The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish acronym) on Tuesday announced it has ordered all department, agencies, public corporations and instrumentalities, as well as municipalities, to enact continuing disclosure policies and procedures based on the recommended best practices on or before Sept. 7, 2017.
In doing so, the agency claims to be taking a “strong step toward fulfilling its responsibilities and obligations with the Securities Exchange Commission. As fiscal agent, financial advisor and reporting agent of the public debt issuers of the government, the AAFAF has the authority to oversee and audit that government issuers comply with SEC regulations and obligations.”
These policies and procedures AAFAF developed seek to provide transparency on the outstanding public debt,” the agency stated.
“By taking this positive step, the Government of Puerto Rico begins the process of adopting new continuing disclosure policies and procedures based on the best practices recommended by the SEC,” the AAFAF said in a written statement.
“We believe that with the adoption of these new policies Puerto Rico is on the way, followed by other jurisdictions, to improve the information available to investors and the general public,” it further noted.