P.R. Laws tit. 10, § 674
(a) It shall be unlawful for any person, in 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 has been guaranteed, sponsored, recommended, or approved by the Commonwealth of Puerto Rico or any agency or officer thereof.
(b) It shall be unlawful for any person registered under this chapter to represent or imply in any manner whatsoever that such person has been sponsored, recommended, or approved, or that his capacity or capability has in any respect been passed upon by the Commonwealth of Puerto Rico or any agency or officer thereof.
(c) No provision of subsection (a) or (b) shall be construed to prohibit a statement that a person or security is registered under this chapter, or that they have been guaranteed, sponsored, recommended or approved by the Puerto Rico Industrial Development Company, if such statement is true in fact and if the effect of such registration is not misrepresented.
History —Oct. 19, 1954, No. 6, p. 220, § 14, eff. Jan. 1, 1955.