What are the most significant cases and transactions that your legal team has recently been involved in?

In general terms, our team at the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”, for its Spanish acronym) continue dealing with a variety of novel legal controversies, interpretation, analysis and recommendations on proposed and approved legislation, legislative scoring, and the appraisal of enacted acts to determine consistency and compliance with the “Puerto Rico Oversight, Management, and Economic Stability Act” (“PROMESA”), the certified Fiscal Plans and budgets, and the Plan of Adjustment of the debt confirmed by the Federal Title III Court at the U.S. District Court for the District of Puerto Rico.  For example, AAFAF’s team and the Financial Oversight and Management Board for Puerto Rico (“FOMB” or “Oversight Board”) discussed and agreed upon a court stipulation regarding Act 80-2020 –challenged in Federal Court by the Oversight Board— to allow the implementation of an early retirement program for non-essential state government employees, among other discussions and deliberations with the Oversight Board, such as the implementation or annulment in Federal court of other enacted acts related to diverse areas.

Which recent political, economic or regulatory changes have impacted your work the most in the past year?

Work with a more revised and comprehensive legal, technical and fiscal evaluation process of legislation introduced and passed in the Puerto Rico House and Senate and enacted acts, to determine compliance with the legislative scoring measures required by the Fiscal Plan certified by the Oversight Board.  This includes evaluation of the fiscal impact reports prepared by the Puerto Rico Legislative Assembly Budget Office (“OPAL” for its Spanish acronym) pursuant to Act 1-2023 and the certified Fiscal Plan, as well as data and analysis provided by the state executive appropriate entities, such as the Puerto Rico Office of Management and Budget (OGP, for its Spanish acronym) and the Puerto Rico Treasury Department.  This in-house fiscal, legislative and legal review and evaluation process is necessary for AAFAF’s Legal Department development and eventual submission to the Oversight Board of a certification of compliance or non-compliance with the certified Fiscal Plan, in accordance to Section 204(a) of PROMESA, of enacted acts.  Our in-house process of legislative scoring includes as well biweekly working and follow up meetings between our team at AAFAF and OPAL’s officials.

Are there any causes, business or otherwise, you are passionate about?

Public and community service, particularly related to the delivery of social and essential services by municipalities.  In this regard, during my tenure at AAFAF, I have been working directly with in-house colleagues of different departments, mayors, estate government officials and lawmakers, and Oversight Board staff and members, to collectively achieve the inception of the new Municipal Essential Services Fund included in the certified Fiscal Plan and budget.  In addition, I am passionate about academic mentoring, teaching, youth empowerment and in encouraging public service and citizen participation to students as an Agency’s intern mentor, and as a part-time professor in the areas of public policy and administration and Law.