CNBV Establishes new requirements for specialized investment funds and ESG funds

August 12, 2026

On August 7, 2026, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, “CNBV”) published in the Federal Official Gazette (Diario Oficial de la Federación) a resolution (the “Resolution”) amending the General Provisions Applicable to Investment Funds and Their Service Providers thereto (the “General Provisions”).

Among other provisions, the Resolution establishes new requirements regarding the classification, naming and disclosure obligations of equity investment funds and debt instrument investment funds, with particular emphasis on specialized funds and funds identified or marketed as pursuing environmental, social and governance objectives (“ESG”).

The amendments respond to growing international concerns over greenwashing practices, which generally consist of the use of environmental, social or sustainability labels without real support in the composition of financial products. Accordingly, the amendments seek to enhance the transparency of information provided to investors, standardize the classification of specialized funds, and prevent the use of ESG-related designations or references that are inconsistent with the actual composition and investment strategy of their portfolios.

Key amendments

1. Regulation of Specialized Investment Funds

Equity investment funds and debt instrument investment may use, in their corporate names, ticker symbol, advertising or promotional materials, expressions referring to the assets in which they specialize, provided that they maintain at least 80% of their net assets invested in such assets.

This requirement applies to funds that identify themselves as specializing in, among others, government securities, private-sector assets, sector-specific assets, regional assets or ESG assets.

Accordingly, a fund’s name and marketing must be consistent with the actual composition of its portfolio and the parameters established under its investment regime.

2. Definition of ESG Investment Assets

The Resolution introduces a definition of “ESG Investment Assets”. To qualify as ESG Investment Assets, the relevant assets must satisfy at least one of the following criteria:

Be aligned with Mexico´s Sustainable Taxonomy, issued by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) on March 16, 2023;
Be aligned with an environmental, social, governance or sustainable taxonomy issued by an authority of a country that is a designated member of the Board of the International Organization of Securities Commissions (“IOSCO”) or by an authority that is part of the European Union (the “Designated Countries”);
Have a rating evidencing ESG characteristics issued by an ESG rating provider that is independent from the fund management company; or
Have a sustainable label that complies with standards issued by a financial authority or stock exchange, whether domestic or of a Designated Country.

3. Use of ESG-Related Designations

Only funds that satisfy the applicable specialization requirements may use, in their corporate names, ticker symbols, advertising or promotional materials, expressions such as “sustainable,” “environmental,” “social,” “ESG,” or other similar expressions, in any language.

Such funds must maintain at least 80% of their net assets invested in ESG Investment Assets.

The new regulatory framework seeks to ensure that ESG references used in communications to the investing public are supported by objective and verifiable criteria and are consistent with the fund´s actual portfolio composition.

4. New Disclosure Requirements in Investment Prospectuses

The investment prospectuses made available to the investing public by ESG funds must explain how ESG factors are incorporated into their investment policies and decision-making processes.

Among other matters, they must disclose:

The minimum investment threshold of 80% in ESG Investment Assets;
Any applicable exclusion, positive screening, ESG integration, impact investing or other investment policies or strategies;
The criteria and methodologies used to classify assets as ESG;
The mechanisms used to verify that the assets continue to qualify as ESG;
The measures to be taken when an asset ceases to satisfy the applicable ESG criteria; and
Any ESG-related services engaged by the fund and the identity of the relevant service providers.

5. Loss of an Asset’s ESG Status

If an asset that originally satisfied the applicable ESG criteria ceases to satisfy such criteria and, as a result, the fund exceeds or otherwise fails to comply with the applicable investment limits, the fund will have up to 90 (ninety) calendar days to adjust its portfolio.

This provision underscores the importance of documenting both the initial eligibility of the assets and their subsequent monitoring.

6. Incorporation of ESG Risks

The Resolution expressly incorporates ESG risks into the category of non-discretionary risks that may affect the net worth of investment funds.

Consequently, fund management companies must consider such risks as part of their comprehensive risk management processes, including their identification, monitoring and control, to the extent applicable to the funds under their management.

7. Greater Transparency Regarding Portfolio Composition

Investment funds must continue to comply with the pre-existing obligation to publish the composition of their portfolios on a monthly basis within the first 5 (five) business days of the following month.

As a new requirement, ESG funds must identify the ESG Investment Assets comprising their portfolios and specify the criterion pursuant to which each asset qualifies as ESG, including, as applicable:

Its alignment with Mexico´s Sustainable Taxonomy;
The foreign taxonomy used;
The rating assigned and the provider that issued it; or
The applicable labeling standard and the entity that issued it.

If a fund invests in shares of another fund or collective investment vehicle that individually represents more than 10% of its portfolio, it must provide access to information regarding the underlying assets indirectly comprising such investment.

8. Amendments to Regulatory Reports and Manuals

The Resolution amends several regulatory reports, including regulatory Report J-0311 relating to investment portfolios, to identify the assets that contribute to the fund’s specialization and their ESG classification.

Investment funds and fund management companies, investment fund share distribution companies, financial institutions providing investment fund share distribution services, and investment fund valuation companies must also update their operating and organizational manuals, as well as the documentation required under Exhibit 19 of the General Provisions, to incorporate the new requirements and controls.

Transitory Provisions of the Resolution; Effective Date and Compliance Periods

The Resolution became effective on August 8, 2026.

Investment funds and fund management companies will have up to 12 (twelve) months, that is, until August 7, 2027, from the effective date of the Resolution, to:

Update and file their investment prospectuses with the CNBV;
Update their operating and organizational manuals and other applicable documentation;
Adjust the corporate names, ticker symbols, advertising or promotional materials of specialized funds; and
Comply with the new requirements applicable to funds using ESG, sustainable or similar references.

The amendments to the format of regulatory Report J-0311 will become effective on January 1, 2027.

The Resolution is available, in Spanish only, on the official website of the Federal Official Gazette at: https://dof.gob.mx/nota_detalle.php?codigo=5795722&fecha=07/08/2026.

Consequences of Non-Compliance

Non-compliance with the obligations established in the Resolution may result in administrative sanctions under the Securities Market Law (Ley del Mercado de Valores), including warnings, fines and, in serious cases, suspension or revocation of authorizations. Additionally, the use of ESG designations without effective support in the portfolio composition constitutes a greenwashing practice that may generate significant reputational risks, loss of confidence from institutional investors and potential claims from investors who made decisions based on inaccurate or misleading information.

Recommended Next Steps

We recommend that fund management companies, distributors and valuation companies consider the following actions:

Conduct a diagnostic assessment of funds currently using ESG, sustainable or similar designations, identifying whether they meet the minimum threshold of 80% investment in ESG Investment Assets;
Verify that assets currently classified as ESG have sufficient documentary support (alignment with taxonomies, ratings from independent third parties or sustainable labels);
Evaluate and, if necessary, engage ESG rating providers that meet the independence requirement from the fund management company;
Prepare the necessary updates to the investment prospectuses, incorporating the new mandatory disclosures;
Review and update the operating and organizational manuals, as well as the documentation under Exhibit 19, to incorporate the new controls and procedures; and
Implement continuous monitoring mechanisms to timely detect if any asset loses its ESG status and be able to adjust the portfolio within the 90-day period provided in the Resolution.

Our Banking, Finance and ESG team can assist you with: (i) compliance diagnostics under the new provisions; (ii) review and update of investment prospectuses and operating manuals; (iii) design of ESG investment and monitoring policies; and (iv) guidance in the selection and engagement of rating providers. We remain available to schedule an initial diagnostic session or to address any additional questions.

Sincerely,

Pedro Said Nader

psaid@basham.com.mx