GENERAL PROVISIONS APPLICABLE TO STOCK EXCHANGES

Published in the Official Gazette of the Federation on May 15, 2017.
Updated with reforms published in the same Gazette on December 18, 2017; April 10 and 26, 2018, as well as July 23, 2025.

The National Banking and Securities Commission, based on articles 205, last paragraph; 210, first, second, and last paragraphs; these last two provisions in relation to 243, first and last paragraphs; 252; 252 Bis, first and last paragraphs; 262, last paragraph, and 350, second paragraph of the Securities Market Law, as well as 4, fractions II, V, XXXVI, and XXXVIII, 6, 16, fraction I, and 19 of the National Banking and Securities Commission Law, and

CONSIDERING

That the Securities Market Law establishes the authority of the National Banking and Securities Commission to issue provisions applicable to stock exchanges regarding internal controls, risk management, prevention of conflicts of interest, corporate practices and auditing, transparency, and fairness regarding the services they offer, it is therefore necessary to strengthen the secondary regulatory framework applicable to these financial entities that ensures the best performance in the provision of their services for the benefit of the securities market as a whole;

That it is necessary to include the functions that the board of administration of such entities and the committees assisting it must perform, as well as the obligation to implement policies and procedures to regulate the remuneration of their employees, with the aim of providing better functioning of such stock exchanges through the strengthening of corporate practices;

That in order to ensure the integrity of the securities market and avoid alterations that could compromise the interests of investors and participants themselves, it is deemed necessary to include the obligation for stock exchanges to have a permanent review area for the behaviors or operations carried out within the stock exchanges themselves, which will have the function of detecting possible violations of the Securities Market Law or the provisions derived from it;

That in line with the above, the designation of a compliance controller is foreseen, responsible for overseeing that the activities and provision of services of the stock exchanges themselves are carried out in compliance with applicable provisions and that it allows for the timely detection of any failure or deviation from such provisions, so that necessary corrections are implemented and in line with what is required for other financial entities subject to the supervision of the National Banking and Securities Commission, which will generate better corporate practices for stock exchanges, for the benefit of the securities market as a whole;

That with the aim of facilitating equal access for all participants in the securities market to the services provided by stock exchanges, provisions are established regulating the business conduct of these entities, in which it is explicitly stated that stock exchanges must provide equitable treatment in the conduct of their activities and in the provision of their services, in order to ensure equality among participants in the securities market to promote transparency and foster a deeper securities market;

That the possibility is expressly recognized for stock exchanges to negotiate simultaneously securities registered in the National Securities Registry and listed on any other stock exchange, while incorporating rules regarding information disclosure obligations to both investor public and other stock exchanges, as well as adding the obligation to have necessary communication systems so that all communications regarding suspension, lifting, or determination of disciplinary measures are given as soon as technologically possible, which will result in a solid, efficient, and transparent market;

That it is necessary to include a series of measures that stock exchanges must implement to ensure the continuity of their critical operations in contingency situations that hinder or disable their realization or the provision of their services, as well as incorporating provisions regarding the identification of possible sources of risk of such contingencies, the establishment of viable strategies to respond to them, considering lessons learned from emergency situations in Mexico and other countries;

That additionally, with the object of having a more transparent and secure securities market that allows investors to have timely information for decision-making and to have adequate security measures to protect their information, it is deemed important to include norms regarding information disclosure, controls in computer systems, and information security that stock exchanges handle, and

That it is opportune to issue a single legal instrument containing the provisions applicable to stock exchanges, systematizing their integration and homogenizing the terminology used, in order to thereby provide legal certainty regarding the regulatory framework to which the mentioned stock exchanges must adhere in the development of their operations, which will also facilitate consultation, compliance, and observance of the provisions applicable to them, has resolved to issue the following:

GENERAL PROVISIONS APPLICABLE TO STOCK EXCHANGES

TITLE ONE

On Organization and Oversight

Chapter I

On Definitions

Chapter II

On Organization

Chapter III

On Oversight

TITLE TWO

On the Provision of Services

Chapter I

On Business Conduct

Chapter II

Other Provisions

TITLE THREE

On the Information of Stock Exchanges

Chapter I

On Financial Information

Chapter II

On the Sending of Information

TITLE FOUR

On Agreements to Facilitate Access to Their Trading Systems

TITLE FIVE

(6) On the Simultaneous Negotiation of Securities in Stock Exchanges

TITLE SIX

On Prudential Provisions

Chapter I

On the Administration and Control of Technological Infrastructure

Chapter II

On the Business Continuity Plan

Chapter III

Internal Control

Chapter IV

On the Administration of Treasury Liquidity

Chapter V

Additional Regulation

Annex 1 Information on alerts generated by the stock exchanges' surveillance system
Annex 2 Information on anomalous operations
Annex 3 Information on operations carried out in Stock Exchanges
Annex 4 Designation of responsible persons for sending information.
Annex 5 Accumulated information by each value of operations carried out with variable income securities
Annex 6 Minimum Requirements of the Business Continuity Plan

TITLE ONE

On Organization and Oversight

Chapter I

On Definitions

Article 1.- In addition to the definitions contained in the Securities Market Law, for the purposes of these provisions, the following shall be understood, in singular or plural:

I. Agreements: the agreements to facilitate access to trading systems entered into between two Stock Exchanges or between one of these and a stock exchange established in a recognized foreign securities market, whose object is to mutually channel buy and sell orders on Securities listed on the respective exchanges, and to carry out any act tending to instrument said agreements. These agreements may be multilateral among Stock Exchanges and foreign exchanges domiciled in several countries.

II. Stock Exchanges: the stock exchanges referred to in article 234 of the Law.

III. Commission: the National Banking and Securities Commission.

IV. Operational Contingency: any event that hinders, disables, or prevents a Stock Exchange from providing the services or carrying out the activities established in article 244 of the Law.

V. Technological Infrastructure: the computing infrastructure, telecommunications networks, operating systems, databases, software, and applications that Stock Exchanges use to support their operation.

