On December 28, 2023, the decree by means of which several provisions of the Mexican Securities Market Law (Ley del Mercado de Valores) and the Mexican Investment Funds Law (Ley de Fondos de Inversión) were amended, supplemented and repealed (the “Amendment”), was published in the Mexican Federal Official Gazette (Diario Oficial de la Federación).
Gonzalez Calvillo was one of the only two law firms involved in the rounds of discussion with officers and representatives of: (i) the Ministry of Tax and Public Credit (Secretaría de Hacienda y Crédito Público; “SHCP”), through its Banking, Securities and Savings Unit (Unidad de Banca, Valores y Ahorro); (ii) the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores; “CNBV”); (iii) the Mexican Central Bank (Banco de México; “Banxico”); (iv) the Mexican Association of Securities Institutions, A.C. (Asociación Mexicana de Instituciones Bursátiles, A.C.); (v) the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.); (vi) the Institutional Stock Exchange (Bolsa Institucional de Valores, S.A. de C.V.); and (vii) several brokerage houses, through which the decree proposal – that ultimately resulted in the Amendment – was structured, drafted and implemented.
In addition, our firm is currently working in the proposal of secondary provisions that will derive from such Amendment, jointly with the taskforce that spearheaded the Amendment.
The Amendment provides for, among others: (i) the creation of a new simplified program for the public offering of securities addressed to qualified and institutional investors; (ii) the promotion and facilitation of access by small and medium sized companies to the Mexican securities market; (iii) amendments to the framework of companies participating in the securities market; (iv) the creation of hedge funds (fondos de cobertura); (v) changes to regulations applicable to investment advisors (asesores en inversiones); and (vi) the obligation of financial regulators to issue secondary regulations regarding sustainable development and to strengthen gender equality.
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ABOUT GONZALEZ CALVILLO
For almost four decades, González Calvillo has challenged the standards and rewritten the full-service firm model with a solution-oriented approach, evolving the practice of law in Mexico. Our firm is driven by the commitment to doing things differently, having a deep knowledge of the Mexican legal ecosystem, and our behaviour and interaction with today’s globalised business environment. That is how over 150 people between partners, counsel, associates, and other business professionals are responsible for making González Calvillo one of Mexico’s leading law firms. Our firm’s services are designed to help clients solve their most complex and challenging legal issues, finding the best solution for each case. By understanding clients’ business culture and strategy, González Calvillo establishes a close and strategic alliance that enables them to achieve more. For more information, please visit www.gcsc.com.mx.