Puerto Rico

The Financial Industry Regulatory Authority found that Merrill Lynch failed to properly supervise customers’ investments in Puerto Rico bonds and closed-end funds.

Puerto Rico Governor-Elect Ricardo Rosselló chose his campaign manager, Elías Sánchez Sifonte, to replace public finance veteran Richard Ravitch as the island government's non-voting representative to the Puerto Rico Oversight Board.

The Puerto Rico Oversight Board hired financial and legal advisors including Proskauer Rose LLP, which worked for the Government Development Bank for Puerto Rico as recently as this spring.

The Puerto Rico Aqueduct and Sewer Authority said it wouldn’t have the money to make its debt payments in the next 10 years unless changes are made.

The Puerto Rico Oversight Board met with opposition from the territory’s governor, who said he wouldn’t cooperate in a fiscal plan that requires more sacrifice from citizens and doesn’t entail financial help from Washington.

Puerto Rico’s October revenues came in 11.9% above the government’s projections.

Puerto Rico said it faces a $3 billion cash shortfall in the current fiscal year without using the bankruptcy allowed under this year’s federal rescue legislation.

The judge hearing all the debt lawsuits in Puerto Rico’s federal court ordered continued stays in four cases.

Puerto Rico Governor-Elect Ricardo Rosselló is traveling to New York to meet with Puerto Rico bondholding groups this week, laying the groundwork to negotiate new terms for the island's debt.

As government leaders both nationally and in Puerto Rico enter transition periods after last week’s elections, Treasury is reminding officials both old and new to give a high priority to assistance for the commonwealth.