VI. Law: the Securities Market Law.

VII. Recognized Foreign Securities Markets: those that comply with the requirements established in these provisions.

VIII. Related Persons: those who, with respect to a Stock Exchange, fall under any of the following circumstances:

a) Persons who Control or have Significant Influence over a legal entity that is part of the Business Group or Consortium to which the Stock Exchange belongs, as well as the directors or administrators and Relevant Executives of the members of said Group or Consortium.

b) Persons who have Command Power over a legal entity that is part of the Business Group or Consortium to which the Stock Exchange belongs.

c) The spouse, concubine, or concubine, and persons who have kinship by blood or civil up to the fourth degree or by affinity up to the third degree, with natural persons who fall under any of the circumstances indicated in the previous sub-paragraphs a) and b), as well as the partners and co-owners of the natural persons mentioned in said sub-paragraphs with whom they maintain business relationships.

d) Legal entities that are part of the Business Group or Consortium to which the Stock Exchange belongs.

e) Legal entities over which any of the persons referred to in the previous sub-paragraphs a) to c) exercise Control or Significant Influence.

IX. Business Continuity Plan: the set of strategies, procedures, and actions referred to in article 36 of these provisions, which allow for the continuity in the provision of services or in the realization of critical processes of Stock Exchanges in the face of Operational Contingencies or their timely restoration, as well as the mitigation of damages resulting from said contingencies.

X. SEDI: the electronic system for sending and disseminating information authorized by the Commission to the Stock Exchange in question.

XI. SITI: The Interinstitutional Information Transfer System, which is part of the Commission's registry office.

XII. Securities: the securities referred to in article 2, fraction XXIV of the Law, such as shares, certificates, negotiable instruments, and other documents issued in series or in bulk under foreign laws or provisions, which grant their holders property or participation rights in the capital of legal entities or credit rights against them, which are subject to negotiation in a recognized foreign securities market.

Chapter II

On Organization

(6) Article 2.- The board of administration of Stock Exchanges shall perform the functions established by the Law or the General Law of Commercial Companies, those provided for in their bylaws, as well as the following:

I. Establish general strategies for the fulfillment of the object of Stock Exchanges.

II. Monitor the performance of Relevant Executives of Stock Exchanges, as well as the management and direction of legal entities they control, considering the relevance they have in the financial, administrative, and legal situation of said Stock Exchanges, which may be carried out through the committee exercising audit functions.

III. Approve, with the prior opinion of the audit committee:

a) Policies and guidelines for the use or enjoyment of assets forming the patrimony of the Stock Exchange and legal entities it controls, by Related Persons.

b) Transactions with Related Persons, each individually, that the Stock Exchange or legal entities it controls intend to enter into.

c) Compliance with the requirements the Law establishes for the management of its share capital.

d) The appointment and, if applicable, dismissal of the General Director of the Stock Exchange and their total remuneration, as well as policies for the designation and total remuneration of other Relevant Executives.

e) Guidelines on internal control and internal auditing of the Stock Exchange and legal entities it controls.

(5) f) Repealed.

g) The Business Continuity Plan, as well as its modifications.

IV. Present to the general shareholders' meeting held upon the closing of the fiscal year:

a) Reports from the committees assisting it.

b) The report prepared by the General Director, accompanied by their opinion on it, as well as the opinion of the independent external auditor.

V. Follow up on the main risks to which the Stock Exchange and legal entities it controls are exposed, identified based on information presented by committees, the General Director, and the independent external auditor, as well as on accounting, internal control, and internal auditing systems, registration, archiving, or information of the Stock Exchange itself and legal entities it controls, which may be carried out through the committee exercising audit functions.

VI. Approve information and communication policies with shareholders and the market, as well as with directors and Relevant Executives, to comply with what is provided in the Law and these provisions.

VII. Determine the actions corresponding to remedy irregularities of which they are aware and implement the corresponding corrective measures.

VIII. Establish the terms and conditions under which the General Director will exercise their powers of dominion acts.

(6) IX. Approve, with the prior opinion of the designated committee, the policies, processes, and controls related to the Registration of Securities issued by Simplified Issuers in the Registry, as well as with the listing, maintenance, and cancellation of Securities of Issuers and Simplified Issuers.

The board of administration shall be responsible for monitoring compliance with shareholders' meeting agreements, which may be carried out through the committee exercising audit functions referred to in the Law.

Article 3.- The board of administration of Stock Exchanges shall meet at least four times during each fiscal year.

Members of the board of administration of Stock Exchanges shall perform their office seeking to create value for the benefit of the Stock Exchange, without favoring a specific shareholder or group of shareholders, acting diligently, making reasoned decisions, and fulfilling the other duties imposed on them by virtue of the Law, these provisions, and the bylaws.

Proprietor directors and, if applicable, their respective substitutes, must be selected based on their experience, capacity, and professional prestige, considering additionally that by their characteristics they can perform their functions free from conflicts of interest and not subordinate to personal, patrimonial, or economic interests.

Article 4.- Stock Exchanges must have an area responsible for supporting the Audit Committee, which must enjoy independence from operational, administrative, and systems areas. The appointment, suspension, or dismissal of the head of that area shall correspond to the audit committee.

Article 5.- Stock Exchanges must implement, maintain, and permanently review policies and procedures so that the remuneration of their employees or staff is determined in such a way that it does not generate conflicts of interest and ensures transparency and fairness in the services they offer. The board of administration shall be responsible for approving such policies and procedures with the prior opinion of the audit committee.

Chapter III

On Oversight

Article 6.- The surveillance committee that the board of administration of Stock Exchanges has established in accordance with article 242 of the Law shall be responsible for implementing the necessary mechanisms to ensure the integrity of the securities market, for which it must have the assistance of an area exclusively dedicated to carrying out permanent review of the behaviors or operations carried out in the Stock Exchange itself. Stock Exchanges must provide in the self-regulatory norms regarding the integration and operation of the surveillance committee that its members must be free from conflicts of interest.

The area referred to in the previous paragraph must be independent of the General Directorate, be free from conflicts of interest, and have the resources and electronic systems that allow them to detect at all times possible non-compliance with the Law or the general provisions derived from it, as well as the provisions contained in its internal regulations and self-regulatory norms, by participants in the securities market.

(6) Article 7.- The board of administration of Stock Exchanges must define the mechanisms and reporting lines that the surveillance committee and the area responsible for carrying out permanent review tasks will follow to promptly disseminate findings, information, and reports to the various committees, the General Director, the heads of business units, and other areas that, based on their activities, should be aware of these, as well as the preventive and disciplinary measures applicable to Issuers and Simplified Issuers that have generated the alert reports referred to in article 8 of these provisions, and the timeframes in which they must be implemented and concluded.

