Puerto Rico to overhaul financial regs, expand oversight of sports betting
Public comment period on five proposed rules affecting banks, gaming and licensing opened.
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) in Puerto Rico has proposed five new sets of regulations aimed at overhauling the island’s financial framework and expanding oversight of sports betting and electronic gaming.
According to a public notice, the proposals would implement provisions across statutes affecting both domestic and international financial institutions, as well as the growing sports betting sector.
The most extensive proposals focus on banking.
The Regulation of the Banking Act clarifies rules for banks, cooperative banks and trust companies under several statutes, including the Puerto Rico Banking Act (Act No. 55 of 1933), the Cooperative Bank Act (Act No. 88 of 1966), and the Trust Companies Act (Act No. 40 of 1928).
The regulation outlines procedures that will govern entities conducting banking business in Puerto Rico and clarifies how Act No. 55 applies to cooperative banks and trust companies.
The Regulation of the International Banking Center and the International Financial Center aims to clarify permissible activities for International Banking Entities and International Financial Entities under Act No. 52 of 1989 and Act No. 273 of 2012.
OCIF said the proposed rule will help align those entities’ operations with current law and improve regulatory clarity.
OCIF also proposed a Regulation to Establish Procedures for the Issuance and Renewal of Licenses, Franchises and Permits, under the Financial Institutions Commissioner’s Office Act (Act No. 4 of 1985). The rule outlines how individuals or entities can apply for or renew licenses and permits issued by the agency.
A separate regulation focuses on the island’s growing sports betting industry.
The Regulation on Sports Betting, issued under the Puerto Rico Gaming Commission Act (Act No. 81-2019), sets rules for wagering on sporting events and electronic gaming leagues, including esports and virtual events. OCIF said the rule is intended to verify compliance with laws under its supervisory role. Although Puerto Rico legalized sports betting in 2019, implementation has been gradual.
The fifth proposed regulation, the Regulation on Security Standards and the Operation of the Electronic Surveillance System, sets requirements for access control and video surveillance under the Public Buildings Security Act (Act No. 46 of 2008). It establishes standards for the use and retention of camera footage in government buildings to protect personnel and facilities.
The agency will accept public comments for 30 days following publication. Draft regulations can be reviewed weekdays from 8 a.m. to 4:30 p.m. at OCIF’s Legal Division, 6th Floor, Centro Europa Building in Santurce, or online at www.ocif.pr.gov.
Written comments or requests for a hearing may be emailed to [email protected], or delivered in person or by mail:
Physical address:
Office of the Commissioner of Financial Institutions
Centro Europa Building, Suite 600
1492 Ave. Ponce de León, San Juan, PR 00907-4024
Mailing address:
P.O. Box 11855, San Juan, PR 00910-3855
