HI HCR158

Urges the Department of Commerce and Consumer Affairs to require the Commissioner of Securities to receive notification of and authorization to attend any public employer-approved meeting where broker-dealers offer brokerage services to public employees

Requires any entity conducting such meetings to notify the Department of Commerce and Consumer Affairs of the meeting's date, time, and location

Expresses concern that broker-dealers operating on commission-based compensation are incentivized to maximize sales, potentially leading to riskier and less prudent investments for clients

Notes that while broker-dealers conducting business in Hawaii are regulated under Chapter 485A, Hawaii Revised Statutes, current regulations primarily penalize fraud and deceit rather than provide proactive oversight

Directs certified copies be transmitted to the Governor, Director of Commerce and Consumer Affairs, Commissioner of Securities, Director of Human Resources Development, and various state retirement and employee benefits administrators