{"id":4855,"date":"2026-06-23T15:25:26","date_gmt":"2026-06-23T19:25:26","guid":{"rendered":"https:\/\/cfacanada.org\/csa-55-104-insider-reporting-requirements-and-exemptions\/"},"modified":"2026-06-23T16:11:12","modified_gmt":"2026-06-23T20:11:12","slug":"csa-55-104-insider-reporting-requirements-and-exemptions","status":"publish","type":"post","link":"https:\/\/cfacanada.org\/fr\/csa-55-104-insider-reporting-requirements-and-exemptions\/","title":{"rendered":"ACVM \u2013 Proposition de modification de la Norme nationale 55-104 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions s’appliquant aux fonds d’investissement et \u00e0 certains produits structur\u00e9s \u00bb"},"content":{"rendered":"\n

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ACVM \u2013 Proposition de modification de la Norme nationale 55-104 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions s’appliquant aux fonds d’investissement et \u00e0 certains produits structur\u00e9s \u00bb<\/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 \u2013 Proposition de modification de la Norme nationale 55-104 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions s’appliquant aux fonds d’investissement et \u00e0 certains produits structur\u00e9s \u00bb<\/a><\/p>\n\n\n\n

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

La CSA m\u00e8ne actuellement une consultation sur un projet de modification de la partie 9 de la Norme nationale 55-104 \u2014 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions \u00bb. Cette modification vise \u00e0 clarifier le r\u00e9gime de d\u00e9claration des initi\u00e9s applicable aux op\u00e9rations portant sur des fonds d\u2019investissement et certains produits structur\u00e9s (notamment les titres structur\u00e9s, les American Depositary Receipts et les Canadian Depositary Receipts) qui sont fond\u00e9s sur des titres de l\u2019\u00e9metteur assujetti de l\u2019initi\u00e9 concern\u00e9.<\/p>\n\n\n\n

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

Le CAC a apport\u00e9 son soutien \u00e0 la modification propos\u00e9e par la CSA au R\u00e8glement NI 55-104, estimant lui aussi que les initi\u00e9s ne devraient pas pouvoir se soustraire aux obligations de d\u00e9claration en acqu\u00e9rant une exposition \u00e9conomique \u00e0 leur propre \u00e9metteur assujetti par le biais de fonds d\u2019investissement, de produits structur\u00e9s ou d\u2019autres v\u00e9hicules financiers. Le CAC a recommand\u00e9 aux ACVM de d\u00e9finir la notion de \u00ab composante importante \u00bb en recourant \u00e0 une approche fond\u00e9e sur l\u2019exposition effective qui tienne compte des produits \u00e0 effet de levier et des produits invers\u00e9s, et a sugg\u00e9r\u00e9 un seuil clair de 10 %, une exclusion g\u00e9n\u00e9rale pour les indices et une condition relative \u00e0 la connaissance. Il a \u00e9galement exhort\u00e9 les ACVM \u00e0 pr\u00e9ciser que les exemples de produits \u00e9taient donn\u00e9s \u00e0 titre indicatif uniquement et que les obligations de d\u00e9claration devaient reposer sur la substance \u00e9conomique plut\u00f4t que sur la d\u00e9signation des produits. Le CAC a recommand\u00e9 une p\u00e9riode de transition raisonnable et un suivi apr\u00e8s la mise en \u0153uvre afin de garantir que la r\u00e8gle soit applicable et appliqu\u00e9e de mani\u00e8re coh\u00e9rente..<\/p>\n","protected":false},"excerpt":{"rendered":"

T\u00e9l\u00e9charger le PDF : ACVM \u2013 Proposition de modification de la Norme nationale 55-104 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions s’appliquant aux fonds d’investissement et \u00e0 certains produits structur\u00e9s \u00bb R\u00e9sum\u00e9 de la lettre : La CSA m\u00e8ne actuellement une consultation sur un projet de modification de la partie 9 de la Norme […]<\/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-4855","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 \u2013 Proposition de modification de la Norme nationale 55-104 \u00ab Obligations de d\u00e9claration des initi\u00e9s et exemptions s'appliquant aux fonds d'investissement et \u00e0 certains produits structur\u00e9s \u00bb - 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