P.R. Laws tit. 7, § 3106
Sections 232 et seq. of this title, known as the “International Banking Center Regulatory Act” shall remain in effect and none of the provisions of this chapter shall be construed to impair the renewal of licenses under §§ 232 et seq. of this title. International banking entities to which a license was issued pursuant to § 232e of this title, known as the “International Banking Center Regulatory Act”, shall be subject to the provisions of the aforementioned §§ 232 et seq. of this title. This includes renewing its license under §§ 232 et seq. of this title or, at the option of the international banking entity, it may request to avail itself of the provisions of this chapter, subject to the conditions established by the Commissioner through regulations, circular letter, or administrative determination. If the conversion request is granted and a license is issued under this chapter, the international banking entity shall be considered an international financial institution organized in accordance with this chapter and shall enjoy the rights privileges, powers, and authority and be subject to the duties, obligations, penalties, responsibilities, conditions, and limitations provided in this chapter and the decree and license issued thereunder.
Organization permits and license applications other than a renewal filed to organize an international banking entity under §§ 232 et seq. of this title, which were submitted to the Commissioner and were not issued before the effective date of this act can be processed pursuant to this chapterat the option of the applicant. Any regulations adopted by virtue of the aforementioned §§ 232 et seq. of this title, that are not in conflict with this chapter, may be used to interpret and implement the provisions of this chapter until the corresponding regulations are approved in accordance with the provisions of this chapter. New applications for authorization to organize international banking entities under §§ 232 et seq. of this title shall not be accepted after the effective date of this act.
History —Sept. 25, 2012, No. 273, § 27.