(a)(1) Neither the fact that an application for registration under Subchapter II or a registration statement under Subchapter III has been filed nor,(2) the fact that a person is effectively registered, shall constitute a finding by the Commissioner that any document filed pursuant to this chapter is true, complete, and not deceptive. Neither any such facts nor the fact that an exception is available means that the Commissioner has in any way decided on the merits or qualifications, or has recommended or given his/her approval to any persons, securities or transactions.(b) It is unlawful to make, or cause to be made, any representation inconsistent with subsection (a) of this section to any prospective purchaser or client. History —June 18, 1963, No. 60, p. 128, § 405; Aug. 11, 1996, No. 114, § 18.
Puerto Rico Legal Code