On January 28, 2025, the National Banking and Securities Commission published in the Federal Official Gazette of the Federation the Resolution amending the general provisions applicable to securities issuers and other participants in the securities market (Resolución que modifica las Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores, the "Resolution").

This Resolution represents a milestone for sustainability regulations in Mexico. Its publication establishes a mandatory sustainability framework alongside the Information and Sustainability Standards (Normas de Información y Sostenibilidad) published by CINIF(1) in 2024, promoting a clearer and more reliable environment for investors.

1.Key Objectives

  • Enhanced transparency: Ensuring that investors have clear and reliable sustainability information.
  • Better risk management: Ensuring that sustainability information is measurable and comparable, allowing them to identify and manage ESG risks more efficiently.
  • Alignment with international standards: The Resolution establishes a framework aligned with the IFRS Sustainability Disclosure Standards of the International Sustainability Standards Board ("IFRS Standards").
  • Boosting sustainable finance: Promotes investment in projects with a positive impact on society and the environment.

2.Key Scope of the Resolution

New Obligation to Submit a Sustainability Report

The Resolution incorporates a new obligation for securities issuers (both domestic and foreign) to submit a Sustainability Report. This report is submitted first when applying for the registration in the National Securities Registry and public offering, and subsequently, with the submission of the annual report (the "Report").

The Report must include information on the issuer’s sustainability-related risks and opportunities that could reasonably be expected to affect cash flow, access to financing, or capital costs in the short, medium, or long term (Información de Sostenibilidad, “Sustainability Information”). As a general rule, Sustainability Information must comply with IFRS Standards, including any future modifications. The current framework consists of two main provisions:

  • IFRS S1: General requirements for sustainability-related financial disclosures, which focus on the identification of financial risks and opportunities.
  • IFRS S2: These are climate-related disclosures, centered on climate change risks and opportunities analysis

Entry into force and compliance deadlines

  • 2026: The Resolution will become mandatory in 2026, requiring issuers to report sustainability information for the 2025 fiscal year. Reports submitted for 2026 will not require external auditor(2) assurance.
  • 2027: As of this year, Reports must include, at least, limited assurance from an external auditor.
  • 2028: It will be mandatory that Reports include reasonable assurance from an external auditor.

Provisions applicable to foreign issuers

Foreign issuers can prepare their Sustainability Information following IFRS sustainability standards; or applying the standards of their country of origin. In the latter case, it will be necessary for the issuer to disclose that the Sustainability Information has not been generated in accordance with IFRS Standards, and if applicable, the equivalence or interoperability with IFRS Standards.

Exceptions and Rules for Financial Entities

  • Federal entities (entidades federativas) and municipalities are excepted from the obligation to submit the Report.
  • Financial institutions must ensure their Sustainability Information complies with specific regulations set by Mexican financial authorities. This requirement also applies to issuers whose subsidiaries predominantly(3) engage in financial activities supervised by Mexican financial authorities.
  • The following entities must comply with the same Sustainability Information standards as regulated SOFOMES(4), in accordance with the General Law of Credit Organizations and Auxiliary Activities (Ley General de Organizaciones y Actividades Auxiliares del Crédito):
  • Non-regulated SOFOMES issuing securities other than debt instruments.
  • Issuers whose predominant activity is credit granting or financial factoring or leasing.

3. Recommendations and Next Steps

In light of these regulatory changes, it is important for securities issuers to conduct a detailed analysis of their operations to ensure compliance with the Resolution. It is recommended:

  • Assessing internal capacity for ESG data collection and analysis.
  • Training staff in IFRS Sustainability Standards reporting.
  • Updating internal processes to ensure accurate generation and collection of required sustainability information.
  • Consulting legal and financial experts to ensure proper implementation of the Resolution.


Relevant Sources:

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(1) Consejo Mexicano de Normas de Información Financiera y Sostenibilidad.

(2) The Resolution does not specify the requirements that the external auditor must meet, so secondary regulations are expected to be issued in this area.

(3) The Resolution considers an activity as predominant when it represents more than 70% of the issuer’s total consolidated assets, liabilities, or revenues at the end of the previous fiscal year. An activity will no longer be considered predominant if, for three consecutive years, it represents less than 50% of total consolidated assets, liabilities, or revenues, or if, in the previous fiscal year, it accounted for less than 20%.

(4) Multiple-purpose financial entities (Sociedades financieras de objeto múltiple).