Tulum, QR. The Securities Market Law is a “tailor-made suit” and a great “opportunity” for Multiple Purpose Financial Companies (Sofomes) to obtain more capital and boost economic growth, said the directors of the Mexican Stock Exchange (BMV) and the Institutional Stock Exchange (Biva).
“The new Securities Market Law is a tailor-made suit for Sofomes because they will be able to register part of their financing on the stock exchange,” said Santiago Urquiza, president of Central de Corretajes (Cencor), the company that owns Biva.
During the opening of the 18th National Convention of the Association of Multiple Purpose Financial Companies of Mexico (Asofom), he stated that thanks to these non-banking financial intermediaries, Biva has a share of more than 20 percent in the total debt issues on the market.
“Sixty percent of new broadcasters are in our favour… Competition generates growth for everyone… There is much to do, but there is the Securities Market Law,” he said in his speech.
At the time, Jorge Alegría, general director of the BMV, stated that the Sofomes have become an ally of the stock market, and today there are a total of 15 financial entities of this type listed in this company.
“Last week, the governing board of the National Banking and Securities Commission (CNBV) published the simplified rules of the Securities Market Law, and that is very important, these are changes that we have sought for many years,” he said.
Last Thursday, the authorities of the financial system announced that the secondary regulation of the Securities Market Law had been approved, that is, the rules that will allow small and medium-sized companies in the country to have access to the stock market. These provisions were sent to the National Commission for Regulatory Improvement (Conamer) for full approval and official publication.
“It is very important that the project go to Conamer. There may be obstacles in the way, but the opportunity for a new financing alternative is offered,” Alegría added.
On April 28, the Securities Market Law was approved by Congress, the main objective of which is to allow small and medium-sized companies to be listed on one of the two stock exchanges operating in Mexico.
Ángel Cabrera, coordinator of banking and securities at the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit (SHCP), recalled that with this new law, up to 5,000 new companies could enter the national stock market.
“Sofomes, you can count on us to develop a more prosperous future for our country,” the official added.
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– 2024-09-22 09:03:09
