MEXICO CITY (Reuters) - The board of Mexican bank regulator CNBV on Thursday approved the terms of a stock market reform passed last year, Deputy Finance Minister Gabriel Yorio, who spearheaded the reform, said.

The overhaul, which aims to revamp the nation's stock exchanges and boost trading after a spate of delistings in recent years, will allow small-and-medium-size businesses to access up to 70 billion pesos ($3.51 billion) in financing a year, Yorio said in a post on X.

The regulatory framework will now go on to Mexico's National Regulatory Improvement Commission, Yorio said.

The reform is set to loosen regulations for companies to go public, speed up the process and reduce the costs involved.

Mexico's main stock exchange, the Bolsa Mexicana de Valores, has bled business in recent years, with former giants such as airline Aeromexico, dairy producer Grupo Lala and retailer Grupo Sanborns taking their operations private.

Aeromexico is expected to list in New York later this year.

Meanwhile, the much-smaller Bolsa Institutional de Valores has struggled to pick up steam after launching in 2018.

($1 = 19.9644 Mexican pesos)