It shall be unlawful for any person, issuing or selling any security of which a registered investment company is the issuer, to represent or imply in any manner whatsoever that such security or company:(a) Has been guaranteed, sponsored, recommended, or approved by the Commonwealth of Puerto Rico, or any agency, public corporation or officer thereof. If an investment company is advised by a bank, or its securities are sold through a bank, such bank shall prominently disclose that an investment in the company is not insured by any government agency. Provided, That if any agency or public corporation of the Commonwealth of Puerto Rico acquires securities of any kind in the investment company, it shall not be banned from representing so to third parties.(b) Has been guaranteed by any bank, agency, or insured depository institution. History —July 30, 2013, No. 93, § 34, eff. 120 days after July 30, 2013.
Puerto Rico Legal Code