P.R. Laws tit. 10, § 663
The Secretary, by rules and regulations upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this chapter or of any rule or regulation thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this chapter.
The Puerto Rico Education and Rehabilitation Society (SER de Puerto Rico) and the Housing and Human Development Trust of Puerto Rico, as it has been created and is operated pursuant to Public Deed No. 135 of May 7, 2004, executed before Notary José Orlando Mercado-Gely, are hereby exempt from the application of this Chapter.
If, in connection with any rule, regulation, or order under this section exempting any investment company from any provision of § 664 of this title, the Secretary deems it necessary or appropriate in the public interest or for the protection of investors that certain specified provisions of this chapter pertaining to registered investment companies shall be applicable in respect of such company, the provisions so specified shall apply to such company, and to other persons in their transactions and relations with such company, as though such company were a registered investment company.
Any municipal license levied tax under §§ 651 et seq. of Title 21, on every investment company that operates under the provisions of this chapter shall be limited to said company’s nondistributed taxable net income. This provision does not alter the right to impose municipal licenses tax as established in clause (B) of paragraph (7) of subsection (a) of Section (3) of Act No. 113 of July 10, 1974, as amended, on commercial activities of brokerage firms or similar businesses generating the purchase and sale of stock or other investment instruments issued by said companies that operate under the provisions of this chapter.
The Housing and Human Development Trust of Puerto Rico, as it has been created and is operated pursuant to Public Deed No. 135 of May 7, 2004, executed before Notary José Orlando Mercado Gely, is hereby exempted from this section.
History —Oct. 19, 1954, No. 6, p. 220, § 3; Jan. 20, 1995, No. 18, § 1; Sept. 27, 2003, No. 278, § 1; Sept. 21, 2004, No. 391, § 1; Aug. 16, 2012, No. 179, § 7.