{"id":18206,"date":"2025-08-08T10:57:52","date_gmt":"2025-08-08T16:57:52","guid":{"rendered":"https:\/\/www.nhg.mx\/?p=18206"},"modified":"2025-08-08T10:59:17","modified_gmt":"2025-08-08T16:59:17","slug":"reformas-a-las-disposiciones-de-caracter-general-aplicables-a-las-casas-de-bolsa","status":"publish","type":"post","link":"https:\/\/www.nhg.mx\/es\/reformas-a-las-disposiciones-de-caracter-general-aplicables-a-las-casas-de-bolsa\/","title":{"rendered":"Reformas a las disposiciones de car\u00e1cter general aplicables a las casas de bolsa"},"content":{"rendered":"

El 23 de julio de 2025 se publicaron reformas a la Circular \u00danica de Casas de Bolsa\u00a0(\u201cCUCB\u201d), con implicaciones relevantes para las operaciones de colocaci\u00f3n de valores y la actividad secundaria en el mercado de valores mexicano. Dichas reformas entraron en vigor el 24 de julio de 2025.<\/span><\/p>\n

 <\/p>\n

A continuaci\u00f3n, los puntos clave que deben tener presentes las casas de bolsa y participantes del mercado:<\/span><\/p>\n

 <\/p>\n

1.\u2002Emisoras Simplificadas:\u00a0En general, se aplican las mismas reglas que para otras emisoras. Sin embargo, las casas de bolsa deber\u00e1n cumplir con los siguientes requisitos espec\u00edficos:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Ajustarse a lo dispuesto en las disposiciones de car\u00e1cter general aplicables a las emisoras simplificadas.<\/span><\/p>\n

(b)\u2002Publicar en su sitio web los requisitos y procedimientos para inscripciones simplificadas.<\/span><\/p>\n

(c)\u2002Entregar una carta firmada que detalle los riesgos asociados a la emisi\u00f3n en cuesti\u00f3n.<\/span><\/p>\n

(d)\u2002Conservar evidencia de la revisi\u00f3n de documentos de la emisi\u00f3n y de la divulgaci\u00f3n de informaci\u00f3n relevante.<\/span><\/p>\n

 <\/p>\n

2.\u2002M\u00faltiples Intermediarios Colocadores:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Se mantiene la posibilidad de que participe m\u00e1s de un intermediario colocador en una misma emisi\u00f3n. Sin embargo, no se considerar\u00e1 que existe una sindicaci\u00f3n salvo que haya un acuerdo expreso en ese sentido.<\/span><\/p>\n

(b)\u2002En caso de existir un contrato de sindicaci\u00f3n, el l\u00edder colocador ser\u00e1 el principal responsable del cumplimiento normativo.<\/span><\/p>\n

(c)\u2002El contrato de colocaci\u00f3n debe detallar comisiones correspondientes a cada intermediario y los servicios adicionales o complementarios ofrecidos por cada uno a la emisora.<\/span><\/p>\n

 <\/p>\n

3.\u2002Obligaciones Nuevas:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Se debe contar con evidencia documental de que el \u00e1rea de auditor\u00eda interna revis\u00f3 las pol\u00edticas internas de cumplimiento regulatorio.<\/span><\/p>\n

(b)\u2002Ser\u00e1 obligatorio grabar o documentar todas las comunicaciones electr\u00f3nicas o telef\u00f3nicas con clientes y conservarlas durante al menos cinco a\u00f1os.<\/span><\/p>\n

(c)\u2002En operaciones del mercado secundario, deber\u00e1n verificar que los adquirentes de valores de oferta p\u00fablica restringida o de inscripci\u00f3n simplificada sean inversionistas calificados o institucionales.<\/span><\/p>\n

 <\/p>\n

4.\u2002Otros cambios:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Ya no ser\u00e1 aplicable el Anexo 1 de las Disposiciones generales a los inversionistas calificados.<\/span><\/p>\n

