Mexico’s Stock Exchange Mulls Regulatory Changes to Enhance ESG Transparency

The stock exchange regulator aims to make companies’ information more transparent and create a more sustainable market, in line with international standards

Mexico's stock exchange, the Bolsa Mexicana de Valores (BMV). Photographer: Susana Gonzalez/Bloomberg
October 04, 2023 | 02:00 AM

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Mexico City — Mexico’s Banking and Securities Commission (CNBV) is evaluating a series of modifications to the regulatory framework on sustainability so that companies can make information on environmental, social and governance (ESG) criteria transparent, according to CNBV president Jesús de la Fuente Martínez.

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“The commission is preparing a series of modifications to the regulatory framework that will be important to boost sustainability in the securities sector and investment funds,” De la Fuente in his participation in the 2023 annual meeting of the Mexican Association of Securities Intermediaries (AMIB).

He said the regulator seeks for ESG criteria to be considered in the stock market sector and explained that, on the one hand, investment funds will have to have minimum regulations to be able to be denominated with this label.

“A relevant part will be to define to what extent investment assets are aligned to the sustainable taxonomy. This will undoubtedly contribute to better transparency,” he said.


He also explained that the Mexican regulator is working on the provisions applicable to issuers in terms of ESG disclosure.

To this end, the implementation of international financial reporting standards on sustainability is being considered.

“This is already contemplated in the single circular for issuers that they must disclose in their annual reports the risks or effects of climate change that they may have on their business,” he explained.


The CNBV seeks that intermediaries can act as a support for more companies and individuals to participate in the benefits of the system. In addition, to make information transparent to investors and the general public.

In the first eight months of 2023, 23 bonds labeled “ESG” were issued, totaling 102 billion pesos ($5.64 billion), which represented 50% of the total issued in the local stock market, according to CNBV figures.