{"id":2332,"date":"2022-07-27T21:41:18","date_gmt":"2022-07-27T21:41:18","guid":{"rendered":"https:\/\/cfacanada.org\/csa-proposed-amendments-to-ni-31-103-and-to-31-103cp-and-proposed-ccir-individual-variable-insurance-contract-ongoing-disclosure-guidance-total-cost-reporting-for-investment-funds-and-segregated-funds\/"},"modified":"2023-03-17T20:07:32","modified_gmt":"2023-03-17T20:07:32","slug":"csa-proposed-amendments-to-ni-31-103-and-to-31-103cp-and-proposed-ccir-individual-variable-insurance-contract-ongoing-disclosure-guidance-total-cost-reporting-for-investment-funds-and-segregated-funds","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-proposed-amendments-to-ni-31-103-and-to-31-103cp-and-proposed-ccir-individual-variable-insurance-contract-ongoing-disclosure-guidance-total-cost-reporting-for-investment-funds-and-segregated-funds\/","title":{"rendered":"CSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds"},"content":{"rendered":"
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CSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds<\/h1>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n\n\n\n

T\u00e9l\u00e9charger le PDF :<\/h2>\n\n\n\n

CSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds<\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n\n\n\n

R\u00e9sum\u00e9 de la lettre :<\/h2>\n\n\n\n

Les modifications concernant les valeurs mobili\u00e8res portent sur l’am\u00e9lioration des exigences en mati\u00e8re d’information sur les co\u00fbts, dont l’objectif est de renforcer la protection des investisseurs en am\u00e9liorant la connaissance des frais permanents int\u00e9gr\u00e9s dans les fonds d’investissement, tels que les RFG et les ratios de frais de transaction. Actuellement, il n’y a pas d’obligation de fournir un rapport continu sur ces co\u00fbts apr\u00e8s la vente initiale sous une forme sp\u00e9cifique aux avoirs d’un investisseur individuel. Dans le domaine des valeurs mobili\u00e8res, les modifications auraient une incidence sur les exigences de d\u00e9claration des comptes pour les courtiers et les conseillers enregistr\u00e9s et imposeraient aux gestionnaires de fonds d’investissement enregistr\u00e9s l’obligation de fournir les informations requises aux courtiers et aux conseillers. Les orientations propos\u00e9es en mati\u00e8re d’assurance s’appliqueraient \u00e0 tous les assureurs proposant des contrats de fonds distincts et visent \u00e0 ajouter de nouvelles exigences en mati\u00e8re d’information sur les co\u00fbts et les performances pour les contrats individuels \u00e0 capital variable. Les modifications apport\u00e9es aux lignes directrices sur l’assurance visent \u00e9galement \u00e0 mieux faire conna\u00eetre les droits des titulaires de polices \u00e0 l’\u00e9gard des garanties et la fa\u00e7on dont leurs actions peuvent influer sur ces garanties. Les modifications apport\u00e9es au R\u00e8glement 31-103 exigeraient que ceux qui fournissent des relev\u00e9s de compte incluent des informations sur les frais int\u00e9gr\u00e9s en pourcentage (c’est-\u00e0-dire le nouveau \u00ab\u00a0ratio de frais de fonds\u00a0\u00bb) pour chaque fonds d\u00e9tenu sur le relev\u00e9 de compte mensuel\/trimestriel. En outre, le rapport annuel sur les co\u00fbts et les r\u00e9mun\u00e9rations devra indiquer le montant total des frais de tous les fonds d’investissement et le montant total des frais directs des fonds d’investissement (par exemple, les frais de rachat ou les frais de n\u00e9gociation \u00e0 court terme) d\u00e9tenus sur le compte au cours de l’ann\u00e9e. Cette obligation d’information s’appliquerait \u00e0 tous les fonds d’investissement, y compris les fonds \u00e9trangers et les fonds exempt\u00e9s de prospectus. Les exemptions existantes pour les clients autoris\u00e9s non particuliers continueraient \u00e0 s’appliquer. Les gestionnaires de fonds d’investissement pourraient s’appuyer sur les informations accessibles au public contenues dans les notices d’information des fonds, les prospectus ou les MRFP pour fournir les informations n\u00e9cessaires \u00e0 ces rapports, \u00e0 moins que ces informations ne soient p\u00e9rim\u00e9es. Si les conseillers ou les courtiers estiment que les informations re\u00e7ues ne sont pas fiables, ils seront tenus de faire des efforts raisonnables pour obtenir les informations par d’autres moyens. Il est propos\u00e9 que les modifications finales entrent en vigueur en septembre 2024, ce qui signifie que les nouveaux premiers relev\u00e9s de compte trimestriels seraient exig\u00e9s pour la p\u00e9riode se terminant en d\u00e9cembre 2024, et les nouveaux rapports annuels pour la p\u00e9riode se terminant en d\u00e9cembre 2025.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Aper\u00e7u des commentaires du Conseil :<\/h2>\n\n\n\n

