<\/div>\n\n\n\n
R\u00e9sum\u00e9 de la lettre :<\/h2>\n\n\n\n
La CIRO propose d’apporter des modifications \u00e0 son r\u00e8glement relatif aux courtiers en valeurs mobili\u00e8res et aux entit\u00e9s partiellement consolid\u00e9es (IDPC) qui obligeraient les courtiers concern\u00e9s \u00e0 mettre en place, \u00e0 maintenir et \u00e0 appliquer des politiques et des proc\u00e9dures raisonnablement con\u00e7ues pour d\u00e9tecter et traiter les d\u00e9fauts de livraison des clients \u00e0 la suite de la vente d’un titre cot\u00e9 sur une place de march\u00e9, lorsque ce titre n’est ni d\u00e9tenu ni contr\u00f4l\u00e9 par le courtier. Lorsque le d\u00e9faut concerne une vente \u00e0 d\u00e9couvert, les courtiers seraient tenus de prendre des mesures correctives au plus tard cinq jours ouvrables apr\u00e8s le r\u00e8glement.<\/p>\n\n\n\n
Traduit avec DeepL.com (version gratuite)<\/p>\n\n\n\n
<\/p>\n\n\n\n
Aper\u00e7u des observations du Conseil :<\/h2>\n\n\n\n
Le CAC a soumis une lettre de commentaires sur le bulletin n\u00b0 26-0066 du CIRO, qui proposait des modifications aux obligations de livraison des clients dans le cadre des ventes \u00e0 d\u00e9couvert. Le CAC a soutenu l\u2019approche du CIRO, fond\u00e9e sur la conduite et les principes, en soulignant qu\u2019elle r\u00e9pondait de mani\u00e8re constructive aux pr\u00e9occupations ant\u00e9rieures concernant les exigences obligatoires de cl\u00f4ture, en mettant l\u2019accent sur la conduite des courtiers plut\u00f4t que sur le r\u00e9sultat des processus de r\u00e8glement net en continu. Le CAC a \u00e9galement soulign\u00e9 que la vente \u00e0 d\u00e9couvert favorise la formation des prix et la liquidit\u00e9, et a encourag\u00e9 le CIRO et les ACVM \u00e0 mettre en place une meilleure infrastructure de donn\u00e9es concernant les d\u00e9fauts de livraison et les activit\u00e9s de pr\u00eat de titres, afin que l\u2019ajustement futur des r\u00e8gles puisse s\u2019appuyer sur des donn\u00e9es factuelles. Le CAC a appuy\u00e9 les modifications propos\u00e9es et a encourag\u00e9 le CIRO et les ACVM \u00e0 les associer \u00e0 un outil proportionn\u00e9, soutenu par le secteur, permettant de collecter et de publier des donn\u00e9es sur les d\u00e9fauts de livraison et les op\u00e9rations de pr\u00eat de titres, afin que la r\u00e9glementation future en mati\u00e8re de ventes \u00e0 d\u00e9couvert puisse \u00eatre affin\u00e9e sur la base de donn\u00e9es concr\u00e8tes canadiennes.<\/p>\n\n\n\n
Points cl\u00e9s par question :<\/p>\n\n\n\n
Q1 : Le CAC n\u2019a pas recommand\u00e9 de mesures correctives suppl\u00e9mentaires, estimant que les options propos\u00e9es \u2014 achat d\u2019actions, obligation pour le client de livrer les actions emprunt\u00e9es, pr\u00eat d\u2019actions au client ou emprunt d\u2019actions aupr\u00e8s d\u2019un tiers \u2014 \u00e9taient ad\u00e9quates et suffisamment souples.<\/p>\n\n\n\n
Q2 : Le CAC a convenu que la responsabilit\u00e9 devait incomber au courtier en valeurs mobili\u00e8res g\u00e9rant la relation client, car ce dernier \u00e9tait le mieux plac\u00e9 pour dialoguer avec le client et que cette approche \u00e9vitait les doublons, les ambigu\u00eft\u00e9s et les \u00e9ventuelles incoh\u00e9rences.<\/p>\n\n\n\n
Q3 : Le CAC a approuv\u00e9 le d\u00e9lai propos\u00e9 de cinq jours ouvrables, le jugeant r\u00e9alisable et coh\u00e9rent pour l\u2019ensemble des courtiers, mais a recommand\u00e9 que le CIRO r\u00e9examine et r\u00e9ajuste ce d\u00e9lai d\u00e8s que les donn\u00e9es canadiennes relatives aux d\u00e9fauts de livraison seraient disponibles.<\/p>\n\n\n\n
Q4 : Le CAC s\u2019est d\u00e9clar\u00e9 favorable \u00e0 un raccourcissement du d\u00e9lai prolong\u00e9 de d\u00e9claration des transactions non ex\u00e9cut\u00e9es pr\u00e9vu par l\u2019article 7.10 des UMIR afin de l\u2019aligner sur le d\u00e9lai de cinq jours ouvrables, soulignant qu\u2019une d\u00e9claration plus rapide am\u00e9liorerait la surveillance et simplifierait la gestion administrative.<\/p>\n\n\n\n
Q5 : Le CAC n\u2019a pas relev\u00e9 de dispositions omises dans l\u2019\u00e9tude d\u2019impact de la CIRO, mais a fait remarquer que cette \u00e9tude \u00e9tait de nature qualitative et qu\u2019une meilleure collecte de donn\u00e9es permettrait de r\u00e9aliser des analyses quantitatives \u00e0 l\u2019avenir.<\/p>\n\n\n\n
Q6 : Le CAC a approuv\u00e9 l\u2019orientation g\u00e9n\u00e9rale de l\u2019\u00e9valuation qualitative du CIRO, reconnaissant que les modifications \u00e9taient susceptibles de renforcer la discipline de r\u00e8glement \u00e0 un co\u00fbt suppl\u00e9mentaire modeste, tout en r\u00e9it\u00e9rant que des donn\u00e9es quantitatives permettraient de mieux d\u00e9montrer les avantages escompt\u00e9s.<\/p>\n\n\n\n
Q7 : Le CAC s\u2019est d\u00e9clar\u00e9 favorable \u00e0 une p\u00e9riode de mise en \u0153uvre d\u2019au moins trois mois, compte tenu des pratiques existantes des courtiers en mati\u00e8re de remont\u00e9e d\u2019informations, et a indiqu\u00e9 qu\u2019une prolongation modeste serait acceptable si certains courtiers avaient besoin de plus de temps.<\/p>\n\n\n\n
<\/h3>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
T\u00e9l\u00e9charger le PDF : Bulletin CIRO n\u00b0 26-0066 \u2014 R\u00e8gles de l’IDPC \u2014 Propositions de modification concernant les obligations de livraison des clients R\u00e9sum\u00e9 de la lettre : La CIRO propose d’apporter des modifications \u00e0 son r\u00e8glement relatif aux courtiers en valeurs mobili\u00e8res et aux entit\u00e9s partiellement consolid\u00e9es (IDPC) qui obligeraient les courtiers concern\u00e9s \u00e0 […]<\/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-4909","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":"\n
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