{"id":2366,"date":"2022-03-17T17:48:34","date_gmt":"2022-03-17T17:48:34","guid":{"rendered":"https:\/\/cfacanada.org\/csa-ni-93-101-derivatives-business-conduct-and-proposed-cp-2\/"},"modified":"2023-03-17T20:11:12","modified_gmt":"2023-03-17T20:11:12","slug":"csa-ni-93-101-derivatives-business-conduct-and-proposed-cp","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-ni-93-101-derivatives-business-conduct-and-proposed-cp\/","title":{"rendered":"CSA NI 93-101 Derivatives Business Conduct and Proposed CP"},"content":{"rendered":"
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CSA NI 93-101 Derivatives Business Conduct and Proposed CP<\/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 NI 93-101 Derivatives Business Conduct and Proposed CP<\/a><\/p>\n\n\n\n

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

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

La proposition de r\u00e8glement et la proposition de directive \u00e9tablissent un r\u00e9gime de conduite des affaires pour les produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9 et s’appliqueront aux conseillers et aux courtiers en produits d\u00e9riv\u00e9s, quel que soit leur statut d’enregistrement. Cette troisi\u00e8me publication r\u00e9pond aux commentaires re\u00e7us sur la r\u00e8gle, g\u00e9n\u00e9ralement en ce qui concerne les impacts n\u00e9gatifs potentiels qui auraient r\u00e9sult\u00e9 sur la liquidit\u00e9 du march\u00e9 des produits d\u00e9riv\u00e9s des exigences propos\u00e9es ant\u00e9rieurement. Les NI et CP visent, entre autres, \u00e0 r\u00e9duire le risque syst\u00e9mique et \u00e0 am\u00e9liorer la transparence sur les march\u00e9s de produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, tout en respectant les normes internationales de l’OICV. Elles comprennent des dispositions relatives aux conflits d’int\u00e9r\u00eats, \u00e0 la connaissance des parties aux produits d\u00e9riv\u00e9s, aux obligations des cadres sup\u00e9rieurs et \u00e0 l’ad\u00e9quation. Il s’appliquera \u00e0 toute personne ou soci\u00e9t\u00e9 r\u00e9pondant \u00e0 la d\u00e9finition de \u00ab\u00a0conseiller en produits d\u00e9riv\u00e9s\u00a0\u00bb ou de \u00ab\u00a0courtier en produits d\u00e9riv\u00e9s\u00a0\u00bb, y compris les institutions financi\u00e8res canadiennes sous r\u00e9glementation f\u00e9d\u00e9rale, et un test de d\u00e9clenchement de l’activit\u00e9 (le m\u00eame que pour le R\u00e8glement 31-103) sera utilis\u00e9 pour d\u00e9terminer quelles dispositions du R\u00e8glement s’appliqueront. M\u00eame si une entit\u00e9 est soumise aux exigences (parce qu’elle remplit le crit\u00e8re de l’activit\u00e9 et qu’elle ne peut pas utiliser l’une des exemptions pr\u00e9vues par le R\u00e8glement), certaines parties \u00e9ligibles en mati\u00e8re de produits d\u00e9riv\u00e9s peuvent renoncer \u00e0 certaines exigences.<\/p>\n\n\n\n

Les changements apport\u00e9s par rapport aux versions pr\u00e9c\u00e9dentes de la r\u00e8gle visent \u00e0 simplifier la mise en \u0153uvre des exigences (c’est-\u00e0-dire principalement \u00e0 permettre aux conseillers inscrits de tirer parti de leur infrastructure de conformit\u00e9 existante) et \u00e0 garantir que l’acc\u00e8s aux produits de gr\u00e9 \u00e0 gr\u00e9 ne sera pas ind\u00fbment limit\u00e9 aux clients du march\u00e9 canadien des produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9. Par exemple, une nouvelle dispense pour les fournisseurs de liquidit\u00e9s \u00e9trangers sera offerte aux courtiers \u00e9trangers lorsqu’ils effectuent des op\u00e9rations avec des courtiers en d\u00e9riv\u00e9s canadiens (c.-\u00e0-d. le march\u00e9 intercourtiers), et une nouvelle dispense sera offerte aux conseillers, courtiers et sous-conseillers \u00e9trangers, qui est semblable aux dispenses internationales existantes dans le R\u00e8glement 31-103. En outre, les courtiers membres de l’OCRCVM seront dispens\u00e9s de certaines obligations lorsqu’ils se conforment aux exigences de l’OCRCVM, et les institutions financi\u00e8res canadiennes seront dispens\u00e9es de certaines dispositions lorsqu’elles se conforment aux exigences de la Loi sur les banques ou de l’OFSI. L’obligation propos\u00e9e d’avoir un gestionnaire principal de produits d\u00e9riv\u00e9s ne s’appliquera plus qu’\u00e0 certains n\u00e9gociants de produits d\u00e9riv\u00e9s ayant un montant notionnel sp\u00e9cifi\u00e9 de produits d\u00e9riv\u00e9s en circulation. En revanche, les dispositions relatives au traitement des plaintes et aux ventes li\u00e9es ont \u00e9t\u00e9 \u00e9tendues \u00e0 toutes les parties concern\u00e9es par les produits d\u00e9riv\u00e9s. Une nouvelle p\u00e9riode de transition permettra \u00e0 certaines entreprises de produits d\u00e9riv\u00e9s de traiter les clients autoris\u00e9s existants, etc., comme des \u00ab\u00a0parties d\u00e9riv\u00e9es \u00e9ligibles\u00a0\u00bb en vertu du R\u00e8glement pendant une p\u00e9riode maximale de cinq ans, et la date d’entr\u00e9e en vigueur sera report\u00e9e d’un an \u00e0 compter de la publication finale du R\u00e8glement. Les ACVM sollicitent des commentaires g\u00e9n\u00e9raux et des r\u00e9ponses \u00e0 huit questions pr\u00e9cises, dont certaines portent sur l’obligation d’avoir un gestionnaire principal de produits d\u00e9riv\u00e9s, la d\u00e9finition de couverture commerciale (dans le cadre de la d\u00e9finition de partie d\u00e9riv\u00e9e admissible), le traitement des conseillers en valeurs mobili\u00e8res inscrits et des gestionnaires de n\u00e9gociation de produits de base, et la question de savoir si les nouveaux CCR devraient \u00eatre inclus dans le R\u00e8glement.<\/p>\n\n\n\n

