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.

Visit us at mayerbrown.com

Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.

© Copyright 2024. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.