Article 8.- The surveillance committee of Stock Exchanges must determine the facts that will generate the alert reports they will consider in the performance of their functions, as well as the activities of the area responsible for carrying out permanent review tasks.

In all cases, the type of alerts must be foreseen in the internal regulations of Stock Exchanges, and the mentioned area must send a report of the detected alerts to the Commission through its electronic systems, including those related to unusual operations or those operations or behaviors regarding which it has elements to consider that they could constitute anomalous operations, as indicated in this article, within 3 business days following the end of each week.

The report on unusual operations shall be sent to the Commission through the SITI with the data referred to in Annex 1 of these provisions; it must be sent only once and will be received assuming it meets all required characteristics, in virtue of which it cannot be modified, with the SITI generating an electronic receipt. Once the information is received, it will be reviewed, and if it does not meet the required quality and characteristics or is presented incompletely, the obligation of its presentation will be considered unfulfilled.

The report corresponding to anomalous operations must be submitted in writing to the Commission, with the information referred to in Annex 2 of these provisions, attaching any documentation, evidence, and other information considered relevant.

For the purposes of this article, the following shall be understood:

I. Unusual operations, those movements referred to in Article 105, fraction III, and Article 106, fraction I of the Law.

In order to determine if there are unusual movements relative to the trading volume of Securities, Stock Exchanges must send market information regarding the operations carried out in their systems to other Stock Exchanges throughout the trading sessions.

(6) Stock Exchanges must consider the information sent to them by other Stock Exchanges at least every thirty minutes from the start of the trading day, to determine if there are unusual operations relative to the trading volume of Securities and to notify without any delay the Issuer or Simplified Issuer regarding which an unusual operation has been detected, for the publication of the relevant event referred to in Article 106 of the Law, or to the corresponding Simplified Issuer, for the publication of the relevant event in accordance with what is stated in the internal regulations of the Stock Exchange in which it is listed.

II. Anomalous operations, those behaviors indicated in Article 370, fractions I, II, and IV of the Law, the use of insider information in contravention of what is provided in the Securities Market Law (LMV), the dissemination of false information, or that with their realization, the Law or the general provisions derived from it are contravened.

The area in charge of carrying out permanent review duties must present to the surveillance committee all the behaviors reported to the Commission of which it has elements to consider that they could constitute anomalous operations and indicate those it considers relevant for the purposes that may arise.

In any case, the same operation can be of both types.

Additionally, Stock Exchanges must send to the Commission the partial or final resolution of the surveillance committee regarding each of the anomalous operations that the area in charge of carrying out permanent review duties has brought to its knowledge, within the 5 business days following the taking of said resolution.

Stock Exchanges must preserve for a period of 5 years all the information referred to in this article.

Article 9.- Stock Exchanges must inform the Commission in writing, on the same day they do so, the imposition of any measure or requirement for information derived from the functions of the surveillance area, or when they initiate an investigation procedure regarding the operations described in Article 8 of these provisions with their participants.

Article 10.- The corresponding Stock Exchange must give notice as soon as technologically possible and without any delay to other Stock Exchanges regarding:

(6) I. The suspension of the quotation of Securities of an Issuer or Simplified Issuer carried out in terms of what is established in Article 248 of the Law, as well as regarding the causes that originated it.

Stock Exchanges that receive the notice must also suspend the quotation of said Securities as soon as they are notified and as soon as technologically possible and without any delay.

(6) II. The lifting of the suspension referred to in fraction I of this article, so that Stock Exchanges that receive the notice also lift the suspension, as soon as they are notified and it is technologically possible and without any delay.

(6) III. The measures that, in terms of their internal regulations, are imposed on Issuers or Simplified Issuers with Securities listed with them, which may impact the trading mechanics of the Security in question, so that other exchanges also modify the said mechanics.

IV. The closing price of the equity securities listed with it, as well as that of the securities listed in the international quotation system that it establishes.

Article 11.- Stock Exchanges, for the purposes of notices and other communications that, in terms of these provisions, must be given between them, must:

I. Have dedicated computer systems that allow the sending and reception of information in a secure, complete, expeditious, and timely manner.

II. Exchange through said systems, that market information that is necessary to comply with the obligations referred to in these provisions, including that generated during closing sessions and at their close.

III. Carry out the other legal acts necessary to carry out the foregoing.

(1) Stock Exchanges will have a period of six months from the publication of the granting of a new concession to organize and operate as such, to comply with what is provided in this article.

SECOND TITLE
Of the provision of services
Chapter I
Of business conduct

Article 12.- Stock Exchanges must abstain from establishing any tariff, discount, refund, promotion, or any other benefit in general, that could:

I. Generate conflicts of interest or practices contrary to sound stock market usages among their participants.

II. Compromise the financial viability of their business model or affect the provision of their services.

Stock Exchanges must make known the amount of their tariffs, discounts, refunds, promotions, or any other benefit in general to the public through their Internet page and keep such information updated.

Article 13.- Stock Exchanges must establish, with the prior approval of their board of directors with the favorable vote of the majority of independent directors, the necessary measures to prevent conflicts of interest that could arise in the provision of their services.

Article 14.- Stock Exchanges must enter into contracts with brokerage houses and other Stock Exchanges that ensure unrestricted equal treatment, among and for said entities, including the availability and equality in the information they disseminate.

Likewise, Stock Exchanges must ensure that their computer systems allow efficient communication and connection with the persons referred to in the previous paragraph.

Additionally, if Stock Exchanges supply information to a price provider, companies that distribute market information, or calculate stock indices, they are obligated to provide it in an identical manner and with the same opportunity, cost, and delivery method, to any other company of a similar nature that requests it.

Likewise, Stock Exchanges must establish an adequate separation of their areas to ensure the proper provision of their services.

(2) Stock Exchanges will have a period of six months from the publication of the granting of a new concession to organize and operate as such, to comply with what is provided in the first and second paragraphs of this article.

Chapter II
Other provisions

Article 15.- Stock Exchanges must calculate a closing price for the equity securities traded in their systems at the end of the trading day in question, according to the methodology they establish for this purpose, and publish a closing price for the securities traded in the international quotation system, in accordance with what is established for this purpose.

The closing prices referred to in this article must be representative of market operation.

