Puerto Rico Approves Stricter Regulations for International BanksPedro Pierluisi signed House Bills 1699 and 1700, which amend the International Banking Center Regulatory Act and the International Financial Center Regulatory Act.
Starting next May, international banking and financial institutions (EBIs and EFIs, respectively) already operating in Puerto Rico and new ones will have to comply with a series of stricter regulations after Governor Pedro Pierluisi signed House Bills 1699 and 1700 this Friday, which impose new capital and governance standards on the sector.
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