{"id":2336,"date":"2022-06-13T21:10:36","date_gmt":"2022-06-13T21:10:36","guid":{"rendered":"https:\/\/cfacanada.org\/iiroc-re-publication-of-proposed-derivatives-rule-modernization-stage-1\/"},"modified":"2023-03-17T20:09:26","modified_gmt":"2023-03-17T20:09:26","slug":"iiroc-re-publication-of-proposed-derivatives-rule-modernization-stage-1","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/iiroc-re-publication-of-proposed-derivatives-rule-modernization-stage-1\/","title":{"rendered":"IIROC Re-publication of Proposed Derivatives Rule Modernization, Stage 1"},"content":{"rendered":"
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IIROC Re-publication of Proposed Derivatives Rule Modernization, Stage 1<\/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

IIROC Re-publication of Proposed Derivatives Rule Modernization, Stage 1<\/a><\/p>\n\n\n\n

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

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

L’objectif des modifications apport\u00e9es aux r\u00e8gles de l’OCRCVM est de mettre en place un cadre harmonis\u00e9 pour les titres et les produits d\u00e9riv\u00e9s, qu’ils soient cot\u00e9s ou n\u00e9goci\u00e9s de gr\u00e9 \u00e0 gr\u00e9. La republication ne modifie pas un grand nombre des modifications propos\u00e9es pour la premi\u00e8re fois en novembre 2019, mais elle a apport\u00e9 d’autres modifications pour se conformer aux r\u00e8gles actualis\u00e9es de l’OCRCVM (telles que les CFR) et en r\u00e9ponse aux commentaires. Un amendement modifie la d\u00e9finition de \u00ab\u00a0titre\u00a0\u00bb afin d’exclure plus clairement les produits d\u00e9riv\u00e9s, pour plus de clart\u00e9 quant aux r\u00e8gles qui s’appliquent \u00e0 chacune des cat\u00e9gories d’actifs. Il est propos\u00e9 d’imposer aux courtiers ayant des clients institutionnels ou des op\u00e9rateurs de couverture l’obligation de tenir des registres relatifs \u00e0 l’\u00e9valuation de ces qualifications par le courtier. L’OCRCVM propose de modifier les dispositions relatives au plan de continuit\u00e9 des activit\u00e9s d’un courtier, de sorte qu’il ne soit plus invoqu\u00e9 automatiquement en cas de perturbation importante des activit\u00e9s, mais que le courtier soit tenu d’en informer l’OCRCVM en lui communiquant les renseignements prescrits dans l’avis. La d\u00e9claration sur les risques li\u00e9s aux produits d\u00e9riv\u00e9s a \u00e9galement \u00e9t\u00e9 modifi\u00e9e en r\u00e9ponse aux commentaires du CAC afin d’inclure les risques communs sp\u00e9cifiques et pas seulement les risques g\u00e9n\u00e9raux li\u00e9s \u00e0 l’utilisation des produits d\u00e9riv\u00e9s. Une nouvelle exigence pr\u00e9voit \u00e9galement la divulgation du pourcentage de comptes qui ont \u00e9t\u00e9 rentables pour les clients pour chacun des quatre trimestres les plus r\u00e9cents, applicable aux courtiers membres qui offrent des d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9 \u00e0 des clients de d\u00e9tail lorsqu’ils sont offerts par l’entremise de comptes OEO.<\/p>\n\n\n\n

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

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

Le CAC soutient les propositions r\u00e9vis\u00e9es, qui harmoniseront mieux l’application des r\u00e8gles de l’OCRCVM aux activit\u00e9s li\u00e9es aux titres et aux produits d\u00e9riv\u00e9s.<\/p>\n\n\n\n

Le CAC appr\u00e9cie le fait que de nombreuses r\u00e9visions des propositions refl\u00e8tent les commentaires ant\u00e9rieurs du CAC. Il s’agit notamment de la suppression de l’obligation pour les positions de couverture d’avoir un degr\u00e9 \u00e9lev\u00e9 de corr\u00e9lation n\u00e9gative avec le titre ou la position sous-jacente (comme indiqu\u00e9 dans les commentaires pr\u00e9c\u00e9dents du CAC, les corr\u00e9lations \u00e9voluent dans le temps), et de l’ajout de nouvelles orientations confirmant qu’il est possible de couvrir seulement une partie d’un titre ou d’une position sous-jacente et que la transaction soit toujours consid\u00e9r\u00e9e comme une op\u00e9ration de couverture.<\/p>\n\n\n\n

Le CAC est particuli\u00e8rement favorable \u00e0 la d\u00e9finition propos\u00e9e par l’OCRCVM d’un \u00ab\u00a0hedger\u00a0\u00bb, y compris l’exclusion des personnes physiques de cette classification potentielle, qui r\u00e9pondra aux probl\u00e8mes potentiels de vente abusive et d’ad\u00e9quation. L’OCRCVM devrait toutefois envisager d’apporter des r\u00e9visions techniques afin de pr\u00e9ciser que la d\u00e9finition inclut les personnes autres que des particuliers qui exercent des activit\u00e9s de couverture admissibles \u00e0 l’\u00e9gard de certains des risques auxquels elles sont expos\u00e9es, mais pas n\u00e9cessairement de tous ces risques. Il serait \u00e9galement souhaitable d’obtenir des indications sur ce que signifie pour un op\u00e9rateur de couverture de compenser \u00ab\u00a0sensiblement\u00a0\u00bb les variations de la valeur de march\u00e9 de l’int\u00e9r\u00eat ou de la position couvert(e).<\/p>\n\n\n\n

La CAC sugg\u00e8re que l’OCRCVM entreprenne des recherches suppl\u00e9mentaires pour d\u00e9terminer si les options ou les contrats d\u00e9riv\u00e9s similaires devraient \u00eatre soumis aux exigences actuelles en mati\u00e8re de conduite des affaires sp\u00e9cifiques aux produits d\u00e9riv\u00e9s (en vertu des propositions r\u00e9vis\u00e9es, ils sont exclus de ces exigences). Par ailleurs, il serait utile que le document d’information sur les risques li\u00e9s aux produits d\u00e9riv\u00e9s propos\u00e9 informe sp\u00e9cifiquement les clients des produits d\u00e9riv\u00e9s sur le concept de risque de contrepartie et sur l’exposition potentielle des clients \u00e0 la solvabilit\u00e9 de leur courtier et de toutes les contreparties de gr\u00e9 \u00e0 gr\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"

T\u00e9l\u00e9charger le PDF : IIROC Re-publication of Proposed Derivatives Rule Modernization, Stage 1 R\u00e9sum\u00e9 de la lettre : L’objectif des modifications apport\u00e9es aux r\u00e8gles de l’OCRCVM est de mettre en place un cadre harmonis\u00e9 pour les titres et les produits d\u00e9riv\u00e9s, qu’ils soient cot\u00e9s ou n\u00e9goci\u00e9s de gr\u00e9 \u00e0 gr\u00e9. La republication ne modifie pas […]<\/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":[61,111],"tags":[],"class_list":["post-2336","post","type-post","status-publish","format-standard","hentry","category-derivatives-fr","category-iiroc-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"Robert Decher","author_link":"https:\/\/cfacanada.org\/fr\/author\/robert\/"},"yoast_head":"\nIIROC Re-publication of Proposed Derivatives Rule Modernization, Stage 1 - CFA Societies Canada<\/title>\n<meta name=\"description\" content=\"The CAC supports the revised proposals, which will better harmonize the application of the IIROC rules to securities and derivatives-related activities. The CAC appreciates that many of the revisions to the proposals reflect prior CAC comments. 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