Article 16.- Stock Exchanges must have policies and guidelines established in their internal regulations that regulate the carrying out of block operations. In said policies and guidelines, it must be provided that Stock Exchanges may abstain from disclosing positions related to block operations, provided that after the execution of said operations, they disclose in accordance with what is established in their internal regulations each of the operations carried out. The Commission will determine the amount of said operations, as well as the maximum deviation of the existing positions or of the reference buy and sell prices that they may have.

The foregoing will be notified to Stock Exchanges, as well as to the general public through the Internet at the site http://www.gob.mx/cnbv.

Until block operations are disclosed to the market, they will have the character of privileged information.

THIRD TITLE
Of the information of Stock Exchanges
Chapter I
Of financial information

Article 17.- The financial statements of Stock Exchanges must be prepared in accordance with one of the following options:

I. International Financial Reporting Standards “International Financial Reporting Standards” issued by the International Accounting Standards Board “International Accounting Standards Board”, or

II. Financial Information Standards recognized and issued by the Mexican Council for Financial Reporting Standards, A.C.

(5) Article 18.- Repealed.

Article 19.- The Commission may authorize Stock Exchanges to acquire shares of companies whose object is to assist or complement the activities they carry out. In this case, the Commission itself may require Stock Exchanges to present financial statements, both individual and consolidated.

Article 20.- Stock Exchanges must send to the Commission, within the first twenty natural days of each month, the financial statements corresponding to the immediately preceding month, signed by the general director and the head of the finance area or their equivalent.

(5) Article 21.- Repealed.

Chapter II
Of the sending of information

Article 22.- Stock Exchanges must send to the Commission daily, the information of the orders and operations that were carried out in the trading day in question, in terms of Annex 3 of these provisions, through their electronic transmission using the SITI.

The foregoing, without prejudice to the fact that Stock Exchanges must send to the Commission through the SITI the information referred to in Annexes 1 and 5 of these provisions in the deadlines indicated in the corresponding articles of this instrument.

The information must be sent only once and will be received assuming it meets all the required characteristics, in virtue of which it cannot be modified, with the SITI generating an electronic receipt.

Once the information is received, it will be reviewed and if it does not meet the quality and characteristics required or is presented incompletely, the obligation of its presentation will be considered unfulfilled.

Stock Exchanges will notify by electronic mail to the address cesiti@cnbv.gob.mx, the name of the person responsible for providing the information referred to in Annexes 1, 3, and 5 of these provisions, in the manner as a model attached in Annex 4 of these provisions. The said designation must fall on executives who are within the two lower hierarchies of the general director of the Stock Exchange, who are in charge of the responsibility of handling the information. Likewise, they may designate more than one person as responsible, depending on the type of information in question.

Once the email referred to in this article is sent, the Commission will notify Stock Exchanges by the same means, within five business days following the receipt of the request, the confirmation of the registration of the corresponding responsible person, as well as, if applicable, the access of the users of the requested regulatory reports.

The designation or substitution of any of the responsible persons for the sending and quality of the information referred to in this article, must be notified to the Commission in the terms mentioned above, within three business days following the date of its designation or substitution.

Article 23.- Stock Exchanges must send daily to the Commission through the SITI the accumulated information for each of the equity securities, relative to the operations carried out in their trading system as well as those traded in their international quotation system, in accordance with the format indicated in Annex 5 of these provisions.

Likewise, they are obligated to reveal to the general public through the SEDI said information.

FOURTH TITLE
Of agreements to facilitate access to their trading systems

Article 24.- The Commission will consider as a Recognized Foreign Securities Market, that which meets all the following requirements:

I. That the issuers of the market in question have a legal regime that includes provisions to protect the interests of investors, ensure the order and transparency of the operations carried out in them, prevent and sanction the improper use of insider information, market manipulation, as well as to avoid conflicts of interest.

II. That the legal regime applicable to the issuers of the market in question has norms that establish the obligation to reveal periodically, sufficiently, and timely information relative to the financial, economic, accounting, legal, and administrative situation of said issuers, including that audited, at least once a year, by an independent external auditor, as well as that related to the offer of Securities, and in general, to facts and acts capable of influencing the decisions of investors and that the markets have mechanisms that allow the disclosure to the public of said information in an accessible, expeditious, and continuous manner.

III. That the issuers of the market in question prepare their financial statements, using accounting principles in accordance with one of the following options:

a) International Financial Reporting Standards, issued by the International Accounting Standards Board “International Accounting Standards Board” or accounting principles generally accepted in the United States of America commonly known as “US GAAP”.

b) Accounting principles applicable in the country of origin or main quotation of the issuer or others, provided that they reveal in the supplementary notes to the financial statements the relevant differences between the accounting principles and methods used to prepare their financial statements and the norms or principles referred to in the previous letter a).

In the event that the norms regulating the foreign securities market allow issuers of securities to prepare their financial statements with accounting principles different from those indicated in the previous letter a) or, do not require that the relevant differences referred to in letter b) of this fraction be revealed, the Foreign Securities Market will be considered recognized, provided that the object of the Agreements is solely the routing of buy and sell orders on Securities listed on the foreign stock exchange, of issuers that comply with letters a) or b) above.

IV. That they are regulated and supervised by some dependency or organism with functions equivalent to those of the Commission, and belong to States that are part of any of the following:

a) The Council of the International Organization of Securities Commissions, or the organism that replaces it, provided that they are permanent members.

b) The European Union.

c) The Organization for Economic Co-operation and Development, provided that the United Mexican States have a valid international treaty for free trade with said States.

d) Pacific Alliance.

V. That there are institutions for the deposit of Securities or institutions in charge of the deposit, custody, administration, clearing, settlement, and transfer of securities, that have automated systems for the handling of securities.

Article 25.- Stock Exchanges that intend to obtain authorization for the celebration of an Agreement, must present in writing to the Commission the corresponding request, accompanied by the information and documentation indicated below:

I. Project of the Agreement, in which it must be indicated that the Securities will be governed by the provisions applicable in the country where the operations are carried out, which includes the implementation plan.

The referred documents must have the approval of the board of directors of the Stock Exchange.

In the event that the Recognized Foreign Securities Market is located in the case referred to in the second paragraph of fraction III of Article 24 of these provisions, the Agreement must state that only buy and sell orders on Securities listed on the foreign exchange of issuers that comply with letters a) or b) of said fraction may be routed.

