{"id":4094,"date":"2025-03-06T08:40:26","date_gmt":"2025-03-06T13:40:26","guid":{"rendered":"https:\/\/cfacanada.org\/csa-proposed-amendments-to-the-principal-distributor-model\/"},"modified":"2025-07-23T12:10:42","modified_gmt":"2025-07-23T16:10:42","slug":"csa-proposed-amendments-to-the-principal-distributor-model","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-proposed-amendments-to-the-principal-distributor-model\/","title":{"rendered":"CSA – Proposed Amendments to the Principal Distributor Model"},"content":{"rendered":"
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CSA – Proposed Amendments to the Principal Distributor Model<\/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 – Proposed Amendments to the Principal Distributor Model<\/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 des propositions de modification du mod\u00e8le de distributeur principal pour la distribution de fonds communs de placement. Les modifications propos\u00e9es pr\u00e9cisent qu’un distributeur principal ne peut agir que pour des fonds communs de placement appartenant \u00e0 la m\u00eame famille de fonds communs de placement et exigent que les investisseurs qui ach\u00e8tent des titres de fonds communs de placement distribu\u00e9s par des distributeurs principaux soient inform\u00e9s des accords conclus avec les distributeurs principaux et de la r\u00e9mun\u00e9ration qui leur est vers\u00e9e.<\/p>\n\n\n\n

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

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

Le CAC a fait part de ses commentaires sur les modifications propos\u00e9es au mod\u00e8le de distributeur principal en r\u00e9ponse \u00e0 la consultation publi\u00e9e par les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM). Dans sa lettre, le CAC a exprim\u00e9 ses pr\u00e9occupations quant aux conflits d’int\u00e9r\u00eats inh\u00e9rents au mod\u00e8le et s’est interrog\u00e9 sur l’opportunit\u00e9 de le conserver. La lettre souligne \u00e9galement la n\u00e9cessit\u00e9 d’une analyse plus solide, fond\u00e9e sur des donn\u00e9es, et appelle \u00e0 une plus grande harmonisation avec les principes des r\u00e9formes ax\u00e9es sur le client. Le CAC demande instamment aux r\u00e9gulateurs de prendre des mesures imm\u00e9diates pour limiter le mod\u00e8le aux entit\u00e9s affili\u00e9es tout en proc\u00e9dant \u00e0 un examen plus large de sa viabilit\u00e9 \u00e0 long terme. En outre, le CAC a r\u00e9it\u00e9r\u00e9 la n\u00e9cessit\u00e9 d’une vision r\u00e9glementaire \u00e0 long terme pour le mod\u00e8le du distributeur principal.<\/p>\n\n\n\n

Faits marquants :<\/p>\n\n\n\n

Pr\u00e9occupations li\u00e9es au mod\u00e8le du distributeur principal :<\/strong><\/p>\n\n\n\n

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  • Le CAC a fait valoir que le mod\u00e8le pose d’importants conflits d’int\u00e9r\u00eats qui pourraient ne pas \u00eatre align\u00e9s sur les principes du CFR, qui exige que les inscrits donnent la priorit\u00e9 aux int\u00e9r\u00eats des clients.<\/li>\n<\/ul>\n\n\n\n
      \n
    • Le CAC s’est interrog\u00e9 sur la logique qui sous-tend la d\u00e9cision des r\u00e9gulateurs de maintenir le mod\u00e8le sans justification solide et fond\u00e9e sur des donn\u00e9es.<\/li>\n<\/ul>\n\n\n\n
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      • La lettre demande une \u00e9valuation pour d\u00e9terminer si le mod\u00e8le profite aux investisseurs ou s’il persiste simplement pour des raisons de commodit\u00e9 historique.<\/li>\n<\/ul>\n\n\n\n

        N\u00e9cessit\u00e9 d’une action r\u00e9glementaire imm\u00e9diate :<\/strong><\/p>\n\n\n\n

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        • Le CAC a recommand\u00e9 de limiter le mod\u00e8le aux cas o\u00f9 le distributeur principal est affili\u00e9 au gestionnaire du fonds d’investissement.<\/li>\n<\/ul>\n\n\n\n
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          • Le CAC a exhort\u00e9 les r\u00e9gulateurs \u00e0 \u00e9tablir une vision \u00e0 long terme pour le mod\u00e8le, en consid\u00e9rant sa place dans un paysage post-CFRs.<\/li>\n<\/ul>\n\n\n\n
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            • Le CAC a sugg\u00e9r\u00e9 d’abandonner le mod\u00e8le s’il ne sert pas clairement les int\u00e9r\u00eats des investisseurs.<\/li>\n<\/ul>\n\n\n\n

              R\u00e9ponse aux questions de la consultation :<\/strong><\/p>\n\n\n\n

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              • Relations avec des distributeurs principaux multiples : Le CAC ne voit aucune justification au fait de permettre \u00e0 un courtier d’agir en tant que distributeur principal pour plus d’une famille de fonds communs de placement et soutient la transition vers un mod\u00e8le de courtier participant.<\/li>\n<\/ul>\n\n\n\n
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                • Mesures de protection des investisseurs : Le CAC est d’accord avec les amendements propos\u00e9s, tels que l’interdiction des frais d’acquisition diff\u00e9r\u00e9s et la limitation des incitations pour les repr\u00e9sentants, mais maintient que des r\u00e9formes plus larges sont n\u00e9cessaires.<\/li>\n<\/ul>\n\n\n\n
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                  • Exigences en mati\u00e8re d’information : Le CAC a recommand\u00e9 que la divulgation des relations avec les distributeurs principaux soit plus \u00e9vidente, par exemple en utilisant du texte en gras dans les documents pertinents.<\/li>\n<\/ul>\n\n\n\n
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                    • P\u00e9riode de transition : Le CAC estime que la p\u00e9riode de transition propos\u00e9e de 18 mois est suffisante, mais il serait favorable \u00e0 une p\u00e9riode plus courte de 12 mois, compte tenu de l’urgence de la protection des investisseurs.<\/li>\n<\/ul>\n\n\n\n
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                      • R\u00e9trocessions : Le CAC s’est fermement oppos\u00e9 aux r\u00e9trocessions, estimant qu’elles cr\u00e9ent des conflits d’int\u00e9r\u00eats qui pourraient conduire les repr\u00e9sentants \u00e0 agir dans leur propre int\u00e9r\u00eat plut\u00f4t que dans celui des investisseurs.
                        <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                        T\u00e9l\u00e9charger le PDF : CSA – Proposed Amendments to the Principal Distributor Model R\u00e9sum\u00e9 de la lettre : Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont publi\u00e9 pour commentaires des propositions de modification du mod\u00e8le de distributeur principal pour la distribution de fonds communs de placement. Les modifications propos\u00e9es pr\u00e9cisent qu’un distributeur principal ne peut […]<\/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":[109],"tags":[],"class_list":["post-4094","post","type-post","status-publish","format-standard","hentry","category-csa-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"clloyd@cfacanada.org","author_link":"https:\/\/cfacanada.org\/fr\/author\/clloydcfacanada-org\/"},"yoast_head":"\nCSA - Proposed Amendments to the Principal Distributor Model - CFA Societies Canada<\/title>\n<meta name=\"description\" content=\"Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont publi\u00e9 pour commentaires des propositions de modification du mod\u00e8le de distributeur principal pour la distribution de fonds communs de placement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cfacanada.org\/fr\/csa-proposed-amendments-to-the-principal-distributor-model\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSA - 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