{"id":2333,"date":"2022-07-06T21:37:11","date_gmt":"2022-07-06T21:37:11","guid":{"rendered":"https:\/\/cfacanada.org\/csa-notice-and-request-for-comment-proposed-amendments-to-implement-an-access-equals-delivery-model-for-non-investment-fund-reporting-issuers\/"},"modified":"2023-03-17T20:08:10","modified_gmt":"2023-03-17T20:08:10","slug":"csa-notice-and-request-for-comment-proposed-amendments-to-implement-an-access-equals-delivery-model-for-non-investment-fund-reporting-issuers","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-notice-and-request-for-comment-proposed-amendments-to-implement-an-access-equals-delivery-model-for-non-investment-fund-reporting-issuers\/","title":{"rendered":"CSA Notice and Request for Comment &#8211; Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers"},"content":{"rendered":"    <div class=\"hero hero--without-image hero-banner-block alignfull\">\n        <div class=\"hero__wrapper container\">\n            <div class=\"row justify-content-between align-items-center g-0\">\n                <div class=\"d-flex col-12\">\n                    <div class=\"hero__content\">\n                        <h1 class=\"hero__title\">CSA Notice and Request for Comment &#8211; Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers<\/h1>\n                                                                                            <\/div>\n                <\/div>\n                            <\/div>\n        <\/div>\n    <\/div>\n\n\n\n\n\n<h2 class=\"wp-block-heading\">T\u00e9l\u00e9charger le PDF :<\/h2>\n\n\n\n<p><a href=\"http:\/\/cfacanada.org\/wp-content\/uploads\/2022\/10\/CSA-Access-Equals-Delivery-Model-for-Non-Investment-Fund-Reporting-Issuers.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CSA Notice and Request for Comment &#8211; Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers<\/a><\/p>\n\n\n\n<div style=\"height:32px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9sum\u00e9 de la lettre :<\/h2>\n\n\n\n<p>Les ACVM ont propos\u00e9 des modifications et des changements \u00e0 divers instruments nationaux afin de mettre en \u0153uvre un mod\u00e8le d&rsquo;acc\u00e8s et de livraison pour la plupart des types de prospectus, d&rsquo;\u00e9tats financiers annuels et interm\u00e9diaires et de rapports de gestion connexes pour les \u00e9metteurs assujettis qui ne sont pas des fonds d&rsquo;investissement. La livraison sera g\u00e9n\u00e9ralement r\u00e9put\u00e9e avoir eu lieu (ou, en Colombie-Britannique, une exemption sera possible) lorsqu&rsquo;un \u00e9metteur donne acc\u00e8s au document par l&rsquo;interm\u00e9diaire de SEDAR et avise les investisseurs que le document est disponible sur SEDAR par le biais d&rsquo;un communiqu\u00e9 de presse. Le communiqu\u00e9 de presse devra indiquer que le document est disponible par voie \u00e9lectronique et qu&rsquo;une copie papier peut \u00eatre obtenue sur demande. Aucun communiqu\u00e9 de presse ne serait requis pour la remise d&rsquo;un prospectus provisoire. Le mod\u00e8le vise \u00e0 am\u00e9liorer le rapport co\u00fbt-efficacit\u00e9 pour les \u00e9metteurs et les courtiers, en particulier en ce qui concerne l&rsquo;obligation de fournir des copies papier des prospectus. Les propositions ne s&rsquo;appliqueraient pas aux offres de droits par voie de prospectus ou aux programmes MTN (ou aux fonds d&rsquo;investissement). Le d\u00e9lai de deux jours pour se r\u00e9tracter d&rsquo;un contrat d&rsquo;achat de valeurs mobili\u00e8res serait modifi\u00e9 pour faire r\u00e9f\u00e9rence \u00e0 la date la plus tardive entre la date \u00e0 laquelle l&rsquo;acc\u00e8s au prospectus d\u00e9finitif (ou \u00e0 sa modification) a \u00e9t\u00e9 fourni et la date \u00e0 laquelle l&rsquo;acqu\u00e9reur a accept\u00e9 d&rsquo;acheter les valeurs mobili\u00e8res. En ce qui concerne la transmission des \u00e9tats financiers et des rapports de gestion, les propositions font r\u00e9f\u00e9rence au processus actuel d&rsquo;obtention d&rsquo;instructions permanentes de la part des b\u00e9n\u00e9ficiaires effectifs et \u00e0 l&rsquo;interaction de ces instructions avec un mod\u00e8le de transmission fond\u00e9 sur l&rsquo;\u00e9galit\u00e9 d&rsquo;acc\u00e8s.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Aper\u00e7u des commentaires du Conseil :<\/h2>\n\n\n\n<p>Le Conseil est g\u00e9n\u00e9ralement favorable \u00e0 un mod\u00e8le d&rsquo;acc\u00e8s et de livraison \u00e9lectronique (AED) qui peut b\u00e9n\u00e9ficier aux investisseurs et aux \u00e9metteurs en fournissant une information plus rapide que la livraison sur papier et en r\u00e9duisant les co\u00fbts li\u00e9s \u00e0 l&rsquo;impression et \u00e0 l&rsquo;envoi des documents. Cependant, nous restons tr\u00e8s pr\u00e9occup\u00e9s par le fait que le mod\u00e8le propos\u00e9 repose fortement sur SEDAR, dont l&rsquo;interface actuelle pose des probl\u00e8mes d&rsquo;acc\u00e8s aux documents \u00e0 de nombreux investisseurs. Nous pensons que les am\u00e9liorations de la fonctionnalit\u00e9 de SEDAR sont n\u00e9cessaires pour la mise en \u0153uvre des modifications propos\u00e9es.