II. Description of the operational mechanics for the negotiation, settlement, and custody of the Securities under the Agreement.

III. Project of modifications that they will have to make to their internal regulations and operation manual in order to implement the Agreement.

IV. In their case, description of the modifications to the trading systems of the exchanges.

V. The documentation that accredits that the stock exchanges with which they intend to sign the Agreement belong to a Recognized Foreign Securities Market, including, if applicable, the evaluations or studies carried out by international financial organisms regarding the level of regulatory adequacy to international standards of the country to which the foreign market belongs, in order to be considered as a Recognized Foreign Securities Market.

VI. Qualitative and quantitative information of the foreign market in question, of the last 3 years, relative to the most representative price index of the exchange, description and number of intermediaries, market makers, issuers, investors, characteristics of the Securities, amount and monthly operated volumes, as well as number of operations and the other information relative to its operational structure and to the characteristics for the negotiation of the Securities.

VII. Impact analysis that considers the liquidity and depth of the Mexican market, in which it must also mention the way in which the Recognized Foreign Securities Market complies with the regulatory principles that the Law contemplates for international markets as well as the reasons why it is estimated that the usages and practices of such market are compatible with the national market.

VIII. Description of the means and mechanisms by which investors who carry out operations through the Stock Exchange in the foreign stock exchanges, will have access to the financial, economic, accounting, legal, and administrative information of the issuers whose Securities are listed on such exchanges, including that relative to relevant events with the same opportunity and frequency with which it is disclosed in the foreign stock exchange. For the fulfillment of this requirement, the Internet site through which said information can be obtained may be indicated, if applicable.

In the case of Agreements celebrated by Stock Exchanges with other national ones, they must only present in writing to the Commission the corresponding request, accompanied by the information and documentation indicated in fractions I to IV above.

The Commission, in protection of the interests of investors, before the date on which the respective Agreement is intended to be celebrated, will have the faculty to require Stock Exchanges to modify the characteristics of the Agreement, when it considers that its celebration does not adjust to what is provided in the applicable regulations or to the sound usages and practices of the market.

Article 26.- The authorization that, if applicable, the Commission grants for the celebration of the Agreement will contain the authorization for Stock Exchanges to modify their internal regulations that they have presented in terms of fraction III of the previous article, provided that no objections have been indicated.

Once obtained the authorization by the Commission, Stock Exchanges may celebrate the Agreement, having to send to the Commission a simple copy of the Agreement within ten business days following its signature.

Article 27.- Operations with Securities, that under an Agreement, are carried out in stock exchanges of Recognized Foreign Securities Markets, cannot be transmitted to the central securities counterparties referred to in Article 301 of the Law, so their settlement must be carried out in the Recognized Foreign Securities Market in accordance with the applicable provisions.

Article 28.- Stock Exchanges must keep available to investors the information that is revealed in the Recognized Foreign Securities Market in which the stock exchange with which they have signed an Agreement operates and that is necessary to know the financial, economic, accounting, legal, and administrative situation of the foreign issuers that quote on the referred exchange or, if applicable, specify the Internet site through which said information could be obtained. For such purposes, the referred Stock Exchanges must carry out the necessary acts that allow them to provide to the investing public, in a timely and simultaneous manner, the said information.

Article 29.- In any case, Agreements entered into between two Stock Exchanges or between one of these and any foreign stock exchange must provide that market intermediaries may conduct transactions on the Securities specified in the respective Agreements.

Article 30.- The Commission may revoke the authorizations it has granted to Stock Exchanges for the execution of Agreements in the following cases:

I. Foreign recognized Securities Markets cease to meet any of the requirements set forth in Article 24 of these provisions.

II. Extraordinary events occur that continuously prevent the normal operation of the securities market in question.

III. The considerations established in Article 252 Bis of the Law that gave rise to the authorization for the execution of Agreements are no longer met.

In these cases, it will notify the corresponding Stock Exchange, so that it discloses such situation in the terms and conditions established in its internal regulations.

In any case, Stock Exchanges must provide in the Agreements they enter into, the grounds for revocation of the authorization for the execution of such Agreements, contained in this article.

FIFTH TITLE
(6) On the simultaneous trading of Securities in Stock Exchanges (6) Article 31.- Stock Exchanges may trade in their operational trading systems, Securities of Issuers and Simplified Issuers registered in the Registry and listed on any other Stock Exchange.

Article 32.- Stock Exchanges must inform the investing public immediately and simultaneously through the SEDI, as well as other Stock Exchanges through the computer systems referred to in Article 11, fraction I of these provisions, of the start of trading of the Securities that are listed on the Stock Exchange itself, 24 hours prior to the possible start of quotation of the Securities, as well as at the moment when it is effectively carried out.

SIXTH TITLE
On Prudential Provisions
Chapter I
On the Administration and Control of Technological Infrastructure

Article 33.- Stock Exchanges must elaborate, document, and implement the policies and procedures necessary so that the Technological Infrastructure they use to carry out their processes and provide their services, complies with the following:

I. Each element of the Technological Infrastructure performs at all times the functions for which it was designed, developed, or acquired.

II. Include controls that allow equitable and timely access for all their users in accordance with what each of them will perform in the computer systems to which they have access.

III. Have documented processes, functionalities, and configurations, including their development or acquisition methodology, as well as records of their changes and the inventory of all elements of the Technological Infrastructure.

IV. Incorporate information security aspects and a project control mechanism for each element of the Technological Infrastructure during the various stages of the lifecycle, considering the elaboration of requirements, design, development or acquisition, implementation testing, release processes, periodic testing, change management, replacement, and destruction of information. In the case of communications elements and computer equipment, these security aspects must include, at least:

a) Logical and physical segregation of the different networks into different domains depending on the function they perform or the type of data transmitted.

b) Secure configuration according to the type of element, considering at least, ports, services, permissions, access lists, manufacturer updates, and factory configuration.

V. Each element of the Technological Infrastructure is tested before being implemented or when modified, using quality control mechanisms that prevent the use of real production environment data during such tests, the disclosure of sensitive or security information, or the introduction of any functionality not recognized for said element.

