{"id":4497,"date":"2025-09-22T17:06:53","date_gmt":"2025-09-22T21:06:53","guid":{"rendered":"https:\/\/cfacanada.org\/ciro-mutual-fund-dealer-disgorgement-consultation\/"},"modified":"2025-09-23T09:37:18","modified_gmt":"2025-09-23T13:37:18","slug":"ciro-mutual-fund-dealer-disgorgement-consultation","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/ciro-mutual-fund-dealer-disgorgement-consultation\/","title":{"rendered":"CIRO – Proposed Amendments to the Mutual Fund Dealer Rules \u2013 Disgorgement"},"content":{"rendered":"\n

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CIRO – Proposed Amendments to the Mutual Fund Dealer Rules \u2013 Disgorgement<\/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 to the Mutual Fund Dealer Rules \u2013 Disgorgement<\/a><\/p>\n\n\n\n

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

L’Organisme canadien de r\u00e9glementation du commerce des valeurs mobili\u00e8res (OCRCVM) a propos\u00e9 des modifications \u00e0 ses r\u00e8gles sur les courtiers en fonds communs de placement (CFCP) afin de confirmer explicitement le pouvoir des comit\u00e9s d’audience d’ordonner la restitution des gains illicites. Bien que les r\u00e8gles permettent d\u00e9j\u00e0 d’imposer des amendes pouvant atteindre trois fois le montant des profits r\u00e9alis\u00e9s ou des pertes \u00e9vit\u00e9es gr\u00e2ce \u00e0 une infraction, les modifications propos\u00e9es visent \u00e0 harmoniser le libell\u00e9 avec celui des r\u00e8gles sur les courtiers en placements et les entit\u00e9s partiellement consolid\u00e9es (IDPC), afin d’offrir plus de clart\u00e9 et de pr\u00e9visibilit\u00e9 aux courtiers en fonds communs de placement membres et aux personnes agr\u00e9\u00e9es.<\/p>\n\n\n\n

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

Le CAC a r\u00e9pondu au bulletin CIRO 25-0218, qui proposait d’ajouter des dispositions explicites relatives \u00e0 la restitution dans les r\u00e8gles applicables aux courtiers en fonds communs de placement afin de les harmoniser avec les r\u00e8gles existantes de l’IDPC. La lettre soulignait le soutien \u00e0 l’harmonisation et \u00e0 la mise en \u0153uvre rapide, tout en mettant en \u00e9vidence les pr\u00e9occupations persistantes concernant l’efficacit\u00e9 du recouvrement et la complexit\u00e9 des recours pour les investisseurs.<\/p>\n\n\n\n

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  • Soutien \u00e0 l’harmonisation : Le CAC a fortement soutenu les modifications propos\u00e9es, soulignant qu’elles clarifiaient et harmonisaient les r\u00e8gles pour tous les types de courtiers, rendant explicite un concept d\u00e9j\u00e0 implicitement reconnu.<\/li>\n<\/ul>\n\n\n\n
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    • Calendrier de mise en \u0153uvre : Le CAC a salu\u00e9 le projet de l’OCRCVM de mettre en \u0153uvre les modifications en 2026, ce qui permettra un d\u00e9ploiement rapide du programme de distribution des restitutions pour tous les types de membres.<\/li>\n<\/ul>\n\n\n\n
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      • Efficacit\u00e9 du recouvrement : Le CAC a r\u00e9it\u00e9r\u00e9 les pr\u00e9occupations exprim\u00e9es dans ses commentaires pr\u00e9c\u00e9dents concernant le taux de recouvrement historiquement faible de l’OCRCVM (~13 %) sur les ordonnances de restitution. Il a exhort\u00e9 l’OCRCVM \u00e0 donner la priorit\u00e9 au recouvrement des restitutions par rapport aux amendes et aux frais, \u00e0 rechercher des solutions de recouvrement innovantes et \u00e0 assurer la transparence des taux et des processus de recouvrement.<\/li>\n<\/ul>\n\n\n\n
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        • Paysage des recours pour les investisseurs : Le CAC a averti que l’ajout d’un autre processus de recours pourrait compliquer un syst\u00e8me d\u00e9j\u00e0 fragment\u00e9 de recours pour les investisseurs (plaintes, arbitrage, OBSI, tribunaux civils). Une communication claire sur l’objectif et les limites de la restitution par rapport aux autres recours a \u00e9t\u00e9 jug\u00e9e essentielle.<\/li>\n<\/ul>\n\n\n\n
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          • Transparence et efficacit\u00e9 du programme : Le CAC a encourag\u00e9 la CIRO \u00e0 divulguer les co\u00fbts du programme et les indicateurs d’efficacit\u00e9, et \u00e0 adopter des mesures innovantes afin de garantir des r\u00e9sultats significatifs pour les investisseurs l\u00e9s\u00e9s.<\/li>\n<\/ul>\n\n\n\n

            Le CAC a f\u00e9licit\u00e9 la CIRO pour les mesures qu’elle a prises en vue de renforcer la protection des investisseurs et la coh\u00e9rence r\u00e9glementaire, mais a soulign\u00e9 que le succ\u00e8s d\u00e9pendait de l’am\u00e9lioration de l’efficacit\u00e9 de la collecte et de la conception de processus susceptibles de gagner la confiance des investisseurs.
            <\/p>\n\n\n\n

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

            T\u00e9l\u00e9charger le PDF : CIRO – Proposed Amendments to the Mutual Fund Dealer Rules \u2013 Disgorgement R\u00e9sum\u00e9 de la lettre : L’Organisme canadien de r\u00e9glementation du commerce des valeurs mobili\u00e8res (OCRCVM) a propos\u00e9 des modifications \u00e0 ses r\u00e8gles sur les courtiers en fonds communs de placement (CFCP) afin de confirmer explicitement le pouvoir des comit\u00e9s […]<\/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-4497","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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