<\/p>\n\n\n\n<p>Nos principaux commentaires sont r\u00e9sum\u00e9s ci-dessous :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nous sommes favorables \u00e0 un mod\u00e8le de DEA car il moderniserait la m\u00e9thode par laquelle les documents sont mis \u00e0 la disposition des investisseurs et constitue un moyen de communication rentable, opportun et respectueux de l&rsquo;environnement s&rsquo;il est mis en \u0153uvre de mani\u00e8re appropri\u00e9e.<\/li>\n\n\n\n<li>Nous sommes pr\u00e9occup\u00e9s par le fait qu&rsquo;\u00e9tant donn\u00e9 que les modifications propos\u00e9es reposent en grande partie sur SEDAR, son interface actuelle rend difficile la localisation et l&rsquo;acc\u00e8s aux documents pour de nombreux investisseurs.<\/li>\n\n\n\n<li>Nous pensons que pour que les modifications propos\u00e9es aient l&rsquo;effet escompt\u00e9, SEDAR doit fonctionner comme une ressource accessible, intuitive et moderne pour les documents d&rsquo;information. La mise en \u0153uvre du mod\u00e8le AED devrait \u00eatre retard\u00e9e jusqu&rsquo;\u00e0 ce que SEDAR+ soit enti\u00e8rement mis en \u0153uvre.<\/li>\n\n\n\n<li>Nous pensons que SEDAR+ devrait apporter des am\u00e9liorations permettant aux investisseurs de s&rsquo;abonner \u00e0 des alertes \u00e9lectroniques pour les nouveaux documents d\u00e9pos\u00e9s par les \u00e9metteurs qui les int\u00e9ressent et d&rsquo;utiliser des \u00a0\u00bb donn\u00e9es ouvertes \u00ab\u00a0.<\/li>\n\n\n\n<li>Nous pensons \u00e9galement que les \u00e9metteurs devraient \u00eatre encourag\u00e9s \u00e0 maintenir un site web comme point de r\u00e9f\u00e9rence secondaire pour leurs informations.<\/li>\n\n\n\n<li>En ce qui concerne les questions pos\u00e9es lors de la consultation, nous ne pensons pas que l&rsquo;obligation de publier et de d\u00e9poser un communiqu\u00e9 de presse apr\u00e8s le d\u00e9p\u00f4t des \u00e9tats financiers et du rapport de gestion correspondant soit ind\u00fbment co\u00fbteuse ou on\u00e9reuse, ou qu&rsquo;il soit n\u00e9cessaire d&rsquo;envisager d&rsquo;autres moyens d&rsquo;alerter les investisseurs. Le co\u00fbt de la publication et du d\u00e9p\u00f4t d&rsquo;un communiqu\u00e9 de presse ne devrait pas constituer une d\u00e9pense importante pour un \u00e9metteur assujetti.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>T\u00e9l\u00e9charger le PDF : CSA Notice and Request for Comment &#8211; Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers R\u00e9sum\u00e9 de la lettre : Les ACVM ont propos\u00e9 des modifications et des changements \u00e0 divers instruments nationaux afin de mettre en \u0153uvre un mod\u00e8le d&rsquo;acc\u00e8s et de livraison pour [&hellip;]<\/p>\n","protected":false},"author":2,"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-2333","post","type-post","status-publish","format-standard","hentry","category-csa-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"Robert Decher","author_link":"https:\/\/cfacanada.org\/fr\/author\/robert\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CSA Notice and Request for Comment - Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers - CFA Societies Canada<\/title>\n<meta name=\"description\" content=\"The council is generally supportive of an electronically enabled access equals delivery (AED) model that can benefit investors and issuers by providing more timely disclosure over paper delivery and reducing costs related to printing and mailing documents. However, we remained strongly concerned as the proposed model relies heavily on SEDAR, whose current interface poses challenges for many investors to access documents. We believe the functionality enhancements of SEDAR are necessary for the implementation of the Proposed Amendments.\" \/>\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-notice-and-request-for-comment-proposed-amendments-to-implement-an-access-equals-delivery-model-for-non-investment-fund-reporting-issuers\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSA Notice and Request for Comment - Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers - CFA Societies Canada\" \/>\n<meta property=\"og:description\" content=\"The council is generally supportive of an electronically enabled access equals delivery (AED) model that can benefit investors and issuers by providing more timely disclosure over paper delivery and reducing costs related to printing and mailing documents. 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