2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 888 - Injunctions

(a) When in the judgment of the Commissioner any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter, or any regulation or order promulgated pursuant to the provisions of the same, he/she may at his/her discretion, initiate a process in the Court of First Instance, Superior Part, to enjoin such acts or practices, and to enforce compliance with the provisions of this chapter or any regulation or order promulgated pursuant to its provisions. Upon presentation of proof to the satisfaction of the court, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted, and a receiver or curator may be appointed for the defendant or for the defendant’s assets. The Commissioner shall not be required to post bond.
(b) If the Commissioner reasonably believes, whether or not based on an investigation conducted by him/her, that a person has violated, or in the case of clause (1) of this subsection, is about to violate this chapter or a rule or order issued by the Commissioner under this chapter, the Commissioner may, in addition to any other power granted to him/her under this chapter and upon prior notice and hearing to such effects, unless such right to notice and hearing is waived by the person against whom the sanction is imposed, take one or more of the following measures:
(1) Issue an order to cease and desist;
(2) censor the person, if the person has a broker-dealer, agent, or investment adviser license, or
(3) suspend or prevent the person from associating with a licensed broker-dealer, agent or investment adviser in Puerto Rico for a term not to exceed one year; term during which the Commissioner may conduct any further investigations and take other actions allowed by law that may be necessary to protect the public interest.
(c) For purposes of determining what sanctions, if any, may be imposed under clauses (1)—(3) of subsection (b) of this section, the Commissioner shall consider, among other factors, the frequency and persistence of the conduct which constitutes a violation of any provision of this chapter or any regulation or order promulgated pursuant to its provisions, the number of persons affected adversely by the conduct to be sanctioned, and the scope of the damage caused or about to be caused, should it be easily determined.
(d) The notice required in accordance with subsection (b) of this section shall indicate the legal or statutory provisions that, according to the Commissioner have been violated or, in the case of subsection (b)(1) of this section, are about to be violated, and shall also indicate the right of the affected party to an opportunity for hearing.
(e) Notwithstanding the requirement of previous notice and hearing to the effects of subsection (b) of this section, the Commissioner may impose the sanctions provided under subsection (b)(1) of this section by means of an immediate action adjudicatory procedure in those cases allowed under § 2177 of Title 3, part of the “Uniform Administrative Procedures Act”.
(f) Nothing herein provided shall in any way limit the powers conferred to the Commissioner under the Financial Institutions Commissioner’s Office Act, §§ 2001 et seq. of Title 7.
History —June 18, 1963, No. 60, p. 128, § 408; Aug. 11, 1996, No. 114, § 20.