[Last updated: 1 January 2024, unless otherwise noted]

As long as specific BMV and BIVA requirements are met, in compliance with the BMV and BIVA, there are no jurisdictions of incorporation or industries that would be banned from listing securities on the BMV and BIVA.

The main eligibility criteria for listing equity securities are:

• Three years of audited financial statements (subject to certain exemptions).
• Three years of operating history.
• Shareholders' equity of at least 20 million investment units (approximately US$9.41 million) or their equivalent.
• Investment units (Unidades de Inversión or UDIs) are value units established by the Mexican Central Bank, revalued on a daily basis (as of 1 January 2024: MXN$7.984185 per UDI (approximately US$0.47).
• Positive average dividends for the last three years.
• The securities to be listed must represent at least 15% of the paid-up equity stock or at least 950 million investment units (approximately US$447.12 million), representing a minimum of 12% of the capital stock of the company.
• At least 10 million shares must be offered.
• There must be at least 200 shareholders at the time of listing.

 Additionally, in order to maintain a listing, the following requirements must be met at all subsequent times:

• Minimum 100 shareholders.
• At least a 12% float.

 In order for an issuer to be listed it must comply with corporate governance requirements, as reflected under the Best Corporate Practices Code (Código de Mejores Prácticas Corporativas or the "Code"), which includes the following:

• Equal treatment of all the shareholders.
• Acknowledgment by the company that there are third parties interested in the good development, stability and tenure of the issuer.
• Publication of all relevant information, as well as transparency in management.
• Maintaining the strategic development and management.
• Board of Directors' liability for management.
• Identification, management, control and disclosure of applicable risks.
• Company statement of the ethics regarding its social responsibility.
• Prevention of illegal operations and conflict of interests.
• Disclosure of inappropriate actions by the company or its officers and protection for informers of such inappropriate actions.
• Compliance with the different regulations.
• Providing certainty and confidence to investors and third parties regarding the honest and responsible business management.
• Independent board members.
• Support committees.

A detailed description, with general requirements on corporate governance, is provided in section 5 below.

Companies that wish to list their securities on the BMV and BIVA must complete all necessary documents and information. Once their file submission is complete, the BMV and BIVA will issue a statement with information regarding the listing requirements, and perform a technical analysis.

Once accepted, the BMV or BIVA delivers the issuer with a positive resolution, and the issuer must then file a complete set of executed documents at least one business day before the listing, which includes:

• Final original information required for the listing, pursuant to the listing request.
• The authorization writ issued by the CNBV.

The BMV or BIVA must publish the listing on its webpage before 12:00 pm on the date thereof. The broker dealer, who must be a Mexican brokerage firm (casa de bolsa), performs the securities registration process.

Unless otherwise agreed with the broker dealers, there are no requirements to place shares into escrow (or otherwise restrain them from being traded, such as "lock-up" arrangements) in connection with a listing.

The currency denomination of securities traded in Mexico is Mexican pesos.