Countries › Mexico › Guide › 10. Capital markets and finance › Broker dealers, investment advisers and foreign financial firms in Mexico: casa de bolsa licenses, adviser registration, representative offices, the SIC and 2026 CNBV fees

Broker dealers, investment advisers and foreign financial firms in Mexico: casa de bolsa licenses, adviser registration, representative offices, the SIC and 2026 CNBV fees

Last verified: 2026-10-26 · Status: Stable

Intermediating securities with the public in Mexico is reserved to licensed broker dealers (casas de bolsa), banks, fund operators and distributors; doing it without authorization carries five to fifteen years in prison. Independent portfolio managers and advisers who give individualized recommendations must register with the CNBV as asesores en inversiones, and foreign banks and brokers can open representative offices that may not take money or intermediate. In 2026 a casa de bolsa pays MXN 2,370,820 in CNBV duties to apply, be authorized and start operating; adviser registration costs MXN 44,854 and a representative office application MXN 34,293.

USD conversions use MXN 18.6638 per US dollar, the US Federal Reserve H.10 noon buying rate in New York for 23 October 2026 (FRED series DEXMXUS), the latest observation available when this page was verified. Legal conversions in Mexico use the Banxico FIX, which differs slightly. Conversions are for orientation only.

Key facts

License required to intermediate securities with the public	Yes, CNBV authorization (casa de bolsa or other intermediary) LMV arts. 113, 114 and 373, as of 2026-10-26 · in force
CNBV duties to study, authorize and start a casa de bolsa (2026)	2370820 MXNLFD art. 29, XIII, XIV and XXII, as of 2026-10-26 · in force
Registration of investment advisers	Yes, with the CNBV LMV art. 225, as of 2026-10-26 · in force
CNBV duty to register an investment adviser (2026)	44854 MXNLFD art. 29, XXVIII, as of 2026-10-26 · in force
Representative offices of foreign financial entities	Allowed with CNBV authorization; no deposit taking or intermediation LIC art. 7o., as of 2026-10-26 · in force
Prison for unlicensed securities intermediation	5 to 15 yearsLMV art. 373, as of 2026-10-26 · in force

The rule

1. Who may intermediate securities. Securities market intermediaries are casas de bolsa, credit institutions, investment fund operators and pension fund administrators, and investment fund share distributors. Intermediation in RNV registered securities is reserved to them. Carrying out securities intermediation with the public in Mexico without authorization carries five to fifteen years in prison.
Cost to do it: See the license fees below.
Example: A foreign online broker that solicits Mexican retail clients to trade Mexican listed shares through its platform is intermediating with the public in Mexico and needs a Mexican license. / Not applicable.Ley del Mercado de Valores (LMV), DOF 30 December 2005, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 9, 113 and 373, 2005-12-30 official text · verified 2026-10-26

2. The casa de bolsa license. Organizing and operating as a casa de bolsa requires CNBV authorization approved by its Governing Board, granted only to a sociedad anónima; the license is not transferable and is published in the DOF at the applicant's cost. The bylaws must include the words "casa de bolsa", indefinite duration and a domicile in Mexico, and the application lists shareholders with the source of their funds, proposed directors and officers, and a business plan. Capital has an ordinary series O and may have an additional series L up to 40 percent of ordinary capital; foreign governments may not hold shares except in narrow cases such as temporary rescues.
Cost to do it: 2026 CNBV duties: study MXN 39,414, authorization MXN 571,545, start of operations MXN 1,759,861; total MXN 2,370,820 (USD 127,028). Minimum capital is set by CNBV general rules not reviewed here.
Example: A foreign broker group setting up a Mexican casa de bolsa pays MXN 2,370,820 in CNBV duties across the three stages. / About USD 127,028.Ley del Mercado de Valores (LMV), DOF 30 December 2005, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 114, 115 and 117, 2005-12-30 official text · verified 2026-10-26

3. Investment advisers (asesores en inversiones). Persons who are not intermediaries but habitually and professionally manage securities portfolios with discretion for third parties, or give individualized investment advice, analysis or recommendations, are investment advisers and must register with the CNBV. Individuals must show good repute, a satisfactory credit history and certification from a CNBV recognized self regulatory body. Companies must be civil companies, S.A.s or S. de R.L.s with that business purpose, physical premises used exclusively for it, disclosed shareholders and source of funds, and a conduct manual with conflict of interest policies.
Cost to do it: CNBV registration duty in 2026: MXN 44,854 (USD 2,403).
Example: A boutique wealth manager in Monterrey that runs discretionary portfolios for families must register as an asesor en inversiones and pay MXN 44,854. / About USD 2,403.Ley del Mercado de Valores (LMV), DOF 30 December 2005, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text); art. 225 first paragraph reformed DOF 28 December 2023, Art. 225, 2023-12-28 official text · verified 2026-10-26

