{"id":4780,"date":"2026-04-01T09:22:20","date_gmt":"2026-04-01T13:22:20","guid":{"rendered":"https:\/\/cfacanada.org\/csa-ni-81-102-proposed-liquidity-risk-management-amendments\/"},"modified":"2026-04-02T09:27:06","modified_gmt":"2026-04-02T13:27:06","slug":"csa-ni-81-102-proposed-liquidity-risk-management-amendments","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-ni-81-102-proposed-liquidity-risk-management-amendments\/","title":{"rendered":"ACVM – NI-81-102 Projet de modification des r\u00e8gles relatives \u00e0 la gestion du risque de liquidit\u00e9"},"content":{"rendered":"\n

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ACVM – NI-81-102 Projet de modification des r\u00e8gles relatives \u00e0 la gestion du risque de liquidit\u00e9<\/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

ACVM – NI-81-102 Projet de modification des r\u00e8gles relatives \u00e0 la gestion du risque de liquidit\u00e9<\/a><\/p>\n\n\n\n

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

Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont publi\u00e9 des propositions de modification de la Norme nationale 81-102 visant \u00e0 renforcer les exigences en mati\u00e8re de gestion du risque de liquidit\u00e9 (GRL) pour tous les fonds d’investissement. Ces propositions portent sur trois domaines : les cadres de GRL, les pratiques op\u00e9rationnelles et la surveillance. Parall\u00e8lement, les ACVM ont publi\u00e9 un document de consultation sollicitant des commentaires sur de nouvelles r\u00e9formes, notamment les outils de LRM, la classification de la liquidit\u00e9 des actifs et les obligations d’information. Ces modifications visent \u00e0 codifier les lignes directrices de 2020, \u00e0 renforcer la protection des investisseurs et \u00e0 s’aligner sur les \u00e9volutions r\u00e9glementaires mondiales.<\/p>\n\n\n\n

Traduit avec DeepL.com (version gratuite)<\/p>\n\n\n\n

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

La lettre exposait la r\u00e9ponse du CAC aux r\u00e9formes propos\u00e9es par les ACVM en mati\u00e8re de gestion du risque de liquidit\u00e9 pour les fonds d’investissement. Le CAC a appuy\u00e9 l’orientation g\u00e9n\u00e9rale de la consultation, en particulier la volont\u00e9 de formaliser les r\u00e8gles relatives au risque de liquidit\u00e9 et d’\u00e9largir la gamme des outils de gestion de la liquidit\u00e9 disponibles, mais a fait valoir que le mod\u00e8le de gouvernance propos\u00e9 confiait une responsabilit\u00e9 trop importante au service de conformit\u00e9 plut\u00f4t qu’\u00e0 une fonction de gestion des risques ind\u00e9pendante. Il a \u00e9galement appel\u00e9 \u00e0 des am\u00e9liorations en mati\u00e8re de classification de la liquidit\u00e9, de divulgation, de d\u00e9claration r\u00e9glementaire et de coordination concernant les risques macroprudentiels plus g\u00e9n\u00e9raux.<\/p>\n\n\n\n

Points saillants :<\/p>\n\n\n\n

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  • Le CAC a appuy\u00e9 les efforts des ACVM visant \u00e0 renforcer les r\u00e8gles de gestion du risque de liquidit\u00e9, mais a estim\u00e9 que la surveillance aurait d\u00fb incomber \u00e0 une fonction de gestion des risques ind\u00e9pendante, id\u00e9alement dirig\u00e9e par un responsable de la gestion des risques (CRO) relevant du conseil d\u2019administration ou de la haute direction. Le CAC a appuy\u00e9 l\u2019\u00e9largissement de la gamme d\u2019outils de gestion de la liquidit\u00e9 et la transformation des trois outils existants en une base minimale obligatoire, tout en encourageant une utilisation plus large d\u2019outils suppl\u00e9mentaires fond\u00e9s sur les prix et les quantit\u00e9s.<\/li>\n\n\n\n
  • Le CAC a accept\u00e9 le cadre de classification de la liquidit\u00e9 en quatre cat\u00e9gories uniquement \u00e0 titre de r\u00e9f\u00e9rence et a estim\u00e9 qu\u2019il aurait d\u00fb int\u00e9grer l\u2019impact sur les prix, la taille des positions et les conditions de march\u00e9 en situation de crise.<\/li>\n\n\n\n
  • Le CAC s\u2019est oppos\u00e9 aux graphiques de profil de liquidit\u00e9 destin\u00e9s aux investisseurs sous leur forme actuelle, mais a soutenu une divulgation plus standardis\u00e9e des LMT et des rapports r\u00e9glementaires confidentiels, facilit\u00e9s par la technologie.<\/li>\n\n\n\n
  • Le CAC a \u00e9galement indiqu\u00e9 que ce cadre aurait d\u00fb s’appliquer de mani\u00e8re g\u00e9n\u00e9rale tant aux fonds soumis \u00e0 l’obligation de d\u00e9claration qu’\u00e0 ceux qui ne le sont pas, et qu’il aurait d\u00fb \u00eatre envisag\u00e9 dans un contexte macroprudentiel plus large.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    T\u00e9l\u00e9charger le PDF : ACVM – NI-81-102 Projet de modification des r\u00e8gles relatives \u00e0 la gestion du risque de liquidit\u00e9 R\u00e9sum\u00e9 de la lettre : Les Autorit\u00e9s canadiennes en valeurs mobili\u00e8res (ACVM) ont publi\u00e9 des propositions de modification de la Norme nationale 81-102 visant \u00e0 renforcer les exigences en mati\u00e8re de gestion du risque de […]<\/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-4780","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":"\nACVM - NI-81-102 Projet de modification des r\u00e8gles relatives \u00e0 la gestion du risque de liquidit\u00e9 - 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