P.R. Laws tit. 7, § 232k
(a) The international banking entity shall employ on a full-time basis a minimum of four (4) persons at its business office or offices in Puerto Rico.
Provided, That the Commissioner may authorize a lesser number of employees upon request of the interested party, for which authorization the Commissioner shall evaluate factors such as the powers conferred by the license granted under this chapter, the nature and complexity of its operations in Puerto Rico, and those other criteria established in the regulations of the Commissioner.
(b) The full-time employees of a person of which an international banking entity is a unit which render some services to such entity, shall be deemed to be full-time employees of such entity for purposes of the employment requirements set forth in subsection (a) of this section.
History —Aug. 11, 1989, No. 52, p. 178, § 13; Aug. 11, 1996, No. 121, § 6.