{"id":4696,"date":"2025-12-22T14:32:59","date_gmt":"2025-12-22T19:32:59","guid":{"rendered":"https:\/\/cfacanada.org\/csa-venture-issuer-semi-annual-reporting-ilot\/"},"modified":"2026-01-05T14:40:08","modified_gmt":"2026-01-05T19:40:08","slug":"csa-venture-issuer-semi-annual-reporting-ilot","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-venture-issuer-semi-annual-reporting-ilot\/","title":{"rendered":"CSA \u2013 Projet pilote sur les rapports semestriels des \u00e9metteurs de titres de soci\u00e9t\u00e9s de capital de risque"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n    <div class=\"hero hero--without-image hero-banner-block alignfull\">\n        <div class=\"hero__wrapper container\">\n            <div class=\"row justify-content-between align-items-center g-0\">\n                <div class=\"d-flex col-12\">\n                    <div class=\"hero__content\">\n                        <h1 class=\"hero__title\">CSA  \u2013 Projet pilote sur les rapports semestriels des \u00e9metteurs de titres de soci\u00e9t\u00e9s de capital de risque<\/h1>\n                                                                                            <\/div>\n                <\/div>\n                            <\/div>\n        <\/div>\n    <\/div>\n\n\n\n\n\n<h2 class=\"wp-block-heading\">T\u00e9l\u00e9charger le PDF :<\/h2>\n\n\n\n<p><a href=\"http:\/\/cfacanada.org\/wp-content\/uploads\/2026\/01\/CSA-Venture-Issuer-Semi-Annual-Reporting-Pilot.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CSA \u2013 Projet pilote sur les rapports semestriels des \u00e9metteurs de titres de soci\u00e9t\u00e9s de capital de risque<\/a><\/p>\n\n\n\n<div style=\"height:32px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9sum\u00e9 de la lettre :<\/h2>\n\n\n\n<p>Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont annonc\u00e9 un projet pilote pluriannuel visant \u00e0 permettre aux \u00e9metteurs admissibles du secteur du capital de risque d&rsquo;adopter volontairement la publication de rapports financiers semestriels (le projet pilote SAR). Le projet pilote SAR permettrait \u00e0 certains \u00e9metteurs de capital de risque cot\u00e9s \u00e0 la Bourse de croissance TSX Inc. (TSXV) ou \u00e0 la CNSX Markets Inc. (CSE) d&rsquo;\u00eatre exempt\u00e9s de l&rsquo;obligation de d\u00e9poser des rapports financiers pour les premier et troisi\u00e8me trimestres en vertu de la Norme canadienne 51-102 sur les obligations d&rsquo;information continue. Le projet pilote SAR serait mis en \u0153uvre par le biais d&rsquo;ordonnances g\u00e9n\u00e9rales coordonn\u00e9es \u00e0 l&rsquo;\u00e9chelle des ACVM, qui comprendraient des dispenses de certaines obligations d&rsquo;information continue et \u00e9tabliraient un cadre de rapports semestriels volontaires pour un sous-ensemble d&rsquo;\u00e9metteurs \u00e0 capital de risque, sous r\u00e9serve de certaines conditions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Aper\u00e7u des commentaires :<\/h2>\n\n\n\n<p>Le CAC a r\u00e9pondu \u00e0 la proposition pilote des ACVM concernant les rapports sur les activit\u00e9s de recyclage des capitaux en r\u00e9it\u00e9rant ses fortes r\u00e9serves quant \u00e0 la r\u00e9duction de la fr\u00e9quence des rapports financiers. Il a soulign\u00e9 que les rapports trimestriels sont essentiels \u00e0 la transparence du march\u00e9 et \u00e0 la protection des investisseurs, en particulier pour les petits \u00e9metteurs. Le CAC a exhort\u00e9 les ACVM \u00e0 \u00e9tablir des crit\u00e8res de r\u00e9ussite clairs, \u00e0 envisager des exclusions sp\u00e9cifiques \u00e0 certains secteurs et \u00e0 moderniser les rapports gr\u00e2ce \u00e0 des technologies telles que le XBRL. Il a recommand\u00e9 de repenser le projet pilote sur les rapports sur les activit\u00e9s de recyclage des capitaux dans le cadre d&rsquo;une strat\u00e9gie de r\u00e9forme plus large ax\u00e9e sur le renforcement de l&rsquo;\u00e9cosyst\u00e8me d&rsquo;investissement du Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00e9l\u00e9charger le PDF : CSA \u2013 Projet pilote sur les rapports semestriels des \u00e9metteurs de titres de soci\u00e9t\u00e9s de capital de risque R\u00e9sum\u00e9 de la lettre : Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont annonc\u00e9 un projet pilote pluriannuel visant \u00e0 permettre aux \u00e9metteurs admissibles du secteur du capital de risque d&rsquo;adopter volontairement la [&hellip;]<\/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-4696","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":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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