P.R. Laws tit. 10, § 863
(a) Every registered broker-dealer and investment adviser shall keep and maintain such accounts, correspondence, memoranda, papers, books and other records prescribed by the Commissioner through regulations. All records required shall be kept for three (3) years unless the Commissioner, through regulations, provides otherwise for particular types of records.
(b) Every registered broker-dealer and investment adviser shall submit those financial reports required by the Commissioner through regulations.
(c) Should the information contained within any document filed with the Commissioner be or become inaccurate or incomplete in any material aspect, the registered person shall promptly file a corrective amendment, unless said correction has been notified pursuant to § 861(b) of this title.
(d) All the records referred to in subsection (a) of this section shall be subject at any time or from time to time, to such reasonable periodic or special or other examinations and inspections by representatives of the Commissioner, within or without Puerto Rico, as long as the Commissioner deems it to be necessary or appropriate in the public interest or for the protection of the investors. In the case of periodic inspections, the broker-dealer and the investment adviser whose records are inspected, shall pay the Administrator [sic] an examination fee of [one hundred dollars] $100 for each day or fraction thereof, for each examiner who intervenes in each examination, in addition to the expenses incurred by them for per diems and mileage according to the norms established by the officials and employees of the Commonwealth of Puerto Rico, by certified check or money order issued in favor of the Secretary of the Treasury. In no case shall more than six thousand dollars ($6,000) be charged for periodic inspections in one (1) year. In order to avoid unnecessary duplication of the investigations, the Commissioner, as far as he/she may deem it practical in making effective this subsection, shall cooperate with the securities administrators of other states, with the Securities and Exchange Commission and with any national securities exchange or securities association registered under the Securities Exchange Act.
History —June 18, 1963, No. 60, p. 128, § 203; Aug. 28, 1991, No. 77, § 2; Aug. 11, 1996, No. 114, § 7.