P.R. Laws tit. 13, § 113s
(a) A creditors’ committee appointed under §§ 113-113nn of this title shall not have standing to commence an action either directly on its own behalf or derivatively on behalf of the petitioner or on behalf of the petitioner’s creditors, and may not be heard on any matter except as expressly provided in this chapter.
(b) Each creditors’ committee may make recommendations to its constituents with respect to the plan but cannot bind its constituencies or any member thereof to accept, reject, support, or object to any plan, and may not consent to a plan on behalf of any creditor.
(c) No member of a creditors’ committee appointed pursuant to § 113q of this title shall trade in claims against or securities issued by any Commonwealth entity, unless the member:
(1) Has established and enforces sufficient compliance procedures to prevent such member’s representative on the creditors’ committee from sharing information obtained as the member’s representative with any entity within or retained by the member in connection with the trading of claims against or securities issued by any Commonwealth entity;
(2) filed with the Court a notice of its intention to trade, which notice sets forth the details of the member’s compliance procedures referenced in subsection (c)(1) of this section;
(3) obtained approval of its compliance procedures from the petitioner, which approval, in the petitioner’s discretion, may be based on the recommendation of an entity knowledgeable in the securities industry and retained by or for the petitioner; and
(4) does not share information obtained from its service on the creditors’ committee with any entity within or retained by the member in connection with the trading of claims against or securities issued by any Commonwealth entity.
History —June 28, 2014, No. 71, § 320.