Puerto Rico

The SEC wants a Puerto Rico federal court to agree that Jose Ramirez, a former UBS Puerto Rico employee, engaged in a scheme to defraud investors in closed-end funds with large investments in Puerto Rico bonds.

The House Natural Resources Committee, which played a key role in creating PROMESA, will hold a hearing in one of its subcommittees on March 22 to discuss PREPA’s restructuring support agreement.

The Puerto Rico Oversight Board approved a 10-year fiscal plan that will allow the payment of 23.7% of debt due.

The Puerto Rico Oversight Board rejected Ricardo Rosselló’s 10-year fiscal plan on Thursday and gave him until 9 a.m. Saturday to present a revision.

The House Financial Services Committee and Senate Banking Committee both approved companion bills that would end a legal loophole that lawmakers allege allowed broker-dealers to defraud Puerto Rico investors have received committee approval and are now pending before the House and Senate.

The Puerto Rico legislators, journalists and others are raising concerns of a lack of transparency at the federal Oversight Board appointed in August to address the island’s debt crisis.

The Puerto Rico Oversight Board plans to approve a 10 year fiscal plan for Puerto Rico at a public meeting on Monday.

Saying that Puerto Rico's liquidity is critically low, the Puerto Rico Oversight Board recommended Wednesday that the island's government immediately adopt emergency spending cuts.

The president of Puerto Rico’s main opposition party said financial disclosures reported in The Bond Buyer may disqualify some members of the federal Oversight Board and staff.

Puerto Rico Oversight Board Interim Executive Director Ramón Ruiz owns at least $265,000 in Puerto Rico bonds and debt, in what some observers said may be a violation of federal laws on conflict of interest.