June 4, 1991
TO: STATE SECURITIES MEMBERS NO. 24-91
UNIT INVESTMENT TRUST MEMBERS NO. 21-91
RE: PUERTO RICO CONTINUES TO ACCEPT FILINGS IN ENGLISH
__________________________________________________________
On April 5, 1991, the Governor of Puerto Rico signed into
law Act Number 4 (the "Act") which provides that Spanish is the
official language of "all departments, municipalities or other
political subdivisions, agencies, offices and Government entities
of the Executive, Legislative and Judicial Branches of the
Commonwealth of Puerto Rico." The Act requires that all three
branches of the Government maintain all Government documents and
files and transact all business in Spanish.
However, the Act also provides that English may be used in
Government transactions and documents if "necessary, convenient
or essential." The Governor issued an Executive Order on April
22, 1991 that sets forth ten circumstances that the Governor
considers to be "necessary, convenient or essential" for the use
of English. Included in the ten circumstances is any
documentation that federal laws or regulations require be
prepared in English.
The Office of the Commissioner of Financial Institutions
has taken the position that based upon the Executive Order,
documents prepared pursuant to the requirements of the Securities
and Exchange Commission and required to be filed in Puerto Rico
may be submitted in English.
* * *
A copy of the Institute's letter to the Office of the
Commissioner of Financial Institutions is attached. We will keep
you advised of further developments.
Patricia Louie
Assistant General Counsel
Attachment