Mexican Securities Market Regulations Amended (Circular Única de Emisoras)
On February 7, 2024, the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), through the National Banking and Securities Commission (“CNBV”), issued an amendment to the "General provisions applicable to securities issuers and other participants of the securities market” (Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores) (the “Securities Regulations” or “CUE”).
This resolution modifies Articles 21 and 67 and replaces Annex R of the CUE with the objective of simplifying the process of filing applications for registration and related documentation by issuers intending to register securities in the National Securities Registry (Registro Nacional de Valores). The Resolution aims to speed up the document submission process by eliminating the requirement to submit physical documents with wet ink signatures, instead accepting advanced electronic signatures.
Document Submission Through Electronic Means
The resolution provides for the submission of the following documents electronically through the Securities Information Transfer System (“STIV”) of the CNBV, all of which can be signed using an advanced electronic signature:
- Applications for registration and provisional registration under any of its three modalities
- Applications for registration updates
- Note-taking applications
- Cancellation applications
- Applications for tender offer authorizations
- Foreign issuance notification
- Requests to advertise related to securities
Furthermore, all documentation and information accompanying these applications and notifications must be submitted through the STIV and, if required, signed, which would be done with an advanced electronic signature. Upon the resolution becoming effective, the requirement to submit original physical documents with wet ink signatures is removed for those documents signed using an advanced electronic signature.
Electronic Issuance Of Titles
The amendment additionally harmonizes the CUE with Article 282 of the Securities Market Law by recognizing the electronic issuance of trust securities, debt instruments, and optional titles signed with an advanced electronic signature.
