Section 16-38-34 - Registration; eligibility requirements(a) An applicant, if a natural person, shall have attained the age of eighteen years.(b) A partner, officer, representative, or employee of a registered investment adviser may render investment advisory services only if the person meets all the requirements of and has been duly registered as an investment adviser or investment adviser representative, as provided by section 485-14, HRS.(c) A corporation, partnership, sole proprietorship, or other unincorporated association whose partners, officers, representatives, or employees render investment advisory services as defined in section 485-1(6), HRS, shall comply with registration procedures as provided by section 485-14, HRS, and this chapter, unless otherwise exempted.(d) An applicant shall have a minimum net worth, as defined in section 16-38-36, of not less than $5,000, if the applicant has custody or discretionary authority over client funds. An applicant that maintains its principal place of business in a state other than this State shall not be required to comply with the minimum net worth requirement of this section; provided that the out-of-state adviser is registered in the state where it maintains its principal place of business and is in compliance with that state's net capital or net worth requirements, if any.(e) An applicant who retains custody or discretionary authority over client funds shall obtain insurance covering the adviser's business for errors and omissions for at least $100,000 per occurrence, with a $200,000 aggregate for advisers with less than two years' experience or coverage for $100,000 per occurrence with a $500,000 aggregate for advisers with two or more years of experience. An investment adviser who commences a second year of experience during the interim period between registration and renewal shall submit within thirty days after the commencement of the second year proof of the higher insurance coverage commensurate with the above mentioned amounts.(f) A foreign corporation or a partnership intending to establish a branch office in this State shall comply with the requirements of the Hawaii foreign corporation law (chapter 414, HRS) or the Hawaii partnership law (chapter 425, HRS), as applicable.[Eff and comp 10/12/85; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-14)