Then, in 2019, the … Territories Investor Protection Act of 2016. Initial Filing An issuer planning to offer and sell securities in Puerto Rico, in an offering exempt under Tier 2 of federal Regulation A, shall submit the following at least 21 calendar days prior to the initial sale in Puerto Rico: 1. At the heart of these incentives is the potential interplay between the IFE Act and Act 22 of January 17, 2012, as amended (see “Puerto Rico’s Act 20 and Act 22 − Key Tax Benefits”). 18 de noviembre de 2020 www.ogp.pr.gov Página 4 de 88 cláusula estén o no, el asesor de inversiones o cualquiera de las personas a quienes se les dirigen las comunicaciones, presentes en Puerto Rico; 60 of June 18, 1963, as amended] Rev. In 1940, the Investment Company Act created an exemption for investment companies incorporated in U.S. territories such as Puerto Rico, Guam, and the Virgin Islands. Government of Puerto Rico, public corporation, as well as the Legislative Branch, the Judicial Branch, and the Municipalities or any other entity created by state or federal law whose funds comes from the General Fund, will be considered Puerto Rico source income, even if the services are rendered outside of Puerto Rico. The Uniform Securities Act of 1956 (“1956 Act”) has been adopted at one time or another, in whole or in part, by 37 jurisdictions. The Guide to Law Online contains a selection of Puerto Rican legal, judicial, and governmental sources accessible through the Internet | Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. Please note that Puerto Rican publicly traded companies registered with the Securities and Exchange Commission are subject to regulations promulgated under the Securities Act of 1933 and the Securities Exchange Act of 1934 and such other rules and other corporate governance requirements imposed by the exchanges in which their securities are traded. GOVERNMENT OF PUERTO RICO Office of the Commissioner of Financial Institutions PO BOX 11855, San Juan, PR 00910-3855 1492 Ponce de León Ave. Centro Europa Building, Suite 600 San Juan, PR 00907- 4024 Phone: 787-723-3131 www.ocif.gobierno.pr MEMORANDUM To: Investment Advisors From: Securities Regulation Division “Uniform Securities Act” [Act No. The U.S. House of Representatives has voted to pass legislation that would get rid of exemptions from federal securities law for registered securities offered in U.S. territories, including Puerto Rico. The goal of Act 20 and 22 was to attract entrepreneurs to the island with tax incentives for establishing businesses in Puerto Rico. The bill is called the U.S. Puerto Rico Puerto Rico Employees Retirement System Court rejects Puerto Rico bondholders’ claim against federal government By Robert Slavin November 24, 2020, 2:30 p.m. EST Rep. The Securities and Exchange Commission (SEC) has long allowed the exemptions if a territorial company’s shares are sold only to residents of the territory where it’s located. [or Section 18(b)(4)] of the Securities Act of 1933: I.