P.R. Laws tit. 10, § 691c
Any investment company organized or created under the laws of the Commonwealth of Puerto Rico shall register, for purposes of this chapter, and file with the Commissioner a notification of registration, in such form as the Commission shall prescribe by regulations. The registrant shall file, in such form and containing such information as provided by the Commissioner through regulations, a notification of registration containing the following:
(a) A recital of the policy of the registrant in respect of each characteristic of the investment company within the categories established in § 691a of this title.
(b) A recital of all investment policies of the registrant, including a statement that it shall concentrate present or future investments in a particular industry or group of industries.
(c) A detailed recital of all policies of the registrant related to the issue of preferred stocks and the leverage.
(d) A recital of any other policy of the registrant which the registrant deems matters of fundamental policy.
(e) The name and address of each affiliated person of the registrant; the name and address of every company of which each such affiliated person is an officer, director, partner or employee; a brief statement of the business experience for the preceding five (5) years of each officer and director of the registrant.
(f) Any other information that the Commissioner may prescribe by regulations.
The Commissioner shall issue a certificate of registration (license) to the registrant if, after conducting the appropriate investigation and examination from the best information sources available, he/she verifies that the reputation, responsibility, and general suitability of the persons mentioned in the notification justify such recognition and ensure the likelihood that the businesses to be conducted by the registrant shall be done honestly and efficiently in accordance with the purposes of this chapter, and that the public need and convenience warrant the issuance of such license.
If it appears to the Commissioner that a registered investment company has failed to file the information required by this section or any other report required under this chapter or any regulations, or has filed such information, but omitted therefrom material facts required to be stated therein, the Commissioner shall notify to such company of such violation and fix a date prior to which the registrant or company must meet such requirement. Failure to meet these obligations may result in the revocation of the registration of the investment company.
History —July 30, 2013, No. 93, § 6; Nov. 27, 2013, No. 137, § 3.