What is the process for registering an investment fund?

In Hawaii, the process for registering an investment fund follows certain steps laid out by the Hawaii Uniform Securities Act. First, an issuer must file Form U-1A with the Securities Commissioner. This includes basic information about the fund as well as its partners and administrators. Next, the issuer must ensure that the fund meets the criteria of a ‘Qualified Investor Fund’ under the law. This means that the fund must meet certain requirements related to capitalization, management, and other factors. Third, the issuer must provide the Commissioner with an offering memorandum that details the fund’s main features. This document must be available to the public. Fourth, the issuer must receive the Commissioner’s approval of the fund’s registration status. The Commissioner will consider the fund’s structure, information about its administrators, and its offering memorandum. Fifth, the issuer must provide the Commissioner with a list of acknowledgements related to the fund’s compliance with the Hawaii Uniform Securities Act. These acknowledgements will ensure that the fund continues to meet the requirements of the Act. Finally, the issuer must file Form U-2 with the Commissioner, which is a certificate of registration. Once this form is approved, the fund is ready to begin operations. In summary, registering an investment fund in Hawaii involves filing certain documents with the Securities Commissioner, meeting the criteria of a Qualified Investor Fund, providing an offering memorandum, receiving approval for the registration status, providing acknowledgements of compliance with the Hawaii Uniform Securities Act, and filing the Form U-2 certificate of registration.

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