VI. Have the necessary licenses or use authorizations.

VII. Contain strict security measures for the access and use of information that is transmitted, stored, and processed in the Technological Infrastructure, considering at least the following:

a) Identification and authentication mechanisms for each and every user of the Stock Exchange's Technological Infrastructure that allow them to be recognized unequivocally and ensure access only to persons expressly authorized for this purpose. Both mechanisms must include specific controls for those users with greater privileges, derived from their functions, such as those for database and operating system administration.

b) Allow segregation of functions by establishing user profiles that limit access only to the functionality of the Technological Infrastructure and required information, based on the responsibilities and powers of each user's position.

c) Information encryption mechanisms according to the degree of sensitivity that the Stock Exchange determines, when such information is transmitted or stored.

d) Robust composition of passwords and access keys.

e) Control of unattended sessions, as well as simultaneous sessions with the same user identifier.

f) Security mechanisms, both physical, environmental, and electrical energy, that protect and allow operation in accordance with the specifications of the supplier, manufacturer, or developer of each element of the Stock Exchange's Technological Infrastructure.

VIII. Minimize the risk of operational interruption based on backup mechanisms and information recovery procedures, as well as of the Technological Infrastructure and alternative means for information exchange, in accordance with what is provided in Article 36 of these provisions.

IX. Maintain audit logs, including detailed information of accesses and the operation or activity carried out by users, that prevent their repudiation, regardless of the level of privileges they have for accessing, generating, or modifying the information they receive, generate, store, or transmit in each element of the Technological Infrastructure, as well as procedures for the periodic review of said logs.

X. Contemplate the performance of tests aimed at detecting vulnerabilities and threats, as well as penetration in the different elements of their Technological Infrastructure, in order to implement defense mechanisms that prevent unauthorized access and use of this. Such tests will be carried out at least once a year or when they make substantive modifications to any element of the Technological Infrastructure.

XI. Reaction and security incident management processes that ensure the detection, classification, attention, investigation, diagnosis, reporting to competent hierarchical levels, resolution, follow-up, and communication of said incidents.

XII. Have planning exercises that allow measuring the capacity of the Technological Infrastructure that supports their operation, defined by the Stock Exchanges themselves, as well as adhering to the results of said exercises regarding capacity increase needs.

XIII. Contemplate automated controls that minimize the risk that user personnel commit errors or omissions in the manual or semi-automated processes they must perform in the applications of the Technological Infrastructure.

XIV. Allow detecting the alteration or falsification of records in the Technological Infrastructure.

XV. Implement mechanisms that measure and ensure levels of availability and response times, which guarantee the execution of operations and services performed.

Article 34- Establish and implement policies and procedures for the classification of information and its treatment, according to the degree of risk that such information implies and which will be determined by each of the operational areas of the Stock Exchange. Such classification must be used to evaluate and implement the necessary controls in the Technological Infrastructure and in operational processes, in order to ensure the confidentiality, integrity, and availability of the Stock Exchange's information and that of the participants.

Article 35.- Stock Exchanges must designate a person to serve as the information security officer, who must report to the compliance officer and must enjoy independence from the operational, administrative, audit, and systems areas. They will be in charge of, at least, the functions mentioned below:

I. Authorize and monitor access to the Stock Exchange's computer systems, including that used for the storage, processing, and transmission of information, according to the profile corresponding to each type of user.

II. Participate in the definition of security policies and procedures, mentioned in Article 33 of these provisions.

III. Review at least quarterly, or earlier in case of security events or incidents, the activities carried out by users and by service providers in the different elements of the Stock Exchange's Technological Infrastructure, including technical personnel who have high privileges, such as operating system and database administration.

IV. Verify the implementation and continuous compliance of information security policies and procedures in the Stock Exchange's Technological Infrastructure, contemplating, at least, those included in Article 33 of these provisions.

Stock Exchanges must ensure that the information security officer has at their disposal the records of persons who have access to information related to the operations carried out in the Stock Exchange itself, including those located abroad and of users who have high privileges, such as operating system and database administration, as well as their service providers.

Chapter II
On the Business Continuity Plan

Article 36.- Stock Exchanges must elaborate action and contingency plans to restore their operation in the event of an Operational Contingency, which must be included in the Business Continuity Plan. Such plans must be consistent with the criticality of business processes, and with the business impact analysis referred to in fraction I of Annex 6 of these provisions.

Article 37.- The General Director of the Stock Exchange must elaborate the Business Continuity Plan observing what is established in Annex 6 of these provisions; said plan and its modifications will be presented for approval by the Board of Directors through the audit committee.

The General Director will be responsible for:

I. The implementation as well as the continuous updating and dissemination of the Business Continuity Plan within the Stock Exchange. To this effect, they must establish a program to train personnel on the actions they will take in the event of an Operational Contingency, as well as in the development of the plan itself.

II. Design and carry out a communication policy regarding the verification of Operational Contingencies, which must be part of the Business Continuity Plan. This policy must provide for immediate communication with brokerage houses, the general public, central securities counterparties, other Stock Exchanges, and with the stock exchanges with which they have celebrated any Agreement, and, if applicable, with the participants of the recognized foreign Securities Market that have been foreseen in the Agreement itself, with the different administrative and business units within the Stock Exchange itself, as well as with the Commission and other competent authorities in attention to the nature of the contingency in question.

III. Provide what is necessary to make known to the Commission, the Operational Contingencies that occur in any of its systems or communication channels with brokerage houses, the general public, central securities counterparties, other Stock Exchanges, and with the stock exchanges with which they have celebrated any Agreement, and, if applicable, with the participants of the recognized foreign Securities Market that have been foreseen in the Agreement itself.

In the notice referred to in this fraction, at least the date and time of start of the Operational Contingency, the indication of whether it continues or has concluded and its duration, as well as a description of the event that has been registered, must be indicated.

Likewise, the General Director must send to the Commission, within a period not exceeding fifteen natural days following the conclusion of the Operational Contingency, its description, an analysis of the causes that motivated it, the impact caused in qualitative and quantitative terms, the affected processes, systems, and channels, as well as a work plan indicating the detail of the actions that will be implemented to minimize the impact in subsequent similar situations and the dates on which each of them will be fulfilled.

IV. Ensure that the Business Continuity Plan is subjected to effectiveness tests at least once a year and is made known to its personnel. Likewise, they must ratify it in its terms or update it, at least once a year, according to what is determined to this effect by the Board itself or as a result of the effectiveness tests.

