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Constraints in regression models in SHAZAM are possible using the RESTRICT Command however constraining an FLS is not supported by this command.

There are some recent papers that describe how this might be possible. Please see the following important page related to FLS: http://www2.econ.iastate.edu/tesfatsi/flshome.htm. One interesting reference on that page is:

Michael Markov, Vadim Mottl, and Ilya Muchnik (2004), "Principles of Nonstationary Regression Estimation: A New Approach to Dynamic Multi-Factor Models in Finance"