{"id":2338,"date":"2022-04-27T16:37:26","date_gmt":"2022-04-27T16:37:26","guid":{"rendered":"https:\/\/cfacanada.org\/csa-41-101-general-prospectus-requirements-81-101-mutual-fund-prospectus-disclosure\/"},"modified":"2023-03-17T20:10:09","modified_gmt":"2023-03-17T20:10:09","slug":"csa-41-101-general-prospectus-requirements-81-101-mutual-fund-prospectus-disclosure","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-41-101-general-prospectus-requirements-81-101-mutual-fund-prospectus-disclosure\/","title":{"rendered":"CSA 41-101 General Prospectus Requirements 81-101 Mutual Fund Prospectus Disclosure"},"content":{"rendered":"
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CSA 41-101 General Prospectus Requirements 81-101 Mutual Fund Prospectus Disclosure<\/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 41-101 General Prospectus Requirements 81-101 Mutual Fund Prospectus Disclosure<\/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

La premi\u00e8re s\u00e9rie de modifications propos\u00e9es ferait passer de un \u00e0 deux ans la fr\u00e9quence de d\u00e9p\u00f4t des prospectus pour les fonds faisant l’objet d’un placement continu, en prolongeant la p\u00e9riode de caducit\u00e9 des prospectus pro forma. L’objectif est de moderniser le mod\u00e8le de d\u00e9p\u00f4t de prospectus sans affecter l’actualit\u00e9 des informations mises \u00e0 la disposition des investisseurs. La date de d\u00e9p\u00f4t de l’aper\u00e7u du fonds ou de l’aper\u00e7u de l’ETF ne serait pas modifi\u00e9e (c’est-\u00e0-dire toujours annuellement), et ces documents continueraient \u00e0 fournir aux investisseurs les informations qui changent chaque ann\u00e9e. Les fonds resteront soumis aux r\u00e8gles de d\u00e9claration des changements importants. En outre, les ACVM proposent d’abroger l’obligation de d\u00e9poser un prospectus d\u00e9finitif au plus tard 90 jours apr\u00e8s la d\u00e9livrance d’un visa pour un prospectus provisoire. On s’attend \u00e0 ce que chaque juridiction modifie ses droits de d\u00e9p\u00f4t de sorte que le d\u00e9p\u00f4t annuel de l’aper\u00e7u du fonds\/de l’aper\u00e7u du FNB donne lieu \u00e0 des droits de d\u00e9p\u00f4t au lieu du prospectus.<\/p>\n\n\n\n

L’avis comprenait un document de consultation sur l’opportunit\u00e9 de publier des modifications propos\u00e9es pour permettre un mod\u00e8le de d\u00e9p\u00f4t de prospectus pr\u00e9alable de base pour les fonds d’investissement faisant l’objet d’un placement continu, \u00e0 l’instar des soci\u00e9t\u00e9s \u00e9mettrices vis\u00e9es par le R\u00e8glement 44-102 sur le placement de titres au moyen d’un prospectus pr\u00e9alable. Pour les fonds d’investissement, il est envisag\u00e9 que le prospectus pr\u00e9alable de base puisse avoir une date de p\u00e9remption sup\u00e9rieure \u00e0 25 mois, et que certains documents d’information tels que l’aper\u00e7u du fonds et l’aper\u00e7u de l’ETF soient incorpor\u00e9s par r\u00e9f\u00e9rence dans le prospectus pr\u00e9alable de base et soient soumis \u00e0 la responsabilit\u00e9 du march\u00e9 primaire en cas d’information fausse ou trompeuse. Des questions sp\u00e9cifiques sont pos\u00e9es quant \u00e0 l’impact sur la prise de d\u00e9cision des investisseurs.<\/p>\n\n\n\n

