Section 16-38-54 - Registration; expiration, renewal, termination(a) All registrations shall automatically expire on December 31 of each year, unless sooner terminated, and shall be renewed by an investment adviser pursuant to section 16-38-40 or by a federal covered adviser pursuant to section 16-38-33.5. An application for initial or renewal registration shall not be considered filed until the required fee and all required submissions have been received by the commissioner. Any registration of an investment adviser representative that has not been renewed by December 31 shall be terminated by the commissioner effective at 12:00 a.m., on December 31. An investment adviser representative whose registration has been terminated based upon a failure to timely renew such registration may apply for registration in accordance with the provisions of this subchapter. The investment adviser representative is under a continuing obligation to update information required by Form U- 4 as changes occur. An investment adviser representative and the investment adviser shall file promptly with the IARD any amendments to the representative's Form U-4. An amendment shall be considered to be filed promptly if the amendment is filed within thirty days of the event that requires the filing of the amendment.(c) An investment adviser representative's registration may be terminated at any time prior to its expiration date by the investment adviser or federal covered adviser employing the investment adviser representative by filing a Form U-5 with the commissioner directly or through the IARD.(d) An investment adviser representative's registration shall not be transferred. When a representative terminates an affiliation with the investment adviser or federal covered adviser with whom the representative is registered, and wishes to be employed by another investment adviser or federal covered adviser, a notice of termination shall be filed with the commissioner. The representative may then reapply for registration with another investment adviser or federal covered adviser by complying with the requirements of this subchapter.(e) Termination of any investment adviser's registration or any federal covered adviser's notice filing for any reason shall automatically constitute cancellation of all investment adviser representatives registered thereunder.(f) When an investment adviser representative ceases those activities of a representative, or the representative otherwise becomes ineligible to be registered, notice shall be promptly filed with the commissioner on Form U- 5 by either the investment adviser representative, or the investment adviser or federal covered adviser with whom the representative is registered. Unless another date is indicated on the Form U-5, the termination of registration shall be effective upon the commissioner's receipt of such form. In no event shall Form U- 5 be filed with the commissioner later than thirty days following the event or occurrence.[Eff and comp 10/12/85; am 4/4/87; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-14)