Nous soutenons les efforts du CCRRA pour am\u00e9liorer la divulgation des co\u00fbts dans le secteur de l’assurance. Nous pensons \u00e9galement que l’information sur les co\u00fbts totaux dans le secteur des valeurs mobili\u00e8res est attendue depuis longtemps. Mais nous nous attendions \u00e0 ce que les ACVM fassent davantage pour s’assurer que les informations que les investisseurs de d\u00e9tail recevraient en vertu des propositions soient faciles \u00e0 comprendre et \u00e0 utiliser.<\/p>\n\n\n\n

Nos commentaires font \u00e9tat de plusieurs occasions manqu\u00e9es par les ACVM de favoriser la comparabilit\u00e9 des informations et des types de produits. Par exemple, elles auraient pu profiter de cette occasion pour entreprendre un examen indispensable des informations fournies au point de vente et assurer la comparabilit\u00e9 des informations fournies au point de vente et des informations continues telles que les rapports sur les co\u00fbts et les performances.<\/p>\n\n\n\n

Nous ne soutenons pas la proposition de pr\u00e9senter les frais li\u00e9s \u00e0 la gestion et les frais de n\u00e9gociation comme une seule mesure combin\u00e9e. Cela masque les diff\u00e9rences entre ces co\u00fbts, prive les investisseurs d’une information compl\u00e8te sur leurs co\u00fbts d’investissement, les prive des outils n\u00e9cessaires pour proc\u00e9der \u00e0 une analyse significative du rapport qualit\u00e9-prix et nuit \u00e0 la comparabilit\u00e9 entre les diff\u00e9rents fonds d’investissement, ainsi qu’entre leurs gestionnaires et leurs strat\u00e9gies.<\/p>\n\n\n\n

Nous nous attendions \u00e0 ce que les ACVM \u00e9tablissent un lien beaucoup plus clair entre les donn\u00e9es disponibles et la conception des mod\u00e8les de rapport sur les co\u00fbts inclus dans les propositions :<\/p>\n\n\n\n

    \n
  • Le Royaume-Uni et l’Union europ\u00e9enne ont adopt\u00e9 le reporting des co\u00fbts totaux il y a plus de quatre ans, mais les propositions ne font \u00e9tat d’aucun effort de la part des ACVM pour tirer les le\u00e7ons de l’exp\u00e9rience de ces juridictions.<\/li>\n\n\n\n
  • Les propositions n’expliquent pas comment les mod\u00e8les int\u00e8grent les r\u00e9sultats d’une recherche sur le comportement publi\u00e9e ant\u00e9rieurement.<\/li>\n\n\n\n
  • Nous ne sommes pas pr\u00eats \u00e0 donner du poids \u00e0 la recherche non publi\u00e9e de l’OSC cit\u00e9e dans les propositions comme \u00e9tant refl\u00e9t\u00e9e dans les mod\u00e8les, puisque le personnel de l’OSC a refus\u00e9 de partager cette recherche avec les parties prenantes. Si l’OSC et la CSA ont suffisamment confiance en cette recherche pour qu’elle serve de base \u00e0 des r\u00e8gles propos\u00e9es, elles devraient avoir suffisamment confiance pour la partager avec les parties prenantes.<\/li>\n<\/ul>\n\n\n\n

    Compte tenu de l’importance de la d\u00e9claration des co\u00fbts totaux pour la protection des investisseurs, et de l’importance de la d\u00e9claration des co\u00fbts totaux pour la protection des investisseurs, et de la<\/p>\n","protected":false},"excerpt":{"rendered":"

    T\u00e9l\u00e9charger le PDF : CSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds R\u00e9sum\u00e9 de la lettre : Les modifications concernant les valeurs mobili\u00e8res portent sur l’am\u00e9lioration des exigences en mati\u00e8re d’information sur les co\u00fbts, dont […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[109],"tags":[],"class_list":["post-2332","post","type-post","status-publish","format-standard","hentry","category-csa-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"katie@sparkadvocacy.ca","author_link":"https:\/\/cfacanada.org\/fr\/author\/katiesparkadvocacy-ca\/"},"yoast_head":"\nCSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds - CFA Societies Canada<\/title>\n<meta name=\"description\" content=\"We support the CCIR\u2019s efforts to enhance cost disclosure in the insurance sector. We also believe that total cost reporting in the securities sector is long overdue. But we had expected the CSA to do more to ensure the disclosures retail investors would receive under the Proposals are easy to understand and act on.Our comments note several missed opportunities for the CSA to foster comparability across disclosures and product types. For example, they could have used this opportunity to undertake a much-needed review of point-of-sale disclosures and ensure comparability across point-of-sale and ongoing disclosures such as cost and performance reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cfacanada.org\/csa-proposed-amendments-to-ni-31-103-and-to-31-103cp-and-proposed-ccir-individual-variable-insurance-contract-ongoing-disclosure-guidance-total-cost-reporting-for-investment-funds-and-segregated-funds\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSA Proposed Amendments to NI 31-103 and to 31-103CP and Proposed CCIR Individual Variable Insurance Contract Ongoing Disclosure Guidance Total Cost Reporting for Investment Funds and Segregated Funds - CFA Societies Canada\" \/>\n<meta property=\"og:description\" content=\"We support the CCIR\u2019s efforts to enhance cost disclosure in the insurance sector. 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