<\/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 propos\u00e9 des modifications au R\u00e8glement 31-103 qui interdiraient le recours aux r\u00e9trofacturations dans le cadre de la distribution de titres de fonds d’investissement.<\/p>\n\n\n\n
Les r\u00e9trofacturations, qui consistent \u00e0 r\u00e9cup\u00e9rer les commissions initiales en cas de rachat anticip\u00e9 par un client, cr\u00e9ent un conflit d’int\u00e9r\u00eats, pouvant amener les repr\u00e9sentants \u00e0 privil\u00e9gier leur r\u00e9mun\u00e9ration plut\u00f4t que les besoins des clients. L’interdiction propos\u00e9e vise \u00e0 \u00e9liminer ce risque et \u00e0 renforcer la confiance dans les march\u00e9s financiers canadiens.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Aper\u00e7u des commentaires :<\/h2>\n\n\n\n
En r\u00e9ponse \u00e0 la consultation de l’ACVM sur les modifications propos\u00e9es au R\u00e8glement 31-103 concernant l’interdiction des frais de remboursement dans la distribution de titres de fonds d’investissement, le Conseil canadien de d\u00e9fense des int\u00e9r\u00eats des investisseurs (CCDI) a exprim\u00e9 son soutien sans r\u00e9serve. Le CAC a salu\u00e9 la position proactive des ACVM face aux conflits d’int\u00e9r\u00eats inh\u00e9rents aux frais de rachat et a consid\u00e9r\u00e9 ces modifications comme le prolongement naturel de l’interdiction ant\u00e9rieure des frais de vente diff\u00e9r\u00e9s. Le Conseil a \u00e9galement exhort\u00e9 les organismes de r\u00e9glementation \u00e0 enqu\u00eater sur l’utilisation pass\u00e9e de telles structures afin de d\u00e9tecter d’\u00e9ventuelles violations des obligations envers les clients. Le CAC a soulign\u00e9 la n\u00e9cessit\u00e9 d’un contr\u00f4le r\u00e9glementaire continu des mod\u00e8les de r\u00e9mun\u00e9ration susceptibles de cr\u00e9er un d\u00e9s\u00e9quilibre entre les int\u00e9r\u00eats des conseillers et ceux des clients.<\/p>\n\n\n\n
Points forts par question :<\/h4>\n\n\n\n
Q1.<\/strong> Les titres de fonds d’investissement qui sont des \u00e9metteurs non assujettis devraient-ils \u00e9galement \u00eatre soumis \u00e0 l’interdiction propos\u00e9e ?<\/em>
Le CAC a soutenu l’extension de l’interdiction aux fonds \u00e9metteurs non d\u00e9clarants, soulignant que les m\u00eames pr\u00e9occupations en mati\u00e8re de protection des investisseurs s’appliquent quel que soit le statut de d\u00e9claration.<\/p>\n\n\n\nQ2.<\/strong> Y a-t-il d’autres types de titres qui devraient \u00eatre soumis \u00e0 l’interdiction propos\u00e9e ?<\/em>
Le CAC a recommand\u00e9 d’appliquer l’interdiction \u00e0 tous les titres de fonds d’investissement, y compris les produits de courtiers en plans de bourses d’\u00e9tudes et les titres similaires \u00e0 des fonds. Il a \u00e9galement appel\u00e9 \u00e0 une coordination avec les autorit\u00e9s de r\u00e9glementation des assurances et autres afin de garantir un traitement coh\u00e9rent des structures de r\u00e9mun\u00e9ration analogues.
<\/p>\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
T\u00e9l\u00e9charger le PDF : CSA \u2013 Prohibition on the Use of Chargebacks in the Distribution of Investment Fund Securities R\u00e9sum\u00e9 de la lettre : Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont propos\u00e9 des modifications au R\u00e8glement 31-103 qui interdiraient le recours aux r\u00e9trofacturations dans le cadre de la distribution de titres de fonds d’investissement. […]<\/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-4508","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":"\n
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