(Bloomberg) -- Mexico is putting the final touches to draft regulations needed to spur more debt and equity listings, the goal of a reform passed by lawmakers last year, according to Deputy Finance Minister Gabriel Yorio.

“There are still some elements that we have to continue discussing, but we are moving forward quite well,” Yorio said Thursday on the sidelines of Mexico’s annual banking convention in Acapulco. 

The draft will be sent in the “coming weeks” to regulation agency Conamer for a period of public comment, Yorio said. Officials and regulators have been working to reach consensus and speed up the second phase of approval, he added. 

Read More: Mexico’s Congress Approves Key Bill to Boost Company Listings

Lawmakers approved last November a reform to reduce hurdles for smaller companies seeking to list equity and debt in Mexico, where initial public offerings have dried up since 2018. The law also created a new legal framework for local hedge funds, designed to boost the pool of investors in the country and lift demand for local instruments.

Yorio said the government was not currently considering any further tax breaks for state-owned oil company Petroleos Mexicanos after the company’s main profit-sharing duty was lowered to 30% from 40% this year and the government budget provided 145 billion pesos to help pay its debt amortizations this year. 

“We have to evaluate it in the coming months to make a decision,” Yorio said. “In this moment, what we are really considering are the elements reflected in the budget.” 

With elections coming up on June 2 to replace President Andres Manuel Lopez Obrador, one of the hot topics at the banking convention this year are what the next administration plans for Pemex. Claudia Sheinbaum, the candidate from Lopez Obrador’s party, holds a commanding lead in polls. 

Read More: To see the latest update from Mexico’s polls, see the Bloomberg Poll Tracker 

Yorio declined to comment on rumors among bankers and economists that he is in the running for a cabinet position in a potential Sheinbaum government. 

“That is speculation,” he said. “The president has asked us to work on the transition, to have an orderly financial transition and that is what we are going to be doing through September.”

(Updates with additional details from fifth paragraph)

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