On December 28, 2023, the Ministry of Finance and Public Credit ("SCHP" [per] its acronym in Spanish), published in the Official Gazette of the Federation, the Decree by which several provisions of the Securities Market Law and the Investment Funds Law are amended, added and repealed (the "Decree").
This Decree added, among others, article 9 Bis, which, by law, imposes on the SHCP (with the prior opinion of the National Banking and Securities Commission and the Bank of Mexico) the obligation to establish or issue general administrative provisions (DACGs), in matters of sustainable development, as well as to strengthen gender equity, aimed at promoting, informing and evaluating the adoption of best practices in stock exchange matters.
With the above, the basis for the SHCP to issue within 2024, a firm and formal regulation on sustainable financing in Mexico and due compliance with ESG policies of financial, banking and stock market entities is established, giving way to the transition to green or sustainable financing.
The year 2024 will mark a milestone in Mexico on green finance and an obligatory regulatory compliance with ESG principles and policies.
At Sanchez Devanny, we have a highly experienced team in the matter. We will be pleased to provide more information about the new legislation and answer any of your questions, to help guarantee your proper compliance with the new obligations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
