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 III - Registration of Securities (§§ 871 — 877) › § 877 - Federally covered securities

(a) Pursuant to the provisions in Section 18(b)(2) of the Securities Act of 1933, for federally covered securities, said securities are excluded from the scope of the provisions of § 882(a)(13) of this title. With regard to those securities that are federally covered securities by virtue of said Section 18(b)(2) of the Securities Act of 1933, the filing of all the documents listed below shall be required whose requirements can be modified by the Commissioner through an order or regulation to such effect:
(1) Prior to the initial offer in Puerto Rico of a federally-covered security pursuant to Section 18(b)(2) cited above, all documents that are part of the registration statement filed in the SEC under the provisions of the Securities Act of 1933, shall be filed, whether concurrently or not later than the first working day following the day that they are remitted or filed in the SEC, together with the consent to be summoned that is required by § 894(g) of this title, together with the payment of the statement of registration notice fees. Every person who files a statement of registration notice of a federally covered security shall pay a fee for the lesser amount between the amount of fifteen hundred dollars ($15,000) or a sum equal to one-fifth of one percent (1 / 5 of 1%) of the sum of the maximum offering price for which the registered securities shall be offered in Puerto Rico. Provided, That the fee to be paid for this matter shall in no case be less than three hundred and fifty dollars ($350) to a maximum of fifteen hundred dollars ($1,500).
(2) Subsequent to the initial offer in Puerto Rico of a federally covered security pursuant to the above cited Section 18(b)(2), every document that is part of an amendment to the registration statement filed before the SEC under the provisions of the Securities Act of 1933, shall be filed concurrently, and in all cases no later than the first working day following the day that the same are remitted to or filed in the SEC, whichever occurs first. If the amendment increases the amount of securities to be offered for sale in Puerto Rico, it must include fees equivalent to one fifth of one percent (1 / 5 of 1%) of the amount of the maximum offering price at which the additional securities shall be offered in Puerto Rico.
(3) A quarterly report regarding the value of the federally covered security, pursuant to Section 18(b)(2) cited above, indicating the value thereof and the sales made in Puerto Rico during the period comprised in the report, with the purpose of maintaining the information contained in the notice of the federal registration statement and the progress of the offering, up to date.
(b) Pursuant to the provisions of Section 18(b)(4)(D) of the Securities Act of 1933, for the securities defined therein as federally covered, the Commissioner, through an order or regulation to such effect, can require the issuer to file a statement of federal registration notice on Form “SEC-D”, together with the consent to be summoned required in § 894(g) of this title, signed by the issuer, along with the payment of the notice of the registration statement fees established in subsection (a)(1) of this section. Said filing shall be made no later than fifteen (15) days after he first sale of said security in Puerto Rico.
(c) Pursuant to the provisions of Article 18(b)(3) and (4) of the Securities Act of 1933 for the securities designated therein as under federal coverage, the Commissioner may require the filing of a copy of any or all documents that are filed before the SEC with regard to said securities, together with the payment of the registration statement notice fees established in subsection (a)(1) of this section.
(d) The filing of a federal registration notice under the provisions of this section shall be effective for one (1) year from the date on which the federal registration statement notice was received by the Commissioner, or the date on which the offer is effective for the SEC, whichever is later.
(e)
(1) The federal registration notice filed before the Commissioner under he provisions of this section, may be renewed by filing the documents and fees required by subsection (a) of this section prior to the expiration of the notice in effect. Provided, That it shall not be required to file the quarterly report of sales provided in subsection (a)(3) of this section in those cases in which the person paid the maximum notice fees of fifteen hundred dollars ($1,500).
(2) For the renewal of the federal registration filed before the Commissioner under the provisions of this section, the consent to be summoned may be incorporated by reference, provided the previously filed consent continues in effect and the information contained therein remains in effect, and is up to date.
(3) The renewal of the federal registration filed before the Commissioner under the provisions of this section shall become effective upon the expiration of the previously filed notice.
(f) The Commissioner may issue an order to suspend the offering or sale of a federally covered security in Puerto Rico, if it concludes that:
(1) The order protects the public interest, and
(2) the provisions of this section have been violated.
The [issuance] and procedure regarding said order shall be governed by the provisions of subsections (b), (c) and (d) of § 876 of this title.
History —June 18, 1963, Núm. 60, p. 137, added as § 307 on July 26, 1999, No. 167, § 4.