2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3082 - Authority and duties of the Commissioner

(a) The Commissioner shall:
(1) Adopt, and may thereafter, from time to time, repeal, amend, or supplement rules and regulations in order to comply with the provisions of this chapter.
(2) Collect fees for examinations and audits, receive monies and make disbursements according to its budget or as otherwise provided by law or the regulations of the Commissioner.
(3) Open and maintain such bank accounts as may be necessary and appropriate for his/her operations.
(4) Review and carry out investigations with regard to all license applications to operate international financial institutions.
(5) Approve, grant conditional approval, or deny permit and license applications to operate international financial institutions; any person whose applications has been denied or conditionally approved may request a hearing pursuant to the regulations provided in § 3099 of this title.
(6) Supervise, inspect, and audit international financial institutions and require from them periodic reports and other information specified in the regulations of the Commissioner.
(7) Require periodic auditing of every international financial institution at least once a year, which shall include an audit of the financial condition of each international financial institution, its compliance with the terms of this chapter and the regulations of the Commissioner, and such other matters as the Commissioner may deem appropriate.
(8) Ascertain the financial security and operating soundness of international financial institutions and ensure that they comply with applicable laws and regulations of the Commissioner and with any other provision or meet any other requirement as established by the Commissioner through order or regulation.
(9) Revoke or suspend a license to operate an international financial institution or impose any sanctions he/she may deem necessary and convenient pursuant to the regulations of the Commissioner; any person whose license has been revoked or suspended, or to whom any other sanction has been imposed, shall have the right to request a hearing pursuant to the regulations provided in § 3099 of this title.
(10) Suspend, remove or otherwise sanction any director, official, employee, agent or individual acting in a similar capacity for an international financial institution, who violates, or voluntarily or negligently allows another person to violate this chapter, the regulations of the Commissioner, or any order or provision of the certificate of incorporation, partnership agreement or any written document establishing the international financial institution; any individual who is suspended, removed or sanctioned may request a hearing pursuant to the regulations provided in § 3099 of this title.
(11) Conduct studies and investigations, at the request of any interested party or on his/her own motion, of authorized matters or on alleged violations of this chapter or the regulations of the Commissioner, and in doing so, he/she may require the necessary, pertinent, and critical information to achieve such purposes, as well as any other investigations as are necessary for the proper administration of the chapter or the regulations of the Commissioner. For purposes of this subsection, the international financial institution shall be responsible for defraying the costs of any special investigation ordered by the Commissioner.
(12) Carry out such other activities or establish such other procedures that are incidental to the performance of his/her duties under this chapter.
(b) The Commissioner shall be empowered to summon witnesses and request the production of such documents as he/she may deem necessary to carry out any investigation which, in his/her judgment, is required to comply with the provisions of this chapter. The information obtained through this process shall be kept confidential.
(c) If a person fails to comply with a summons or order issued by the Commissioner, the latter may resort to the Court of First Instance of Puerto Rico to seek whatever remedy may be legally applicable; the part with jurisdiction may order such person to obey such summons of the Commissioner, under penalty of contempt of court.
(d) In addition to all the powers and authorities conferred under this chapter, as supervisor of international financial institutions, the Commissioner shall have any and all powers to supervise and oversee financial institutions conferred to him/her by §§ 2001 et seq. of this title, including, but not limited to the power to conduct investigations, examinations, voluntary or involuntary liquidation procedures, and initiating different actions to enforce compliance with this chapter or to punish violations thereof.
(e) Within ninety (90) days after the close of each fiscal year of the Government of Puerto Rico, the Commissioner shall remit to the Treasury Department, to be covered into the General Fund of the Government of Puerto Rico, seven point five percent (7.5%) of the net income generated from his/her functions related to this chapter for such fiscal year.
History —Sept. 25, 2012, No. 273, § 3.