P.R. Laws tit. 10, § 892
(a) The Commissioner may issue, amend and rescind, from time to time, such regulations, forms, and orders as may be necessary to enforce the provisions of this chapter, including regulations and forms governing, applications and reports, and defining any terms, whether or not used in this chapter, insofar as said definitions are not inconsistent with the provisions of this chapter. Concerning the regulations and forms, the Commissioner may classify persons and matters within his/her jurisdiction, and prescribe different requirements for different classes.
(b) No regulation, form or order may be issued, amended or rescinded, unless the Commissioner determines that such an action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes reasonably intended by the norms and provisions of this chapter. In prescribing regulations and forms, the Commissioner may cooperate with Securities Administrators from other states and with the Securities Commission, so that the policy of this statute may achieve maximum uniformity in the form and content of the applications and reports whenever possible.
(c) The Commissioner may prescribe, through regulation or order:
(1) The form and content of financial statements required under this chapter;
(2) the circumstances under which consolidated financial statements shall be filed, and
(3) whether any required financial statements shall be certified by independent or certified public accountants. All financial statement shall be prepared in accordance with generally accepted accounting practices.
(d) All regulations and forms of the Commissioner shall be published.
(e) No provision of this chapter imposing any liability shall apply to an act done or omitted in good faith in conformity with any regulation, form, or order of the Commissioner, even if said regulation, form or order may later be amended, rescinded, or declared null and void by a judicial or any other authority, for any reason.
(f) Any administrative hearing shall be public, unless the Commissioner, at his/her discretion, grants a petition subscribed by all respondents to the effect that the hearing be held privately.
History —June 18, 1963, No. 60, p. 128, § 412; Aug. 11, 1996, No. 114, § 23.