4. Representative offices of foreign financial entities. The CNBV may authorize foreign financial entities to open representative offices in Mexico. These offices may not carry out any intermediation that needs a federal license, may not raise funds from the public for their own or third party account, and may not advertise deposit type products to the general public; at a client's request they may give information about transactions their principal carries out in its home country. They are supervised by the CNBV and pay inspection fees.
Cost to do it: 2026 CNBV duty to study the application: MXN 34,293 (USD 1,837).
Example: A US private bank opens a representative office in Mexico City to meet existing clients; it may explain its US products on request but may not open accounts or take money in Mexico. / About USD 1,837 for the application.Ley de Instituciones de Crédito (LIC), DOF 18 July 1990, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text); art. 7o. reformed DOF 1 February 2008, Art. 7o., 2008-02-01 official text · verified 2026-10-26

5. 2026 CNBV duties for intermediaries and related licenses. Study of a casa de bolsa application MXN 39,414; authorization MXN 571,545; start of operations MXN 1,759,861; study of a securities trading system operator MXN 39,414 and its authorization MXN 405,346; study of a rating agency MXN 39,414 and its authorization MXN 457,760; investment adviser registration MXN 44,854; representative office application MXN 34,293.
Cost to do it: As listed; USD equivalents in the table.
Example: A rating agency entering Mexico pays MXN 497,174 in CNBV duties. / About USD 26,638.Ley Federal de Derechos (LFD), last reform DOF 7 November 2025; 2026 amounts in Anexo 4 de la Resolución Miscelánea Fiscal para 2026, DOF 28 December 2025, LFD art. 29, sections V, VI, XIII to XVI, XX, XXII and XXVIII, 2025-12-28 official text · verified 2026-10-26

Item	MXN	USD at 18.6638	LFD art. 29
Casa de bolsa: study	MXN 39,414	USD 2,112	XIII
Casa de bolsa: authorization	MXN 571,545	USD 30,623	XIV
Casa de bolsa: start of operations	MXN 1,759,861	USD 94,293	XXII
Securities trading system: study	MXN 39,414	USD 2,112	XV
Securities trading system: authorization	MXN 405,346	USD 21,718	XVI
Rating agency: study	MXN 39,414	USD 2,112	V
Rating agency: authorization	MXN 457,760	USD 24,527	VI
Investment adviser registration	MXN 44,854	USD 2,403	XXVIII
Representative office of a foreign financial entity: study	MXN 34,293	USD 1,837	XX

2026 CNBV duties for market intermediaries and related licenses, LFD art. 29 as updated by RMF 2026 Annex 4 (DOF 28 December 2025).

Worked example

A foreign asset manager wants Mexican clients.
Option 1: register a Mexican S.A. as an asesor en inversiones for discretionary management and advice, paying MXN 44,854 (about USD 2,403), and execute trades through licensed Mexican intermediaries (LMV arts. 9 and 225).
Option 2: open a representative office (MXN 34,293 application duty, about USD 1,837) to support existing clients, without taking money or intermediating in Mexico (LIC art. 7o.).
Option 3: set up a full casa de bolsa, paying MXN 2,370,820 (about USD 127,028) in CNBV duties plus meeting CNBV capital rules (LMV art. 114; LFD art. 29).

Step by step

1. Map the activity: execution and custody (casa de bolsa), discretionary management or individualized advice (adviser registration) or relationship support only (representative office).
2. For a casa de bolsa, prepare bylaws, shareholder and source of funds information, management files and a business plan (LMV art. 115).
3. For adviser registration, obtain the certification of individuals from a recognized self regulatory body and prepare the conduct manual (LMV art. 225).
4. Pay the LFD duty for each stage when filing (LFD art. 29).
5. Do not solicit Mexican clients before the license or registration is in place (LMV art. 373).

Common traps

A representative office that collects client money or places products crosses into unlicensed activity (LIC art. 7o.; LMV art. 373).
Foreign governments, including sovereign funds acting as government, cannot own a casa de bolsa outside narrow exceptions (LMV art. 117).
The casa de bolsa license cannot be transferred; a change of control needs new approvals (LMV art. 114).
Advisers need dedicated physical premises; a shared office with an unrelated business does not meet the rule (LMV art. 225, III).

Sources

← Governance and market abuse rules for Mexican listed companies: the S.A.B. board, independent directors, committees, share buybacks, insider trading, the three month rule and criminal penaltiesBank licenses in Mexico and foreign banks: what only banks may do, the two stage CNBV license, 90 million UDI capital, ownership approvals, foreign bank subsidiaries, deposit insurance and 2026 fees →