Mexico: Regulatory Waivers

The Regulators

The Comisión Nacional Bancaria y de Valores (CNBV) is responsible for monitoring and regulating Mexican financial institutions. The Asociación Mexicana de Instituciones Bursátiles (AMIB) is a self-regulatory organization in charge of, among other things, running the representative-level qualification examination program.

The Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR) is the regulator and supervisor of Mexico’s pension system and its main objective is to regulate AFORES. AFORES are private financial institutions in charge of the administration and investment of retirement savings.

Requirements to Practice

The AMIB requires the passing of exams to register with the CNBV as a:

  • Promotor de Fondos de Inversión (Mutual Fund sales)
  • Promotor de Valores (Securities sales)
  • Asesor de Estrategias de Inversión (Financial Advisor)
  • Operador de Mercado de Dinero (Money Market trader)
  • Operador de Bolsa (Stock Exchange trader)

CONSAR requires that individuals working in the AFORES in investments, risk, compliance, and operations be certified by an independent third party.

The Waivers

AMIB recognizes the passing of CFA Level I (or any level of the CFA program) in combination with a regulatory and ethics module to obtain the license as:

  • Promotor de Fondos de Inversión (Mutual Fund Sales)
  • Promotor de Valores (Securities Sales)
  • Asesor de Estrategias de Inversión (Financial Advisor)

AMIB also recognizes the passing of CFA Level I (or any level of the CFA program) in combination with a regulatory, ethics, systems, and execution modules to obtain the license as:

  • Operador de Mercado de Dinero (Money Market trader)
  • Operador de Bolsa (Stock Exchange trader)

Learn more about these exemptions

For professionals who are already certified with AMIB and have accredited any level of the CFA Program, AMIB will grant 450 points for the revalidation of the certification. Each level of the CFA Program can only be used one time to revalidate. The period of validity of the certification granted by AMIB shall be three years from obtaining certification or from the date any authorization was granted by CNBV.

View the Manual de Políticas de Certificación y Registro AMIB Certifica (Spanish)

CONSAR recognizes the CFA Program and the CFA Institute Investment Foundations Program as meeting the certification requirements for those working on AFORES.

Specifically, for the CFA Program:

  • General financial certification: For officials working in the area of investments, risk, compliance, and operations, passing CFA Level I and CFA Level II will grant a license valid for 4 years. Obtaining the CFA Charter grants a permanent license.
  • Certification on derivatives and structured instruments: For officers working in the area of investments, risks, and compliance, passing CFA Level I and CFA Level II will grant a license valid for 4 years. Obtaining the CFA Charter grants a permanent license.

For the Investment Foundations Program:

  • General financial certification: For officials working in the area of compliance and operations, successfully completing the CFA Institute Investment Foundations Program grants a permanent license.

Learn more about the CONSAR provisions for retirement systems (PDF)