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

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

Le Conseil soutient g\u00e9n\u00e9ralement les initiatives de r\u00e9duction de la charge des ACVM et convient que les modifications propos\u00e9es entra\u00eeneront une r\u00e9duction de certaines charges r\u00e9glementaires inutiles sans avoir d’impact n\u00e9gatif important sur la protection des investisseurs. Toutefois, nous craignons que l’allongement du d\u00e9lai ne se traduise par des informations p\u00e9rim\u00e9es dans les prospectus de certains \u00e9metteurs.<\/p>\n\n\n\n

Nos principaux commentaires sont r\u00e9sum\u00e9s ci-dessous :<\/p>\n\n\n\n

    \n
  • Nous soutenons la proposition de renouveler le prospectus tous les deux ans au lieu de tous les ans en raison des \u00e9conomies significatives de co\u00fbts et de ressources r\u00e9alis\u00e9es par :\n
      \n
    • les gestionnaires de fonds d’investissement pour la pr\u00e9paration et le d\u00e9p\u00f4t des prospectus et des documents connexes, et par les<\/li>\n\n\n\n
    • les ASC, puisque les membres du personnel n’auraient plus \u00e0 examiner chaque prospectus sur une base annuelle.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
    • Nous comprenons que les \u00e9conomies pourraient atteindre 3 millions de dollars par groupe d’\u00e9metteurs pour les grands \u00e9metteurs de fonds d’investissement affili\u00e9s \u00e0 des banques, et qu’elles seraient tout aussi importantes si elles \u00e9taient extrapol\u00e9es \u00e0 l’ensemble du secteur.<\/li>\n\n\n\n
    • Nous sommes favorables \u00e0 des analyses et \u00e0 des mesures suppl\u00e9mentaires cibl\u00e9es (soit th\u00e9matiques, soit ax\u00e9es sur l’\u00e9metteur) de la part des ACVM afin d’att\u00e9nuer les inconv\u00e9nients potentiels de la perte de l’examen annuel par un \u00e9metteur, ses conseillers et le personnel de r\u00e9glementation.<\/li>\n\n\n\n
    • Les pr\u00e9occupations relatives aux informations p\u00e9rim\u00e9es, r\u00e9sultant de la p\u00e9riode de deux ans, comprennent les consid\u00e9rations li\u00e9es \u00e0 l’IED ou \u00e0 l’ESG, l’\u00e9volution des pratiques et des normes du secteur et le langage d’information connexe.<\/li>\n\n\n\n
    • Les aper\u00e7us de fonds et les aper\u00e7us d’ETF devraient continuer \u00e0 \u00eatre d\u00e9pos\u00e9s annuellement et remis conform\u00e9ment aux exigences actuelles, car ils sont les plus susceptibles d’\u00eatre examin\u00e9s par les investisseurs finaux.<\/li>\n\n\n\n
    • Nous ne sommes pas favorables au nouveau mod\u00e8le de d\u00e9p\u00f4t de prospectus de base, car il exacerberait les probl\u00e8mes li\u00e9s \u00e0 la stagnation potentielle de l’information.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      T\u00e9l\u00e9charger le PDF : CSA 41-101 General Prospectus Requirements 81-101 Mutual Fund Prospectus Disclosure R\u00e9sum\u00e9 de la lettre : La premi\u00e8re s\u00e9rie de modifications propos\u00e9es ferait passer de un \u00e0 deux ans la fr\u00e9quence de d\u00e9p\u00f4t des prospectus pour les fonds faisant l’objet d’un placement continu, en prolongeant la p\u00e9riode de caducit\u00e9 des prospectus pro […]<\/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":[109,62],"tags":[],"class_list":["post-2338","post","type-post","status-publish","format-standard","hentry","category-csa-fr","category-regulation-of-mutual-funds-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"Robert Decher","author_link":"https:\/\/cfacanada.org\/fr\/author\/robert\/"},"yoast_head":"\nCSA 41-101 General Prospectus Requirements 81-101 Mutual Fund Prospectus Disclosure - 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