It shall be unlawful for any of the following persons to serve or act in the capacity of employee, officer, director, member of an advisory board, investment adviser, principal underwriter, or depositor for any registered investment company:(a) Any person who within 10 years has been convicted of aggravated robbery, fraud, identity theft, as defined in the Puerto Rico Penal Code of 2012, §§ 5001 et seq. of Title 33, any offense involving the purchase or sale of any security or arising out of such person’s conduct as an underwriter, broker, investment adviser, or any other financial activity; or as an affiliated person, salesman, employee, official, or director of any investment company, bank, insurance company, or any other financial entity.(b) Any person who, by reason of any misconduct, is permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction from acting as an underwriter, broker, investment adviser, or any other financial activity; or as an affiliated person, salesman, employee, official, or director of any investment company, bank, insurance company, or any other financial entity; or from engaging in or continuing any conduct or as an affiliated person, salesman, employee, official, or director of any investment company, bank, insurance company, or any other financial entity; or from engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.(c) A company any affiliated person of which is ineligible, by reason of subsections (a) and (b) of this section.(d) Any person whose license to practice a profession duly regulated by law has been revoked or suspended, provided that the fault that led to the license revocation or suspension was related to an ethical fault. History —July 30, 2013, No. 93, § 7, eff. 120 days after July 30, 2013.
Puerto Rico Legal Code