{"id":4062,"date":"2025-02-07T14:05:57","date_gmt":"2025-02-07T19:05:57","guid":{"rendered":"https:\/\/cfacanada.org\/csa-modernization-of-the-continuous-disclosure-regime-for-investment-funds-2\/"},"modified":"2025-03-20T09:38:45","modified_gmt":"2025-03-20T13:38:45","slug":"csa-modernization-of-the-continuous-disclosure-regime-for-investment-funds-2","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-modernization-of-the-continuous-disclosure-regime-for-investment-funds-2\/","title":{"rendered":"CSA – Modernization of the Continuous Disclosure Regime for Investment Funds"},"content":{"rendered":"
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CSA – Modernization of the Continuous Disclosure Regime for Investment Funds<\/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 – Modernization of the Continuous Disclosure Regime for Investment Funds<\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

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

Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont publi\u00e9 pour commentaires une s\u00e9rie de propositions de modifications visant \u00e0 moderniser le r\u00e9gime d’information continue des fonds d’investissement. Ces propositions visent \u00e0 fournir aux investisseurs une information plus cibl\u00e9e et plus utile tout en r\u00e9duisant le fardeau r\u00e9glementaire qui p\u00e8se sur les gestionnaires de fonds d’investissement.<\/p>\n\n\n\n

Les ACVM proposent de remplacer le rapport annuel et interm\u00e9diaire de la direction sur le rendement du fonds (RDRF) par un nouveau rapport annuel et interm\u00e9diaire sur le fonds. Le rapport sur les fonds propos\u00e9 a \u00e9t\u00e9 \u00e9labor\u00e9 sur la base d’une recherche sur le comportement, qui fournit des informations sur la fa\u00e7on dont les gens pensent, se comportent et prennent des d\u00e9cisions. Il s’agissait notamment d’effectuer des tests rigoureux aupr\u00e8s des investisseurs afin de comparer l’efficacit\u00e9 de plusieurs versions alternatives propos\u00e9es du rapport sur le fonds \u00e0 un \u00e9chantillon de MRFP.<\/p>\n\n\n\n

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

Le Canadian Advocacy Council (CAC) a r\u00e9cemment envoy\u00e9 une lettre aux Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) concernant les modifications propos\u00e9es aux obligations d’information pour les fonds d’investissement. Le CAC a salu\u00e9 les efforts d\u00e9ploy\u00e9s par les r\u00e9gulateurs pour trouver un \u00e9quilibre entre la protection des investisseurs et la r\u00e9duction du fardeau r\u00e9glementaire, et a soutenu l’approche fond\u00e9e sur les donn\u00e9es utilis\u00e9e dans l’\u00e9laboration des propositions de politique. La lettre fournit des commentaires sp\u00e9cifiques sur des aspects cl\u00e9s de la proposition, en soulignant les points \u00e0 am\u00e9liorer et en pr\u00e9conisant des changements qui renforceraient la transparence et la protection des investisseurs.<\/p>\n\n\n\n

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  • Fr\u00e9quence de d\u00e9p\u00f4t des rapports des fonds :<\/strong> Le CAC a largement soutenu le maintien de la fr\u00e9quence actuelle de d\u00e9p\u00f4t des rapports annuels et interm\u00e9diaires de la direction sur la performance des fonds (MRFP). Toutefois, elle n’est pas d’accord avec l’exemption accord\u00e9e aux plans de bourses d’\u00e9tudes et recommande d’harmoniser ces r\u00e8gles pour tous les produits d’investissement comparables.<\/li>\n<\/ul>\n\n\n\n
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    • Exigences en mati\u00e8re d’information sur les performances :<\/strong> Le CAC est tout \u00e0 fait favorable \u00e0 la publication des performances des cat\u00e9gories\/s\u00e9ries d’un fonds dont les frais de gestion sont les plus \u00e9lev\u00e9s et les plus bas, afin d’aider les investisseurs individuels \u00e0 comprendre les co\u00fbts et les choix de canaux de distribution. Il a \u00e9galement sugg\u00e9r\u00e9 que l’information sur la performance des comptes \u00e0 honoraires comprenne des exemples de frais comparables.<\/li>\n<\/ul>\n\n\n\n
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      • Informations sur la liquidit\u00e9 :<\/strong> le CAC a approuv\u00e9 l’ajout d’une section sur le profil de liquidit\u00e9 dans le rapport du fonds, estimant qu’il s’agit d’une mesure cruciale pour la protection des investisseurs. Il a recommand\u00e9 d’ajouter une l\u00e9gende au tableau des liquidit\u00e9s et des statistiques comparatives suppl\u00e9mentaires.<\/li>\n<\/ul>\n\n\n\n
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        • Divulgation du RFG des plans de bourses d’\u00e9tudes :<\/strong> Le CAC a plaid\u00e9 en faveur de l’harmonisation des exigences de divulgation des plans de bourses d’\u00e9tudes avec celles des autres fonds d’investissement, arguant du fait que les distinctions dans le traitement r\u00e9glementaire \u00e9taient probablement d\u00e9pass\u00e9es.<\/li>\n<\/ul>\n\n\n\n
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          • \u00c9valuations de la performance des fonds par les gestionnaires de fonds d’investissement :<\/strong> Le CAC s’inqui\u00e8te des conflits d’int\u00e9r\u00eats \u00e9vidents si les gestionnaires de fonds d’investissement (GFI) sont tenus d’auto-\u00e9valuer le succ\u00e8s de leur fonds. Elle a sugg\u00e9r\u00e9 de clarifier les attentes dans les instructions relatives au rapport sur les fonds et d’envisager d’autres mod\u00e8les, tels que l’\u00e9largissement du r\u00f4le des organismes de surveillance fiduciaire.<\/li>\n<\/ul>\n\n\n\n
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            • Autres recommandations :<\/strong> Le CAC a soulign\u00e9 l’importance d’une pr\u00e9sentation claire et normalis\u00e9e des informations afin d’am\u00e9liorer la compr\u00e9hension des investisseurs et a invit\u00e9 les r\u00e9gulateurs \u00e0 \u00e9tudier les mod\u00e8les r\u00e9glementaires d’autres juridictions afin d’am\u00e9liorer la gouvernance des fonds.<\/li>\n<\/ul>\n\n\n\n

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

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