{"id":4488,"date":"2025-09-19T11:31:23","date_gmt":"2025-09-19T15:31:23","guid":{"rendered":"https:\/\/cfacanada.org\/osc-short-selling-ahead-of-financing\/"},"modified":"2025-09-22T11:46:45","modified_gmt":"2025-09-22T15:46:45","slug":"osc-short-selling-ahead-of-financing","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/osc-short-selling-ahead-of-financing\/","title":{"rendered":"OSC – Short Selling Ahead of Financing"},"content":{"rendered":"
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OSC – Short Selling Ahead of Financing<\/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

OSC – Proposed Amendments to OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions and Proposed Changes to Companion Policy 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions<\/a><\/p>\n\n\n\n

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

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

La Commission des valeurs mobili\u00e8res de l’Ontario (CVMO) sollicite les commentaires du public sur les modifications propos\u00e9es \u00e0 la r\u00e8gle 48-501 de la CVMO et les modifications connexes \u00e0 l’Instruction compl\u00e9mentaire (48-501CP).<\/p>\n\n\n\n

Les modifications propos\u00e9es interdiraient aux investisseurs qui ont vendu \u00e0 d\u00e9couvert un titre dans les cinq jours ouvrables pr\u00e9c\u00e9dant la fixation du prix d’un placement par prospectus ou d’un placement priv\u00e9 d’acheter des titres dans le cadre de ce m\u00eame placement, m\u00eame si :<\/p>\n\n\n\n

    \n
  • ils n’\u00e9taient pas au courant du placement,<\/li>\n<\/ul>\n\n\n\n
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    • le placement ne repr\u00e9sentait pas un fait ou un changement important,<\/li>\n<\/ul>\n\n\n\n
        \n
      • ou la vente \u00e0 d\u00e9couvert n’avait aucun effet sur le cours du march\u00e9.<\/li>\n<\/ul>\n\n\n\n

        Des exemptions peuvent s’appliquer dans certains cas.<\/p>\n\n\n\n

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

        Aper\u00e7u des commentaires du Conse<\/h2>\n\n\n\n

        Le CAC a r\u00e9pondu \u00e0 la consultation de la CVMO sur les modifications propos\u00e9es \u00e0 la r\u00e8gle 48-501 concernant les op\u00e9rations pendant les distributions. La lettre mettait l’accent sur une approche cibl\u00e9e et fond\u00e9e sur des donn\u00e9es, conforme \u00e0 la r\u00e8gle 105 de la SEC, tout en \u00e9tant adapt\u00e9e aux pratiques du march\u00e9 canadien (p. ex. les placements par voie de prise ferme et la concentration des \u00e9metteurs).<\/p>\n\n\n\n

          \n
        • Le CAC a appuy\u00e9 les modifications cibl\u00e9es et fond\u00e9es sur des donn\u00e9es probantes apport\u00e9es par la CVMO \u00e0 la r\u00e8gle 48-501, qui sont conformes \u00e0 la r\u00e8gle 105 de la SEC et adapt\u00e9es aux pratiques de financement canadiennes (p. ex. les placements par voie de prise ferme).<\/li>\n<\/ul>\n\n\n\n
            \n
          • La lettre a confirm\u00e9 le r\u00f4le de la vente \u00e0 d\u00e9couvert dans la liquidit\u00e9 et la formation des prix, tout en soutenant une restriction cibl\u00e9e visant \u00e0 limiter l’arbitrage li\u00e9 aux offres, avec une fen\u00eatre de cinq jours et des exemptions raisonnables (y compris les guichets automatiques et la norme NI 45-106, paragraphe 2.42).<\/li>\n<\/ul>\n\n\n\n
              \n
            • Le CAC a encourag\u00e9 la surveillance continue et l’am\u00e9lioration des donn\u00e9es et de la transparence dans le domaine du pr\u00eat de titres afin de soutenir la surveillance et l’\u00e9laboration de politiques futures.<\/li>\n<\/ul>\n\n\n\n

              Le CAC a consid\u00e9r\u00e9 que les propositions constituaient une r\u00e9ponse bien calibr\u00e9e qui traitait les comportements identifi\u00e9s, s’alignait sur les r\u00e8gles \u00e9tablies aux \u00c9tats-Unis et pr\u00e9servait les activit\u00e9s de n\u00e9gociation l\u00e9gitimes.<\/p>\n","protected":false},"excerpt":{"rendered":"

              T\u00e9l\u00e9charger le PDF : OSC – Proposed Amendments to OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions and Proposed Changes to Companion Policy 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions R\u00e9sum\u00e9 de la lettre : La Commission des valeurs mobili\u00e8res de l’Ontario (CVMO) sollicite les commentaires du public […]<\/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":[109,110],"tags":[],"class_list":["post-4488","post","type-post","status-publish","format-standard","hentry","category-csa-fr","category-osc-fr"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"clloyd@cfacanada.org","author_link":"https:\/\/cfacanada.org\/fr\/author\/clloydcfacanada-org\/"},"yoast_head":"\nOSC - Short Selling Ahead of Financing - 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