually registered as agents of broker-dealers or hold other professional designations, to apply their continuing education credits from those programs to satisfy some or all of the requirements of HAR § 16-39-454.5.

Investment adviser representatives must complete courses delivered by providers that meet specific criteria established by the North American Securities Administrators Association (NASAA). More information on course options and availability can be found on the NASAA website at https://www.nasaa.org/industry-resources/investment-advisers/investment-adviser-representative-continuing-education.

Questions regarding the requirement may be directed to the DCCA Securities Compliance Branch at [email protected] or 808-586-2722. A Frequently Asked Questions (FAQ) page has also been published for guidance on the newly adopted continuing education requirements at https://cca.hawaii.gov/sec/iar-ce-faqs/.

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Attachment: HAR § 16-39-454.5 Continuing education requirements
Attachment: IAR CE – FAQs

Media Contact:
William Nhieu
Communications Officer
Department of Commerce and Consumer Affairs
Email: [email protected]
Office: 808-586-7582