HI SCR134

Requests the Department of Commerce and Consumer Affairs to convene a working group chaired by the Commissioner of Financial Institutions to investigate creating a Hawaii-based local investment exchange called the Hawaii Exchange for Local Investment.

Working group shall include the Securities Commissioner, a representative from the Director of Commerce and Consumer Affairs, investor community representatives, and other participants identified by the Commissioner of Financial Institutions.

Working group must investigate state and federal laws governing local investment exchanges and develop legislative recommendations for regulatory framework, including appropriate regulatory agency, staffing, officer/director appointment criteria, enterprise listing criteria, liability protections, and SEC collaboration procedures.

Working group is required to submit findings and recommendations to the Legislature no later than twenty days before the 2012 Regular Session convenes.

Aims to facilitate local equity investment in Hawaii companies by creating a transparent investment process within state boundaries to support economic diversification and job creation.