E duardo Flores Herrera


Mr. Flores has represented sponsors, issuers, servicers and underwriters in a wide variety of public and private securities offerings, including equity, real estate investment trusts (Fibras), CKDs, securitizations, unsecured debt, secured debt and subordinated debt. Mr. Flores has also represented local and international lenders and syndicate members in all types of financings, including unsecured, secured, warehouse and asset-backed financings.

Mr. Flores advised Grupo Financiero Banorte in two follow-on equity offerings (including the second largest equity offering in Mexico) and also represented Credit Suisse and Barclay’s as underwriters for Grupo Financiero Interacciones in its equity offering in Mexico and international markets. He also represented Banorte, HSBC and Multiva as issuers, and Credit Suisse as underwriter for Mifel, in several local and international offerings of Tier-2 capital subordinated securities. Mr. Flores also represented Comisión Federal de Electricidad in all of its capital markets transactions from 2006 to 2014, which included local and international offerings of unsecured debt as well as notes backed by financed public works. Also, he represented the Mexican Government in three issuances of credit-linked notes (“catastrophe bonds”), the only offerings of their kind by a Latin-American country.

On July 2014, Mr. Flores was appointed Vice-president for Securities Supervision of the National Banking and Securities Commission (CNBV). In this position, Mr. Flores was in charge of the supervision of all securities market participants, including issuers, broker-dealers, mutual funds, rating agencies, introducing brokers, exchanges, central counterparties, central deposits, and price vendors. He was also in charge of authorizing all public offerings of securities in Mexico and the incorporation of mutual funds, in addition to participating in the drafting of all securities-related secondary regulation.

In such position, Mr. Flores was a key player in the design, negotiation and drafting of the regulation of the Infrastructure and Energy Investment Trusts (Fibra E), the Investment Project Certificates (Cerpi), as well as the regulation allowing for the incorporation of the second stock exchange in Mexico.

Mr. Flores was involved in several international organizations and groups, including:

  • Member of Committee 2 (Secondary Market); the Inter-American Regional Committee; and the Infrastructure Working Group, all from the International Organization of Securities Commissions (IOSCO);
  • Member of the Credit Rating Agencies Supervisory Core Colleges of Moody’s, Standard & Poor’s and Fitch;
  • Member of the Pacific Alliance supervisors’ committee, comprised by securities regulators from Chile, Peru, Colombia and Mexico; and
  • Representation of Mexico with the Ibero-American Securities Institute.

Mr. Flores has been a speaker at several industry events, including the Mexican Securities Participants Association (AMIB), the Issuers’ Convention, the Pension Funds’ Association (AMAFORE) and Private Equity Association (AMEXCAP), and has been professor in the Derivatives Post-Graduate degree at the Instituto Tecnológico Autónomo de México (ITAM).

Mr. Flores was born in Guadalajara, Jalisco and obtained his law degree (JD) from Universidad Panamericana, Campus Guadalajara. He joined the firm in July 2017 and prior to his tenure at the CNBV he was a partner at the Mexico City Office of White & Case. His native language is Spanish and he is fluent in English.