In any case, for the performance of the responsibilities referred to in this article, the General Director may be assisted by the personnel they determine, in which case they must make it known to the Commission within a period not exceeding five business days from their appointment, maintaining at all times an adequate segregation of functions that avoids conflicts of interest.

Article 38.- Stock Exchanges must have a methodology to estimate the quantitative and qualitative impacts of Operational Contingencies, which must be used in the impact analysis referred to in Annex 6, fraction I, subsection d) of these provisions, and have the prior approval of the Board of Directors.

The audit committee must verify annually the effectiveness of the methodology by comparing its estimates against the observed Operational Contingencies and, if applicable, carry out the necessary corrections.

The audit committee must inform the Board of Directors and the Commission of the results of the effectiveness tests and of the evaluation of the scope of the Business Continuity Plan, its adequate dissemination among the pertinent areas, and the identification, if applicable, of the necessary adjustments for its updating and strengthening. Such report must be made at least once a year or earlier if relevant results are detected.

Chapter III
Internal Control

Article 39.- Stock Exchanges must have a compliance officer responsible for monitoring that in the performance of their activities and the provision of their services by their executives and employees, they adhere to standards of conduct and ethics established to this effect and comply with the regulations applicable to the cited exchanges.

The compliance officer must enjoy independence from the operational, administrative, audit, and systems areas, and meet the requirements and conditions established in Article 42 of these provisions; their appointment, suspension, or dismissal will correspond to the General Director.

Article 40.- The compliance officer of Stock Exchanges will have the following obligations:
(6) I. Monitor that the Law, the provisions emanating from it, and other applicable provisions issued by Stock Exchanges are observed within the scope of action of Stock Exchanges.

II. Report semi-annually to the General Director, the audit committee, and the Commission on the compliance with their obligations, within five business days following the end of each semester, as well as immediately regarding relevant non-compliance of which they have knowledge in the exercise of their functions.

The compliance officer will be responsible for the non-compliance with any of their obligations, and may be sanctioned in accordance with what is provided in the internal regulations of the Stock Exchange.

Article 41.- The report that the compliance officer must present in terms of the previous Article 40 must contain, at minimum, a description of:
(6) I. The compliance by the executives and employees of the Stock Exchange with the obligations provided in the Law and the provisions emanating from it, and in their self-regulatory norms, policies, and internal procedures.

II. All investigations carried out during the period.

III. Any relevant change in the policies and procedures applicable to Stock Exchanges that must be maintained since the date of the previous report.

IV. Any recommendation to generate relevant changes to the policies and procedures applicable to the Stock Exchange that must be maintained as a result of an annual review and justification of such recommendation.

V. Any relevant non-compliance identified since the last report.
(7) There must be evidence of compliance with the activities indicated in fractions II to V of this article; such evidence must be available to the Commission. Additionally, there must be documentary proof of the procedures carried out to verify what is provided in the previous fraction I.

Article 42.- The appointment of the compliance officer of Stock Exchanges must fall on persons who demonstrate technical quality, honorability, and satisfactory credit history, extensive knowledge and experience in financial or administrative matters, as well as meet at least the following requirements:

I. Be a resident in national territory in terms of what is provided by the Federal Tax Code.

II. Not perform or exercise functions of inspection, surveillance, or regulation of Stock Exchanges or their participants.

(7) Article 42 Bis.- The internal regulations, manuals, policies, guidelines, procedures, and controls established by Stock Exchanges for the performance of their activities and provision of their services, as well as the corrective measures that are determined, will be mandatory for executives, employees, and personnel of the Stock Exchange in question.

Chapter IV
On the Administration of Treasury Liquidity

Article 43.- Stock Exchanges may invest their treasury surpluses in the following Securities:

I. Investments in securities issued or guaranteed by the United Mexican States, as well as those issued by the Bank of Mexico.

II. Investments in bank deposits of demand money and debt securities issued by credit institutions that have a minimum rating of AA, in the national short-term scale, granted by any securities rating agency and whose maturity term does not exceed one year.

III. Investments in debt securities other than those indicated in the previous fraction I, which have a minimum rating of AAA, granted by any securities rating agency and whose maturity term does not exceed one year.

IV. Investments in shares representing the social capital of investment funds in debt instruments with daily liquidation.

Chapter V
Additional Regulation

Article 44.- Stock Exchanges, without prejudice to what is provided in these provisions, will be subject in the relevant aspects to the general provisions issued by the Commission and, if applicable, to their modifications, which are listed below:

I. General provisions applicable to the entities and persons referred to in Articles 3, fractions IV, V, VI, VII, and VIII, and 4, fraction XXX, of the Law of the National Banking and Securities Commission, as well as to the general public, in the delivery and receipt of documents in the National Banking and Securities Commission, published in the Official Journal of the Federation on December 22, 2015.

II. General rules for the integration of files containing the information that accredits the compliance with the requirements that persons performing jobs, positions, or commissions in financial entities must satisfy, published in the Official Journal of the Federation on March 1, 2002, as well as their respective modifications.

III. General provisions applicable to securities issuers and other participants in the securities market, published in the Official Journal of the Federation on March 19, 2003, as well as their respective modifications.

IV. General provisions applicable to transactions with securities carried out by directors, executives, and employees of financial entities and other obligated persons, published in the Official Journal of the Federation on November 4, 2014.

V. General provisions applicable to International Quotation Systems, published in the Official Journal of the Federation on December 22, 2016.

VI. General provisions regulating self-correction programs, published in the Official Journal of the Federation on October 20, 2014.

VII. General provisions indicating the days of the year on which financial entities subject to the supervision of the Commission must close their doors and suspend operations, published in the Official Journal of the Federation for each fiscal year.

(4) VIII. General provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that contract external audit services for basic financial statements.

(7) IX. General provisions applicable to simplified issuers and securities subject to simplified registration.

(7) X. Those others issued by the Commission subsequent to these provisions, which are applicable to Stock Exchanges.

TRANSITIONAL PROVISIONS

FIRST.- These provisions shall enter into force the day following their publication in the Official Journal of the Federation, except for what is provided in the following transitional articles.

SECOND.- Upon the entry into force of this instrument, the “General Provisions Applicable to Stock Exchanges”, published in the Official Journal of the Federation on May 30, 2014, are hereby repealed.

