{"id":4056,"date":"2025-02-21T14:23:58","date_gmt":"2025-02-21T19:23:58","guid":{"rendered":"https:\/\/cfacanada.org\/ciro-proposed-amendments-respecting-mandatory-close-out-requirements\/"},"modified":"2025-04-02T09:33:10","modified_gmt":"2025-04-02T13:33:10","slug":"ciro-proposed-amendments-respecting-mandatory-close-out-requirements","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/ciro-proposed-amendments-respecting-mandatory-close-out-requirements\/","title":{"rendered":"CIRO – Proposed Amendments Respecting Mandatory Close-Out Requirements"},"content":{"rendered":"
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CIRO – Proposed Amendments Respecting Mandatory Close-Out Requirements<\/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

CIRO – Proposed Amendments Respecting Mandatory Close-Out Requirements <\/a><\/p>\n\n\n\n

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

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

L’Organisme canadien de r\u00e9glementation des placements (OCRCVM) propose des modifications aux R\u00e8gles universelles d’int\u00e9grit\u00e9 du march\u00e9 (RUIM) et aux R\u00e8gles sur les courtiers en valeurs mobili\u00e8res partiellement consolid\u00e9es (CPVM) qui exigeraient des courtiers membres applicables qui sont des courtiers en valeurs mobili\u00e8res (courtiers membres) qu’ils :<\/p>\n\n\n\n

    \n
  • liquider une position de d\u00e9faut de livraison en cas de d\u00e9faut de r\u00e8glement d’un titre cot\u00e9 en bourse aupr\u00e8s de l’organisme de compensation reconnu dans les d\u00e9lais prescrits en achetant ou en empruntant des actions,<\/li>\n\n\n\n
  • pr\u00e9-emprunter le titre concern\u00e9 lorsqu’il n’y a pas eu de d\u00e9nouement dans les d\u00e9lais impartis pour toutes les ventes \u00e0 d\u00e9couvert futures sur le titre en question,<\/li>\n\n\n\n
  • fournir certains rapports et notifications en relation avec les exigences de liquidation obligatoire, et<\/li>\n\n\n\n
  • avoir une attente raisonnable de r\u00e8glement \u00e0 la date de r\u00e8glement pour les courtiers en valeurs mobili\u00e8res membres qui ne sont pas des participants aux termes des RUIM (modifications propos\u00e9es).<\/li>\n<\/ul>\n\n\n\n

    CIRO publie les modifications propos\u00e9es afin de solliciter des commentaires sur la meilleure approche \u00e0 adopter pour :<\/p>\n\n\n\n

      \n
    • introduire des exigences de cl\u00f4ture obligatoire afin de r\u00e9duire les positions de d\u00e9faut de livraison concernant des titres faisant l’objet de d\u00e9fauts de livraison persistants ; et<\/li>\n\n\n\n
    • \u00e9tablir une attente raisonnable de r\u00e8glement d’une transaction \u00e0 la date de r\u00e8glement pr\u00e9vue pour les courtiers en valeurs mobili\u00e8res membres qui ne sont pas des participants.<\/li>\n<\/ul>\n\n\n\n

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

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

      Le CAC a r\u00e9pondu \u00e0 la demande de commentaires du CIRO sur sa consultation concernant les amendements propos\u00e9s aux exigences de cl\u00f4ture obligatoire.<\/p>\n\n\n\n

      Les points cl\u00e9s de la lettre sont les suivants :<\/p>\n\n\n\n

        \n
      • La CAC a r\u00e9pondu \u00e0 la demande de commentaires de la CIRO sur sa consultation concernant les amendements propos\u00e9s aux exigences de cl\u00f4ture obligatoire.<\/li>\n<\/ul>\n\n\n\n
          \n
        • Le CAC a soulign\u00e9 le r\u00f4le important de la vente \u00e0 d\u00e9couvert dans la d\u00e9couverte des prix, l’efficacit\u00e9 du march\u00e9, la liquidit\u00e9 et la gestion des risques.<\/li>\n<\/ul>\n\n\n\n
            \n
          • Le CAC a plaid\u00e9 pour des changements r\u00e9glementaires fond\u00e9s sur des donn\u00e9es qui r\u00e9pondent \u00e0 des pr\u00e9occupations sp\u00e9cifiques sans supprimer involontairement et de mani\u00e8re g\u00e9n\u00e9rale l’activit\u00e9 de vente \u00e0 d\u00e9couvert.<\/li>\n<\/ul>\n\n\n\n
              \n
            • Le CAC soutient les r\u00e9formes visant \u00e0 aligner la r\u00e9glementation canadienne sur celle de march\u00e9s comparables et estime que les changements propos\u00e9s ne porteront pas atteinte aux fonctions essentielles de la vente \u00e0 d\u00e9couvert. Le CAC se r\u00e9jouit que l’OICV ait pris en compte plusieurs juridictions dans son analyse.<\/li>\n<\/ul>\n\n\n\n
                \n
              • Le CAC approuve l’introduction d’exigences obligatoires en mati\u00e8re de liquidation, d\u00e9clarant qu’elles renforceraient le cadre r\u00e9glementaire en comblant les lacunes sans entraver de mani\u00e8re d\u00e9mesur\u00e9e la vente \u00e0 d\u00e9couvert responsable.<\/li>\n<\/ul>\n\n\n\n
                  \n
                • Le CAC a \u00e9galement convenu que l’alignement des modifications sur la r\u00e9glementation am\u00e9ricaine r\u00e9duirait le fardeau des participants au march\u00e9 et faciliterait une transition en douceur, compte tenu de l’interconnexion des march\u00e9s canadiens et am\u00e9ricains.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                  T\u00e9l\u00e9charger le PDF : CIRO – Proposed Amendments Respecting Mandatory Close-Out Requirements R\u00e9sum\u00e9 de la lettre : L’Organisme canadien de r\u00e9glementation des placements (OCRCVM) propose des modifications aux R\u00e8gles universelles d’int\u00e9grit\u00e9 du march\u00e9 (RUIM) et aux R\u00e8gles sur les courtiers en valeurs mobili\u00e8res partiellement consolid\u00e9es (CPVM) qui exigeraient des courtiers membres applicables qui sont des […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"[]"},"categories":[128],"tags":[],"class_list":["post-4056","post","type-post","status-publish","format-standard","hentry","category-canadian-investment-regulatory-organization-ciro-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"clloyd@cfacanada.org","author_link":"https:\/\/cfacanada.org\/fr\/author\/clloydcfacanada-org\/"},"yoast_head":"\nCIRO - 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