(b)\u2002Se incorporan criterios contables excepcionales aplicables en casos de fen\u00f3menos naturales que afecten la liquidez de las casas de bolsa.<\/span><\/p>\n

 <\/p>\n

En NHG estamos monitoreando de cerca la implementaci\u00f3n de estos cambios y acompa\u00f1ando a nuestros clientes en la adecuaci\u00f3n de sus contratos, pol\u00edticas internas y estrategias de colocaci\u00f3n. Nuestro equipo especializado en mercados de capital y cumplimiento regulatorio est\u00e1 a su disposici\u00f3n para revisar sus procesos.<\/span><\/p>\n

 <\/p>\n

AMENDMENTS TO THE GENERAL PROVISIONS APPLICABLE TO BROKERAGE HOUSES<\/b><\/p>\n

 <\/p>\n

On July 23, 2025, amendments to the Circular \u00danica de Casas de Bolsa\u00a0(\u201cCUCB\u201d)\u00a0were published, introducing significant changes for securities placement activities and secondary market operations in the Mexican securities market. The amendments took effect on July 24, 2025.<\/span><\/p>\n

 <\/p>\n

The following are the key aspects that brokerage houses and other market participants should be aware of:<\/span><\/p>\n

 <\/p>\n

1.\u2002Simplified Issuers:\u00a0In general, the same rules applicable to traditional issuers will apply. However, brokerage houses must comply with the following additional requirements:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Comply with the general provisions applicable to simplified issuers.<\/span><\/p>\n

(b)\u2002Publish on their website the requirements and procedures for simplified listings.<\/span><\/p>\n

(c)\u2002Deliver a signed letter to investors outlining the risks associated with the relevant issuance.<\/span><\/p>\n

(d)\u2002Keep evidence of their review of issuance documents and the disclosure of relevant information.<\/span><\/p>\n

 <\/p>\n

2.\u2002Multiple Placement Agents:<\/span><\/p>\n

 <\/p>\n

(a)\u2002The participation of more than one placement agent in a single issuance remains possible. However, a syndicate will only be deemed to exist if an express syndication agreement is in place.<\/span><\/p>\n

(b)\u2002Where such an agreement exists, the lead underwriter will be the primary party responsible for regulatory compliance.<\/span><\/p>\n

(c)\u2002The placement agreement must detail the fees corresponding to each placement agent, as well as any additional or complementary services offered by each of them to the issuer.<\/span><\/p>\n

 <\/p>\n

3.\u2002New Operational Obligations:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Brokerage houses must keep documentary evidence that their internal audit area has reviewed internal regulatory compliance policies.<\/span><\/p>\n

(b)\u2002It will be mandatory to record or document all electronic or telephone communications with clients, and such records must be retained for at least five years.<\/span><\/p>\n

(c)\u2002In secondary market operations, brokerage houses must verify that purchasers of restricted public offerings or simplified listings are qualified or institutional investors.<\/span><\/p>\n

 <\/p>\n

4.\u2002Other Relevant Changes:<\/span><\/p>\n

 <\/p>\n

(a)\u2002Annex 1 of the General Provisions will no longer apply to qualified investors.<\/span><\/p>\n

(b)\u2002Exceptional accounting criteria will be introduced for natural disaster scenarios that impact the liquidity of brokerage houses.<\/span><\/p>\n

At NHG, we are closely monitoring the implementation of these regulatory changes and are actively assisting our clients in updating their contracts, internal policies, and placement strategies. Our team, specializing in capital markets and regulatory compliance, is available to support you in reviewing your processes.<\/span><\/p>\n

 <\/p>\n

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El 23 de julio de 2025 se publicaron reformas a la Circular \u00danica de Casas de Bolsa\u00a0(\u201cCUCB\u201d), con implicaciones relevantes para las operaciones de colocaci\u00f3n de valores y la actividad secundaria en el mercado de valores mexicano. Dichas reformas entraron en vigor el 24 de julio de 2025.   A continuaci\u00f3n, los puntos clave que…<\/p>\n

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