HI SB3042

Amends Hawaii Revised Statutes Section 485A-411(c) to require broker-dealer records relating to security transactions involving a purchaser, customer, or client be maintained in the broker-dealer's office in Hawaii.

Permits broker-dealer records to be maintained in any form of data storage acceptable under federal Securities Exchange Act of 1934 Section 17(a), provided they are readily accessible to the commissioner.

Requires broker-dealers and investment advisers to maintain accounts, correspondence, memoranda, papers, books, and other records for three years after the close of the calendar or fiscal year to which they pertain.

Investment adviser records may continue to be maintained in any form of data storage as required by rule or order adopted under Hawaii securities law.

Takes effect upon approval.