Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 71

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 5
Chunk 71
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registered broker-dealer with the
SEC and subject to
regulation and examination by
the SEC as 
well
as
FINRA
and
other
self-regulatory
organizations.
These
regulations
cover
a
broad
range
of
issues,
including
capital 
requirements;
sales
and
trading
practices;
use
of
client
funds
and
securities;
the
conduct
of
directors,
officers
and
employees; 
record-keeping and recording;
supervisory procedures to
prevent improper trading
on material
non-public information; qualification 
and
licensing
of
sales
personnel;
and
limitations
on
the
extension
of
credit
in
securities
transactions.
In
addition
to
federal 
registration, state securities
commissions require the
registration of certain
broker-dealers. PS is
registered with 35
U.S. state and 
territory securities commissions. 
Regulation of Reinsurers, Insurance Producers and
Agents
Popular’s subsidiaries that are engaged in
insurance agency and producer activities are
subject to regulatory supervision 
by the Puerto
Rico Office of
the Commissioner of Insurance
and to insurance laws
and regulations requiring licensing
of insurance 
producers and
agents. Popular’s
reinsurance subsidiaries
are subject
to
licensure and
regulatory supervision
by the
Puerto Rico 
Office of the Commissioner of Insurance and
to insurance laws and regulations requiring, among
other things, minimum capital and 
solvency standards, financial reporting, restrictions on
the amount of dividends payable, record
keeping and examinations. 
Puerto Rico Regulation 
As
a
commercial
bank
organized
under
the
laws
of
Puerto
Rico,
BPPR
is
subject
to
supervision,
examination
and 
regulation by the Office of the Commissioner of Financial Institutions, pursuant to the Puerto Rico Banking Act of 1933, as amended 
(the “Banking Law”). 
Section 27
of the
Banking Law
requires that
at
least ten
percent (10%)
of the
yearly net
income of
BPPR be
credited 
annually to a reserve
fund. The apportionment must be
done every year until the
reserve fund is equal to
the total of paid-in
capital 
on common