Mexican Stock Exchange Fined For Late Disclosure
December 16 2011 - 7:31PM
Dow Jones News
Mexican stock exchange operator Bolsa Mexicana de Valores SAB
(BOLSA.MX), or BMV, said Friday that it and its chief executive
were fined by the country's securities regulator for a late
response in 2009 to a request for information after unusual levels
of trading in its shares.
BMV said the National Banking and Securities Commission, or
CNBV, imposed the fines after determining that the company didn't
comply in a timely fashion with rules on divulging relevant
information to the market.
At the time, the BMV said, it was involved in preliminary and
confidential talks on an alliance with a strategic partner. In
March 2010 the BMV reached an agreement with the CME Group (CME),
which took a 1.9% stake in the local bourse operator.
BMV said it doesn't plan to contest the fine, which was below
the average allowed for such violations. Chief Executive Luis
Tellez was fined the minimum and also won't contest it, BMV
added.
The company didn't specify the amount of the fines.
The unusual share moves didn't involve the BMV and were out of
its control, it added.
The exchange operator said that the case illustrates the
difficulty that listed companies face in informing the market at
the same time that confidential negotiations are ongoing, and that
"presumably other companies that carry out confidential
negotiations are equally exposed to incurring in faults."
The BMV said it has decided to set up a group of experts
including its issuers committee to draw up recommendations and
guidelines that meet with best international practices, and will
invite the CNBV, the maximum authority in the sector, to
participate.
-By Anthony Harrup, Dow Jones Newswires, (5255) 5890 5176,
anthony.harrup@dowjones.com
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