The Office of the Commissioner of Financial Institutions of Puerto Rico has published a proposed regulation establishing a uniform process for requesting administrative determinations, including rulings, no-objection determinations and interpretations of laws and regulations under its jurisdiction. It would apply to all individuals and legal entities making such requests and authorize the agency to set and revise processing fees through circular letters. Applicants would generally have to submit a complete, final request at least 30 days before a proposed transaction, identifying the relevant legal provisions and providing the facts, supporting documents, legal analysis and applicable payment. Each distinct issue would be treated as a separate request requiring a full fee, while a request to revisit a determination would be handled as a new application. Determinations would be limited to the applicant’s facts, create no rights or binding precedent and remain subject to revision or revocation. A no-objection determination would not constitute regulatory approval or prevent later supervisory or enforcement action. The regulation would take effect 30 days after filing with the Puerto Rico Department of State and would repeal circular letters issued in 1994 and 1995 governing requests for interpretations or opinions.
2026-04-13Office of the Commissioner of Financial Institutions of Puerto Rico
Office of the Commissioner of Financial Institutions of Puerto Rico proposes uniform process and fees for administrative determinations
The Office of the Commissioner of Financial Institutions of Puerto Rico has proposed a uniform application and fee framework for administrative determinations. Requests would require specified facts, legal analysis, supporting documents and payment, with separate fees for distinct issues. Determinations would be fact-specific, nonprecedential and subject to later revision or revocation.