On January 28, 2025, amendments to the “General Provisions Applicable to Issuers of Securities and Other Participants in the Securities Market” (the “Reform”) were published in the Official Gazette of the Federation. This change introduces new obligations for issuers that are not financial entities, whose activities are not predominantly financial, or local governments, including the following:
• Mandatory preparation and disclosure of a sustainability report in accordance with IFRS S1 and S2 issued by the International Sustainability Standards Board (ISSB), or, for foreign issuers, the applicable sustainability standards in their country of origin.
• Inclusion of sustainability information in the annual periodic information that must be disclosed.
• Mandatory external assurance of the sustainability report through specialized audits.
• SOFOMES E.N.R. that issue securities other than debt instruments and issuers that are legal entities whose predominant activity (understood as more than 70% of the assets, liabilities, or consolidated total revenues as of the end of the immediate preceding fiscal year of an issuer) is (i) the granting of credit; or (ii) the entering into financial leasing or factoring agreements, must comply with the sustainability reporting standards applicable to SOFOMES, E.R. as referred to in Article 87-D, Section V of the General Law of Credit Organizations and Auxiliary Activities.
Starting in 2026, the submission of the sustainability report will be mandatory. The 2026 report (with data from 2025) may not include external assurance, while the 2027 report (with data from 2026) must include at least limited assurance. Thereafter, reasonable external assurance will be required.
Through this Reform, Mexico joins over 20 countries that have enacted mandatory sustainability disclosure requirements, marking one of the most significant milestones in this area in the past 100 years.
The multidisciplinary ESG team at Mijares, in collaboration with Social Value Institute, our strategic partner for non-legal sustainability matters, has developed a comprehensive approach to comply with these provisions. We offer the following services:
• Specialized Diagnostic Studies: Focused on assessing the maturity level of issuers in adopting ESG standards.
• Double Materiality Study: We identify economic, social, and environmental impacts, as well as risks and opportunities related to sustainability. This analysis ensures alignment with IFRS S1 and S2 and strengthens governance structures.
• Implementation of the “ESG Experience / ESG Compliance” Technology Platform: We facilitate the management, monitoring, and reporting of ESG standards, gathering key data from business areas to strengthen governance structures, and preparing the sustainability report in compliance with the new provisions, with the aim of identifying sustainability-related risks that must be disclosed in the external auditor's assurance report.
• Governance Structure Strengthening: We design internal policies and procedures to implement ESG standards with a deep understanding and comprehensive vision.
• Assistance with the Preparation of Annual Reports: In compliance with the provisions of Article 104, Section III of the Securities Market Law and Article 37 of the Issuers’ Circular, including the sustainability report that highlights risks, opportunities, and progress in sustainability.
Our team is available to arrange a meeting to discuss how these changes impact your business and explore how we can support you in their implementation.
For any questions or comments, please feel free to contact our expert team.
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