On Feb. 16, PR RICO LEG enacted bill to amend licensing requirements
PR RICO LEG enacted Law 45-2025 to amend International banking center regulatory Act, governing creation, operation of international banking institutions in Puerto Rico.
Bill PC 1700 amended various articles and added new ones to PR RICO FIN 52-1989.
Follows PR RICO law amending International financial center regulatory act, #202192.
Document dated Feb. 16, 2024, received from on Feb. 22, summarized on Feb. 26.
Bill Provisions Overview
Increased the fee to apply for and renew the license; clarified that applicant will be responsible for the research expenses generated as a result of their request.
Increased the amount of assets free of liens or financial guarantees and of annual license fees per office; adjusted the paid-in capital requirement to the current reality.
Set transfer of control charge of over 10%; provided for judicial reconsideration as well as review procedure to address any denial of permit or license application.
Legislative History
On Apr. 18, 2023, bill introduced in House; on Oct. 3, 2023, bill passed in House.
On Oct. 10, 2023, bill introduced in Senate; on Nov. 9, 2023, bill passed in Senate.
On Feb. 7, 2024, bill was sent to governor; on Feb. 16, 2024 bill signed by governor.
Effectiveness
Law 45-2024 becomes effective date on May. 16, 2024.
Regulators
PR RICO LEG
Entity Types
B/D; Bank; IA; Inv Co; MSB
Reference
Law 45-2024, Bill PC1700, 2/16/2024; Law 52, 8/11/19189; Citation: PR RICO FIN 52-1989;
