Mexican Securities News

Supervision belongs to the Comisión Nacional Bancaria y de Valores. The CNBV is not a free standing agency in the American sense. Its own law creates it as an órgano desconcentrado of the Secretaría de Hacienda y Crédito Público with technical autonomy and executive powers, charged with supervising and regulating the entities of the Mexican financial system so as to protect their stability and correct functioning. Its Junta de Gobierno is composed, on a gender parity basis, of ten vocales plus the head of the Commission, who chairs it, and two of the Commission’s Vice Presidencies. The Secretaría de Hacienda y Crédito Público appoints five of the vocales, Banco de México three, and the insurance and pension regulators one each, a composition set by the reform published on 11-05-2022.

Monetary policy and the payments system sit with Banco de México, whose functions are exercised by a Junta de Gobierno of five members appointed under the seventh paragraph of article 28 of the Constitution. The Federal Executive names one of them Governor to preside; the rest are Subgobernadores. The Governor serves six years and a Subgobernador eight, with terms staggered so that one falls due every two years. On 06/08/26 the Junta left the target for the overnight interbank interest rate unchanged at 6.50 per cent.

Access to the public market is a register question before it is a listing question. Securities must be entered in the Registro Nacional de Valores, and securities so registered must be listed and traded through the trading sessions of the bolsas de valores. A 2023 amendment added the inscripción simplificada, a simplified registration the Commission may grant to an emisora simplificada under articles 70 Bis and 90 Bis, which is the route intended for smaller issuers. The exchanges themselves work on the principle of self regulation: each writes a reglamento interior setting the obligations and requirements that listed issuers and members must meet, within the minimum the law prescribes.

The senior venue is the Bolsa Mexicana de Valores, which runs the equity market and publishes the market indices, instrument classifications and market maker arrangements that frame trading. Alongside listed equity, the law provides for certificados bursátiles and fiduciary certificados bursátiles, the debt instruments through which companies and trusts raise money in the domestic market, with disclosure on them made public through the exchange where they trade. GSN covers Mexican issuer disclosure filed through the exchanges, CNBV registration and rulemaking, and Banco de México policy decisions.