Puerto Rico

News & Analysis as of

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

A Case for NMTCs in US Territories

Annually, following the release of the New Markets Tax Credit (“NMTC”) Application, the Community Development Financial Institutions (“CDFI”) Fund identifies ten states, plus US territories, that have not received as much...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Puerto Rico's Act 20 and Act 22 – key tax benefits

In the midst of a complicated fiscal situation, Puerto Rico continues to attract investors and companies through two extant tax incentive packages: Puerto Rico’s Act 20 – the Promotion of Export Services Act –  and Act 22 –...more

Puerto Rico: Congress and Supreme Court Shape a Path Towards Financial Recovery

Puerto Rico’s financial woes have recently been front and center in financial news. Although a recent decision by the U.S. Supreme Court curtailed Puerto Rico’s ability to enact its own legislation to address its debt...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Aveta And The Use Of Confidential Info In FCA Cases

In a recent case in the District of Puerto Rico, United States ex rel. Valdez v. Aveta Inc., et al., No. 15-cv-01140-CCC (D.P.R.), the former president of Puerto Rican-based managed health care provider Aveta Inc., Jose...more

Quarterly Investment Update - 2nd Quarter 2016

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Congress Poised to Extend Investment Company Act to U.S. Territories

Congress is poised to eliminate the exemption in the Investment Company Act of 1940 (the 1940 Act) for investment companies located in Puerto Rico, the Virgin Islands, and other U.S. possessions. The 1940 Act governs...more

PROMESA becomes law: all businesses in Puerto Rico will be affected – top points about this sweeping rescue package

Just one day before the July 1 deadline for an expected major default by the Government of Puerto Rico, President Barack Obama signed into law the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), a...more

Orrick's Financial Industry Week in Review

SEC Approves IEX Proposal to Launch National Exchange, Issues Interpretation on Automated Securities Prices - On June 17, 2016, the Securities and Exchange Commission ("SEC") approved the application of Investors'...more

Puerto Rico Does Not Have to Comply with DOL’s Final Rule Amending ‘White Collar’ Overtime Regulations, For Now

The U.S. Senate has approved the controversial “Puerto Rico Oversight, Management, and Economic Stability Act” (“PROMESA”), H.R. 5278, which will establish an Oversight Board to assist the Government of Puerto Rico in...more

New DOL "White Collar" Overtime Exemptions Rule to be Put on Hold in Puerto Rico Under PROMESA

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (S. 2328), commonly known as “PROMESA.” This measure, which was enacted with bipartisan support, effectively delays...more

Your daily dose of financial news - The Brief – 7.1.16

Yesterday, Hershey rejected Kraft spinoff Mondelez’s $23 billion takeover offer, but the dealmaking efforts may not be over. The success of any increased offer lies in the hands of the Hershey Trust Company, a charitable...more

PROMESA—Energy in Puerto Rico amidst the Debt Crisis

Renewable energy industry participants are hungrily eyeing the tiny U.S. commonwealth of Puerto Rico, trying to determine whether the island’s debt crisis-driven troubles – which recently put a halt on development activities...more

Congress Approves Puerto Rico’s Reprieve From Salary Basis Increase

The Senate has approved the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”)...more

Supreme Court Strikes Down Puerto Rico’s Local Restructuring Law

In a 5-2 decision, the Supreme Court of the United States in Commonwealth of Puerto Rico et al. v. Franklin California Tax-Free Trust et al., 579 U.S. ___ (2016), rejected the Puerto Rico Public Corporation Debt Enforcement...more

The Supreme Court - June 2016 #3

The Supreme Court of the United States issued decisions in three cases on June 13, 2016: - Puerto Rico v. Franklin Cal. Tax-Free Trust, No. 15-233: Under the Federal Bankruptcy Code, state bankruptcy laws that enable...more

Supreme Court Decides Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust

On June 13, 2016, the Supreme Court of the United States decided Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, No. 15-233, holding that Chapter 9 of the federal bankruptcy code preempts Puerto Rico’s...more

The Supreme Court - June 2016 #2

The Supreme Court of the United States issued decisions in three cases on June 9, 2016: - Dietz v. Bouldin, No. 15-458: An automobile accident case went to a jury trial in federal district court. Respondent Hillary...more

Three Strikes and Recovery Act is Out

Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself. Given the comprehensiveness of the...more

La Oficina del Distrito de Miami de la EEOC y la Oficina de la Procuradora de las Mujeres Firman un Acuerdo Historico de...

Pacto Establece Una Relación de Colaboración en Curso Entre las Dos Entidades - SAN JUAN, P.R. -- La Oficina del Distrito de Miami de la Comisión Para la Igualdad de Oportunidades en el Empleo de los EE.UU. (EEOC) entró...more

EEOC’S Miami District and Women’s Advocate of Puerto Rico Sign Historic Partnership Agreement

Pact Establishes Ongoing Collaborative Relationship Between the Two Entities - SAN JUAN, P.R. -- The Miami District Office of the U.S. Equal Employment Opportunity Commission (EEOC) entered into a memorandum of...more

Revised Puerto Rico Bill (PROMESA) Introduced: Reflects an Agreement between House Speaker Paul Ryan and the White House (HR 5278)...

Puerto Rico is in crisis, faced with more than US$100 billion in debts of governmental and related entities. On May 19, 2016, with the support of House Natural Resources Committee Chairman Rob Bishop (R-UT), House Speaker...more

Will the DOL’s Final Rule Amending Overtime Regulations for ‘White Collar’ Workers Apply to Puerto Rico?

On the same day the U.S. Department of Labor released its Final Rule updating regulations under the Fair Labor Standards Act (“FLSA”) governing overtime exemptions for executive, administrative, and professional employees...more

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