Company: VIST
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001193125-25-076856
Chunk: 91

Company: Vista Energy, S.A.B. de C.V.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 9
Chunk 91
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 defines applicable sanctions for violation of law;
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•   provides flexibility to allow regulated Mexican brokerage firms to engage in certain limited activities;
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•   regulates stock exchanges, clearinghouses, futures and derivatives markets, and rating agencies;
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•   establishes penalties (including incarceration), arising from violations of the Mexican Securities Market Law and regulations thereunder;
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•   establishes that public companies are considered a single economic unit with the entities they control for reporting accounting and other purposes;
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•   establishes concepts such as consortiums, groups of related persons or entities, control and decision-making power;
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•   defines rules relating to the types of securities that may be offered by public companies;
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•   sets forth information for share repurchases; and
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•   specifies requirements for implementing anti-takeover measures.
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 In March 2003, the CNBV issued certain general regulations applicable to issuers and other securities market participants, which regulations have since been amended, or the General Regulations, and in September 2004, the CNBV issued certain general regulations applicable to brokerage firms. The General Regulations, which repealed several previously enacted CNBV regulations, provide a consolidated set of rules governing public offerings, reporting requirements and issuer activity, among other things. 
 More recently, a decree amending certain provisions on the Mexican Securities Market Law became effective on December 29, 2023, which contains, among others, certain provisions and adjustments (a) providing flexibility to issue different series and classes of shares without requiring CNBV authorization and without a percentage limit, including shares without voting rights, with restricted voting rights, with veto rights, that limit or expand the distribution of profits or other special economic rights; and (b) allowing to delegate to the board of directors of public companies the authority to approve capital increases and determine the terms for the subscription of shares issued in connection with such increase, including restrictions on the exercise of preemptive subscription rights. 
 
137 

 Issuance, Registration and Listing Standards 
 In order to offer securities to the public in Mexico, an issuer must meet specific qualitative and quantitative requirements. Only securities that have been registered with the RNV, pursuant to approval by the CNBV may be listed on the Mexican Stock Exchange. 
 The General Regulations require the Mexican Stock Exchange to adopt minimum requirements for issuers that seek to list their securities in Mexico. These requirements relate to operating history, financial and capital structure, and minimum public floats, among other things. The General Regulations also require