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

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

Le CAC soutient un grand nombre des changements apport\u00e9s \u00e0 l’instrument propos\u00e9, car nous soutenons les principes qui sous-tendent les propositions relatives \u00e0 la conduite des affaires, notamment la r\u00e9duction du risque syst\u00e9mique et le respect de la d\u00e9claration de principes et d’objectifs connexes de l’Organisation internationale des commissions de valeurs (OICV).<\/p>\n\n\n\n

De nombreuses dispositions de l’instrument propos\u00e9 constituent des am\u00e9liorations par rapport aux propositions ant\u00e9rieures et r\u00e9pondent aux commentaires et aux pr\u00e9occupations exprim\u00e9s par les participants au march\u00e9. L’accent mis sur le maintien de la liquidit\u00e9 du march\u00e9 canadien est tr\u00e8s important compte tenu de la structure des march\u00e9s de produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9 et du nombre limit\u00e9 de courtiers et de contreparties actives pour certains types d’instruments.<\/p>\n\n\n\n

Bien que le CAC n’ait pas d’avis tranch\u00e9 sur la question de savoir si le seuil financier de 10 millions de dollars pour \u00eatre consid\u00e9r\u00e9 comme un op\u00e9rateur de couverture commerciale est appropri\u00e9, le CAC craint que la suppression pure et simple d’un seuil financier n’entra\u00eene des externalit\u00e9s n\u00e9gatives potentielles et n’incite \u00e0 des comportements probl\u00e9matiques. Les actifs financiers ne sont pas n\u00e9cessairement un indicateur de sophistication financi\u00e8re, et la suppression du seuil financier dans le cas des produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9 pourrait conduire certains employ\u00e9s de courtiers ou d’interm\u00e9diaires \u00e0 aider \u00e0 tort leurs clients \u00e0 conclure qu’ils ont effectivement les connaissances et l’exp\u00e9rience requises pour effectuer des transactions sur des produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9. Toute entreprise de produits d\u00e9riv\u00e9s dont les clients renoncent \u00e0 leurs droits de couverture commerciale devrait \u00eatre soumise \u00e0 des exigences de supervision rigoureuses en ce qui concerne ces transactions et la documentation client correspondante, y compris la preuve de la diligence raisonnable du client et de toute renonciation.<\/p>\n\n\n\n

En outre, le CAC n’appuie pas actuellement les dispenses pr\u00e9vues \u00e0 l’article 31.1 \u00e0 l’\u00e9gard des exigences relatives au gestionnaire principal de produits d\u00e9riv\u00e9s et nous croyons que la pr\u00e9sentation d’informations suppl\u00e9mentaires sur la raison d’\u00eatre de ce changement (y compris toute analyse co\u00fbts-avantages) et la recherche connexe sont n\u00e9cessaires pour que le CAC puisse confirmer que l’une ou l’autre des dispenses de minimis propos\u00e9es est appropri\u00e9e sur le plan de la forme et du quantum connexe.<\/p>\n\n\n\n

En ce qui concerne les conseillers inscrits, ils sont d\u00e9j\u00e0 soumis \u00e0 un r\u00e9gime complet d’enregistrement et de conduite des affaires. Le CAC est tr\u00e8s favorable \u00e0 la possibilit\u00e9 pour les conseillers inscrits de tirer parti de leur infrastructure de conformit\u00e9 existante en se conformant aux exigences correspondantes du R\u00e8glement 31-103, qui permet de r\u00e9duire la charge de travail. De nouvelles exigences ne devraient \u00eatre impos\u00e9es aux conseillers inscrits que lorsqu’une lacune r\u00e9glementaire importante a \u00e9t\u00e9 identifi\u00e9e et qu’elle est sp\u00e9cifique aux produits d\u00e9riv\u00e9s, \u00e0 de nouvelles consid\u00e9rations en mati\u00e8re de conduite ou \u00e0 de nouveaux types de clients ou de contreparties.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

T\u00e9l\u00e9charger le PDF : CSA NI 93-101 Derivatives Business Conduct and Proposed CP R\u00e9sum\u00e9 de la lettre : La proposition de r\u00e8glement et la proposition de directive \u00e9tablissent un r\u00e9gime de conduite des affaires pour les produits d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9 et s’appliqueront aux conseillers et aux courtiers en produits d\u00e9riv\u00e9s, quel que soit […]<\/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-2366","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":"\nCSA NI 93-101 Derivatives Business Conduct and Proposed CP - CFA Societies Canada<\/title>\n<meta name=\"description\" content=\"The CSA agrees that the provisions of NI 31-103 that were amended to implement the Client Focused Reforms should be considered in order to determine how they can best be adapted in the OTC derivatives context, though would urge that the top priority is that this Proposed Instrument is first implemented expeditiously, should the necessary changes in response to the CFRs be significant enough to either demand republication or substantive delays to the ultimate implementation of the Proposed Instrument. 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