Canada: Le Point Sur L'Information : Les ACVM Accroissent Le Nombre D'Examens De L'Information Continue

Last Updated: July 29 2015
Article by Sonia J. Struthers, Leila Rafi and David P. Badour

Most Read Contributor in Canada, September 2018

Le 16 juillet 2015, les Autorités canadiennes en valeurs mobilières (ACVM) ont publié le sommaire des résultats de leur programme d'examen annuel de l'information continue (IC) des émetteurs assujettis (à l'exception des fonds d'investissement) relativement aux émetteurs dont l'exercice se terminait le 31 mars 2015 dans l'Avis 51-344 du personnel des ACVM – Activités du programme d'examen de l'information continue pour l'exercice terminé le 31 mars 2015 (Avis du personnel).

Sommaire

En vertu du programme d'examen de l'IC, les ACVM effectuent des « examens complets » et des « examens limités à des sujets précis » afin de relever les lacunes importantes dans l'information continue communiquée par un émetteur assujetti. Le sommaire des conclusions des ACVM vise à procurer des exemples de lacunes courantes et à aider ainsi les émetteurs assujettis à se conformer à leurs obligations d'information.

Cette année, les examens limités à des sujets précis ont été effectués dans les domaines suivants :

  • l'information liée aux Normes internationales d'information financière (NIIF);
  • les présentations aux investisseurs du domaine minier;
  • l'information technique sur le pétrole et le gaz et les projets miniers;
  • les attestations aux termes du Règlement 52-109 sur l'attestation de l'information présentée dans les documents annuels et intermédiaires des émetteurs (Règlement 52-109);
  • l'information relative à l'industrie de la marihuana médicale.

Au Canada, hormis les fonds d'investissement, il y a environ 4 000 émetteurs assujettis actifs. Au cours de l'exercice 2015, 280 « examens complets » ont été effectués, soit une augmentation de 26,7 % par rapport à l'exercice précédent, tandis que le nombre d'« examens limités à des sujets précis » s'est établi à 778, soit une augmentation de 1 % par rapport à l'exercice précédent. Au total, les examens de l'information continue ont augmenté de 7 %, passant de 991 à 1 058, lors de l'exercice 2015.

Résultats de l'examen

Les ACVM ont réparti les résultats des deux types d'examens au cours de l'exercice 2015 en cinq catégories : (i) application de la loi/interdiction d'opérations/liste des émetteurs en défaut (8 %); (ii) nouveaux dépôts (21 %); (iii) modifications prospectives (30 %); (iv) information et sensibilisation (9 %); (v) aucune mesure à prendre (32 %).

Lacunes courantes

Dans leur examen, les ACVM ont relevé des lacunes courantes importantes concernant les rapports de gestion et les autres obligations réglementaires.

Rapports de gestion

  • omettre de fournir une analyse suffisante de la situation de trésorerie et des sources de financement;
    communiquer de façon inadéquate les résultats d'exploitation sans expliquer suffisamment les causes et motifs principaux à l'origine de la variation d'une année à l'autre;
  • présenter de l'information prospective et des mesures non conformes aux PCGR sans les indiquer clairement comme telles et sans inclure l'information appropriée;
  • pour les FPI, ne pas fournir l'information pertinente pour la déclaration des distributions qui excèdent les liquidités générées par l'exploitation de leurs propres biens sous-jacents (et ne pas fournir l'information pertinente dans leur notice annuelle);
  • fournir de l'information inadéquate concernant les opérations entre parties liées, notamment ne pas communiquer l'identité de la partie liée ni l'objectif commercial de l'opération;
  • fournir dans une attestation exigée par le Règlement 52-109 de l'information incompatible avec celle figurant dans un rapport de gestion (par exemple, indiquer l'existence d'une faiblesse importante dans une attestation annuelle sans la mentionner dans le rapport de gestion).

Lacunes relevées dans l'information réglementaire

  • omettre de déposer les contrats importants;
  • omettre de déposer des déclarations de changements importants (par exemple dans les cas où un émetteur réduit considérablement ses dividendes ou constate la diminution ou l'augmentation significative des bénéfices prévus à court terme);
  • communiquer des renseignements importants et confidentiels à une ou plusieurs personnes physiques ou morales, et non au public en général, d'où communication sélective d'information;
  • pour les émetteurs du domaine minier, fournir une information inadéquate dans les présentations aux investisseurs sur Internet, notamment omettre d'indiquer le nom de la personne physique qui a approuvé l'information technique (personne qualifiée) et omettre de faire les mises en garde nécessaires quant aux évaluations économiques préliminaires;
  • pour les émetteurs, inclure à mauvais escient un aspect promotionnel dans leurs communiqués (voir l'Avis 51-342 du personnel des ACVM – Examen du personnel sur les émetteurs qui se lancent dans des activités liées à la marihuana médicale pour davantage de renseignements sur l'industrie de la marihuana médicale en particulier).

Conseils de rédaction pour les émetteurs assujettis

Les émetteurs assujettis devraient réexaminer leurs obligations de conformité et prendre note des suggestions faites dans l'Avis du personnel lorsqu'ils prépareront les documents d'information de cette année, y compris à la lumière des conseils indiqués ci-après.

Rapports de gestion

  • La description de la situation de trésorerie et des sources de financement devrait mettre l'accent sur la capacité par l'émetteur de produire suffisamment de liquidités à court et à long terme afin de financer les activités prévues de croissance et de développement.
  • Les émetteurs devraient intégrer une analyse de leurs sources de financement, notamment le montant, la nature et l'objectif des engagements de même que la source prévue des fonds pour respecter ces engagements.
  • Les émetteurs devraient exposer leur rendement pendant la période pour laquelle s'appliquent les résultats d'exploitation, de même que les tendances, les engagements, les risques et les incertitudes qui auront une incidence sur eux.
  • L'information relative aux FPI sur les distributions excédant les liquidités devrait notamment indiquer aux investisseurs la façon dont ces distributions ont été financées et le fait qu'elles constituent un remboursement de capital.
  • Les émetteurs devraient fournir une analyse significative de toute faiblesse importante relevée et non corrigée dans la conception ou l'application de leurs contrôles internes concernant la communication de l'information financière.

Nous serions ravis de vous aider à préparer la communication de l'information ou de vous donner d'autres indications concernant l'Avis du personnel.

Pour visualiser l'Avis du personnel, cliquez ici.

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