THIRD.- Stock Exchanges shall have the time periods indicated, counted from the publication of this instrument in the Official Journal of the Federation, to comply with the following provisions:

I. Three months to request authorization from the National Banking and Securities Commission for modifications to their internal regulations containing the norms provided for in this instrument.

II. Three months to comply with Chapter II of Title Three of these provisions.

(1) III. Six months to comply with Articles 14, third and fourth paragraphs, of Chapter I of Title Two, and Article 35 of Chapter I of Title Six of these provisions.

IV. Six months to comply with Article 39 of Chapter III of Title Six of these provisions.

V. Twelve months to comply with Chapter II of Title Six of this instrument.

VI. Twelve months to prepare and submit to the board of directors the policies and procedures regarding the remuneration of their employees or staff, as provided for in Article 5 of Chapter II of Title One of these provisions.

VII. Eighteen months to comply with Articles 33 and 34 of Chapter I of Title Six of this instrument.

(2) VIII. Until February 28, 2018, to comply with Article 14, first and second paragraphs, of Chapter I of Title Two of these provisions, regarding the execution of contracts and the efficient communication and connection of information systems carried out between stock exchanges.

(3) IX. Until April 23, 2018, to comply with Article 14, first and second paragraphs, of Chapter I of Title Two of these Provisions, regarding the execution of contracts and the efficient communication and connection of information systems that stock exchanges carry out with brokerage houses.

FOURTH.- Annexes 1, 3, and 5, referred to in Articles 8, 22, and 23 of this instrument, respectively, shall enter into force three months after the publication of these provisions in the Official Journal of the Federation; therefore, Stock Exchanges must submit their information to the National Banking and Securities Commission from that date.

FIFTH.- Stock Exchanges must notify the National Banking and Securities Commission within ten natural days following the date of publication of this instrument in the Official Journal of the Federation, by electronic submission of Annex 4 of these provisions to the address cesiti@cnbv.gob.mx, the name of the person responsible for providing the information referred to in Articles 8, 22, and 23 of this instrument.

TRANSITIONAL PROVISION
(Resolution modifying the General Provisions Applicable to Stock Exchanges, published in the Official Journal of the Federation on December 18, 2017)

SINGLE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITIONAL PROVISION
(Resolution modifying the General Provisions Applicable to Stock Exchanges, published in the Official Journal of the Federation on April 10, 2018)

SINGLE.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

TRANSITIONAL PROVISION
(Resolution modifying the General Provisions Applicable to Stock Exchanges, published in the Official Journal of the Federation on April 26, 2018)

SINGLE.- This Resolution shall enter into force as of August 1, 2018.

TRANSITIONAL PROVISIONS
(Resolution modifying the General Provisions Applicable to Stock Exchanges, published in the Official Journal of the Federation on July 26, 2023)

FIRST.- This Resolution shall enter into force the day following its publication in the Official Journal of the Federation.

SECOND.- Stock Exchanges shall have up to six months, counted from the publication of this instrument in the Official Journal of the Federation, to make modifications to their manuals, policies, and internal regulations, and, at the latest by the end of said period, submit the modifications to the internal regulations to the authorization of the National Banking and Securities Commission.

To this effect, the National Banking and Securities Commission shall have a period of three months to approve the modifications to the manuals, policies, and internal regulations referred to in the preceding paragraph.

CONSIDERING
(Reform published on December 18, 2017)

That it is appropriate to clarify the time period available to stock exchanges to facilitate compliance regarding notices and other communications that must be made with brokerage houses and among themselves through their information systems, as well as to extend the time period to carry out the execution of contracts with brokerage houses and other stock exchanges, it has resolved to issue the following:

CONSIDERING
(Reform published on April 10, 2018)

That in order for stock exchanges to be able to conduct tests of their technological infrastructure aimed at guaranteeing its integrity and the connections of brokerage houses to their own infrastructure, the time period is extended to certify before the National Banking and Securities Commission that they have executed contracts and have the necessary connections with brokerage houses, it has resolved to issue the following:

CONSIDERING
(Reform published on April 26, 2018)

That it is necessary to repeal the norms regarding independent external audit services that stock exchanges must contract, since these are integrated into a new regulatory body called “General Provisions Applicable to Entities and Issuers Supervised by the National Banking and Securities Commission that Contract External Audit Services for Basic Financial Statements”, it has resolved to issue the following:

CONSIDERING
(Reform published on July 26, 2023)

That, in accordance with Article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the compliance cost of this Resolution, the National Banking and Securities Commission will use the benefits of the “Resolution modifying the General Provisions Applicable to Credit Institutions” published in the Official Journal of the Federation on July 23, 2021, through which the risk in which credit institutions may incur when granting credits to women is incorporated into the methodology for estimating precautionary reserves and credit portfolio classification; likewise, the risk parameters of probability of default and loss severity taken into account for the classification of the aforementioned credit portfolio and the calculation of precautionary reserves for credit risks regarding non-revolving consumer credit portfolios and housing mortgages granted to such women are adjusted.

That, as a result of the reform to the Securities Market Law published in the Official Journal of the Federation on December 28, 2023, the new modality of issuers known as “simplified” is incorporated into the stock trading system, in addition to strengthening the compliance of policies, processes, and controls applicable to issuers and simplified issuers, detailing the responsibility corresponding to Stock Exchanges.

That, with respect to the aforementioned reform to the Securities Market Law, among other things, the figure of simplified registration in the National Securities Register (NSR) is established, which, in addition to what is stated in the preceding paragraph, makes it necessary to modify the “General Provisions Applicable to Stock Exchanges” to include the new obligations regarding the participation of Stock Exchanges in the simplified registration process, it has resolved to issue the following:

REFERENCES

1. Reformed by Resolution published in the Official Journal of the Federation on December 18, 2017.

2. Added by Resolution published in the Official Journal of the Federation on December 18, 2017.

3. Reformed by Resolution published in the Official Journal of the Federation on April 10, 2018.

4. Reformed by Resolution published in the Official Journal of the Federation on April 26, 2018.

5. Repealed by Resolution published in the Official Journal of the Federation on April 26, 2018.

6. Reformed by Resolution published in the Official Journal of the Federation on July 23, 2025.

7. Added by Resolution published in the Official Journal of the Federation on July 23, 2025.