Publishing Verified Trader Performance — Mexico Regulatory Overview

How NakedPnL is positioned in Mexico under the CNBV, Banxico, the Ley del Mercado de Valores, the Fintech Law, and the INAI-supervised data-protection regime.

NakedPnL operates a public registry of verified investment performance produced by individual traders who voluntarily connect read-only exchange API keys or sign on-chain wallet attestations. Daily NAV snapshots feed a time-weighted return (TWR) calculation; results are recorded in an append-only, SHA-256 chained ledger and Merkle-anchored to Bitcoin via OpenTimestamps so any third party can independently re-verify them.

This page describes how that activity is positioned under Mexican law, with reference to the Comisión Nacional Bancaria y de Valores (CNBV), the Banco de México (Banxico), the Ley del Mercado de Valores (LMV), the Disposiciones de carácter general aplicables a las personas que proporcionan servicios de inversión (DGSI), the Ley para Regular las Instituciones de Tecnología Financiera (Fintech Law), and the Ley Federal de Protección de Datos Personales en Posesión de los Particulares (LFPDPPP).

How NakedPnL is classified in Mexico

NakedPnL's activity is the production and distribution of factual performance data. The platform is not registered with the CNBV as an asesor en inversiones independiente under Articles 225 and 226 LMV, is not authorised as a casa de bolsa, fondo de inversión, or operadora de fondos de inversión, and is not authorised as an Institución de Tecnología Financiera (ITF) — neither as an Institución de Fondos de Pago Electrónico (IFPE) nor as an Institución de Financiamiento Colectivo (IFC) — under the Fintech Law. The platform does not appear on the CNBV public registers.

Asesoría de inversiones: Articles 225 and 226 LMV

The asesoría de inversiones perimeter is set out in Articles 225 and 226 LMV: it is the activity of providing investment recommendations, advice, or analyses on the buying, selling, or holding of securities, on a habitual and professional basis, in respect of natural or legal persons. Article 226 LMV requires registration with the CNBV as an asesor en inversiones independiente for natural and legal persons not affiliated to a regulated entity that engage in the activity habitually and professionally.

The DGSI (Disposiciones de carácter general aplicables a las personas que proporcionan servicios de inversión, published in the DOF on 6 January 2014, as amended) sets out the conduct-of-business framework — including the perfilamiento de inversionistas (investor profiling) and razonabilidad analyses for investment advice. The CNBV has consistently distinguished personalised investment advice provided to specific clients on a habitual and professional basis from impersonal information disseminated to the public.

NakedPnL does not produce client-specific outputs. The registry shows the same content to every reader of a given page; the platform does not collect a client's perfil del inversionista or perform a razonabilidad analysis. The activity does not consist of recommendations to specific persons. On those facts, the platform's analysis is that the published content is impersonal information rather than asesoría de inversiones requiring CNBV registration.

Servicios de inversión and the broader licensing perimeter

The LMV reserves the carrying-on of various financial-services activities to authorised participants — casas de bolsa under Article 113 LMV; sociedades operadoras de fondos de inversión and sociedades distribuidoras of investment fund shares under the Ley de Fondos de Inversión; and asesores en inversiones independientes under Article 226 LMV.

NakedPnL does not provide brokerage, intermediación bursátil, or fund administration. It does not solicit, receive, or transmit orders, does not deal as principal, does not manage carteras de inversión, does not place or underwrite securities, and does not operate any trading venue. The activity is the publication of factual past-performance data of consenting traders.

Crypto-assets, the Fintech Law, and Banxico Circular 4/2019

The Ley para Regular las Instituciones de Tecnología Financiera (Fintech Law), in force since 9 March 2018, regulates two principal categories of ITF: Instituciones de Financiamiento Colectivo (IFC, crowdfunding) and Instituciones de Fondos de Pago Electrónico (IFPE, electronic-money institutions). The Fintech Law also empowers Banxico to regulate the use of activos virtuales (virtual assets) by financial institutions; Banxico Circular 4/2019 (and successor circulars) sets the conditions under which authorised institutions may carry out operations with virtual assets.

NakedPnL is not an ITF. It does not facilitate collective financing of projects (no IFC activity), does not issue or hold electronic payment funds (no IFPE activity), and does not operate as an authorised financial institution under Banxico's virtual-asset framework. Read-only API keys and on-chain wallet attestations do not confer custody or transactional authority. On those facts, the platform's analysis is that it does not require ITF authorisation under the Fintech Law.

What NakedPnL does not do

• No copy trading. The platform cannot replicate a trader's positions into another user's account.
• No asesoría de inversiones under Articles 225 and 226 LMV. No registration as an asesor en inversiones independiente.
• No intermediación bursátil under Article 113 LMV.
• No fund administration under the Ley de Fondos de Inversión.
• No ITF activity under the Fintech Law (no IFC, no IFPE).
• No virtual-asset operations under Banxico Circular 4/2019.
• No custody of crypto-assets, fiat, or financial instruments.
• No oferta pública of securities under Article 8 LMV.

These design choices are encoded as feature flags in the codebase and protected by a continuous-integration test that fails the build if any flag is changed.

What Mexican users should know

Mexican users should treat the registry as factual performance data. Los rendimientos pasados no garantizan rendimientos futuros — a phrase that the CNBV expects regulated firms to display alongside past-performance information. NakedPnL applies an equivalent statement on every trader profile.

If a third party offers to manage your money based on a NakedPnL track record, that party is responsible for its own CNBV registration. Check the CNBV padrón of asesores en inversiones independientes, the CNBV register of casas de bolsa and operadoras de fondos, and the CNBV alerts (alertas y avisos) before transacting with any firm that holds itself out as authorised. NakedPnL does not vouch for any third-party manager.

Datos personales: LFPDPPP and the INAI

The Ley Federal de Protección de Datos Personales en Posesión de los Particulares (LFPDPPP), with its Reglamento and the supplementary Lineamientos del Aviso de Privacidad, regulates the processing of personal data by private parties in Mexico. The Instituto Nacional de Transparencia, Acceso a la Información y Protección de Datos Personales (INAI) is the supervisory authority and has consistently emphasised the principles of licitud, consentimiento, información, calidad, finalidad, lealtad, proporcionalidad, and responsabilidad set out in Article 6 LFPDPPP.

Lawful processing under the LFPDPPP requires consent (express, tacit, or the special categories of consent provided for sensitive data) or one of the limited statutory exceptions. The platform relies on consent for the public listing of a trader's handle and TWR series in the registry, on contractual necessity for users with an account, and on legitimate operational purposes for minimal aggregated analytics. Withdrawing public-listing consent removes the registry entry from public endpoints. Users can exercise rights ARCO (acceso, rectificación, cancelación, oposición) under Article 22 LFPDPPP through the privacy contact and may complain to the INAI.

Tax considerations

NakedPnL is not a Mexican intermediario financiero and does not produce constancias de retenciones or pre-filled tax declarations. Capital gains for individuals on financial assets are taxed under the Ley del Impuesto sobre la Renta (LISR), with specific rules for ganancias por enajenación de acciones bursátiles (Article 129 LISR) and for crypto-asset gains. A contador público certificado is the right resource for specific questions.

Disclaimer variant for Mexico

Mexico is not currently mapped in lib/jurisdictions.ts; users with a Mexican IP fall through to the default disclaimer variant, which presents the standard publisher disclaimer without an EU- or UK-specific notice. The default variant is intentionally conservative and emphasises that NakedPnL is a publisher of verified factual data, not a financial-services provider. A Mexico-specific variant may be added once the platform completes a more detailed Mexican legal review.

Frequently asked questions