Riviera Maya, QR., Mexico still has ample potential to access financing, via the stock market, stated Omar Mejía Castelazo, deputy governor of the Bank of Mexico (BdeM).
During his participation in the last day of the 2024 Issuers Forum, organized by the Mexican Stock Exchange (BMV), the deputy governor highlighted that if compared to other economies, Mexico has a long way to go.
The changes proposed by the Securities Market Law (LMV), with the mechanism of simplified mode
seeks to enable companies to access stock financing and want to provide the market with greater tools and flexibility, as well as generate the right incentives to attract more participants
described the monetary authority.
Given the relevance of the reform to the LMV, participants in the stock market sector await the publication of the secondary regulation, in order to begin to give viability to projects that are waiting or in the pipeline to reach the stock market with said flexibility.
It will be ready in July
The National Banking and Securities Commission (CNBV) is only waiting for the proposals of the National Commission of the Retirement Savings System (Consar) – the Afores will participate in the new simplified emissions scheme – to reach a consensus and publish the changes more It will take July, before the end of the six-year term, revealed Jesús de la Fuente Rodríguez, president of the commission.
The preparation of the secondary regulation addresses, among other issues, how to define the size of the candidate companies to carry out a simplified issuance of shares or debt; how stock market financing will be accessed through simplified issuances of debt and capital securities, since it seeks to reduce time, cost and procedures for listing these securities.
De la Fuente Rodríguez explained that in the transitional periods of the Securities Market Law, a period of nine months was set for the CNBV to publish the secondary provisions.
“We are within the established time and we are going to get it (secondary regulation) out sooner. The discussion of the laws has to be done with all the sectors involved in supply and demand, because when it is not negotiated with everyone and imposed, the laws are not complied with. That is why it is important to reach consensus with all sectors so that the provisions can be met.
We only need two proposals from an authority (Consar) and with that we would finalize and there would be a complete consensus, which is what we want; because although the governing board of the CNBV can publish it, because it has the majority, it is not convenient, it is necessary to carry out the reform unanimously, that is why we have been late, because we had to open the dialogue
De la Fuente explained.
This is why the preparation of the secondary regulation of the reform of the Securities Market Law that was approved a year ago in the Legislature was more complex than the industry thought.