Canada: Les Condotels Et Autres Projets Immobiliers De Type - Timeshare - Visés Par Un Projet De Règlement De l'Autorité Des Marchés Financiers (AMF)

Le 25 novembre dernier, l'Autorité des marchés financiers (l'« AMF ») a publié un projet de règlement intitulé Règlement sur les dispenses de prospectus et d'inscription dans le secteur immobilier (le « projet de Règlement »). Le projet de Règlement prévoit l'encadrement de certains types de projets immobiliers dont les projets d'unités hôtelières et de condominiums qui comprennent une entente de gestion locative permettant aux propriétaires de tirer un revenu de la location de leur unité immobilière lorsqu'ils ne l'occupent pas.

Le projet de Règlement apporte certaines précisions sur un régime jusqu'alors peu connu du public applicable à ces types de projets immobiliers.

En vertu de la Loi sur les valeurs mobilières (Québec) (la « LVM »), la mise en vente d'un contrat d'investissement est soumise à l'exigence de déposer un prospectus auprès de l'AMF, à moins d'en être dispensé. Cela sera ainsi généralement le cas pour tout projet de vente d'unités immobilières auxquelles est rattachée une entente de gestion locative, qu'elle soit obligatoire ou facultative, offrant une perspective de revenus locatifs individuels ou collectifs via un programme de location d'unités immobilières prévoyant le partage de dépenses ou de revenus entre les participants ou via tout autre montage de cette nature.

L'AMF élabore aussi les critères suivants afin de déterminer si un projet immobilier est soumis à l'application de la LVM ou non :

  • existe-t-il des limites imposées à l'acquéreur sur les périodes d'occupation de l'unité immobilière ?
  • y a-t-il eu des représentations faites à l'acquéreur quant aux avantages économiques de l'achat de l'unité immobilière, tels que des prévisions financières de revenus ou des revenus potentiels de location ?
  • des garanties ont-elles été données quant aux revenus, à la location ou à tout autre engagement de nature offerte dans le cadre de la vente de l'unité immobilière ?

Le régime proposé

Le document d'offre

Dans la mesure où un projet immobilier est soumis à l'application de la LVM, le projet de Règlement prévoit la préparation d'un document d'offre qui devra être transmis à tout acheteur d'unité immobilière et déposé auprès de l'AMF sur SEDAR. Le document d'offre devra notamment comprendre l'information suivante :

  • tous les faits importants se rapportant au projet, y compris une description du projet, des principaux facteurs de risque et des principales ententes, dont l'entente de gestion locative
  • des états du revenu net annuels audités du projet et un état du revenu net intermédiaire
  • une attestation du promoteur à l'effet que le document d'offre ne contient aucune information fausse ou trompeuse

Des restrictions sont aussi imposées sur la présentation d'information prospective dans le document d'offre (perspectives financières ou autres). Autre fait à noter : le document d'offre ne peut être rédigé en anglais seulement.

Dépôt de déclarations

Toute clôture de vente d'unités immobilières déclenchera l'obligation de la part du promoteur ou du gestionnaire de déposer des déclarations de placement avec dispense auprès de l'AMF sur SEDAR accompagnées du paiement des droits prescrits.

L'information périodique

Le projet de Règlement prévoit également un régime d'information continue en vertu duquel le promoteur ou le gestionnaire devra transmettre aux propriétaires d'unités immobilières les états du revenu net annuels audités du projet ainsi que les états du revenu net intermédiaires du projet dans les délais prescrits.

La revente

Toute revente d'unités immobilières sera assujettie à l'obligation du vendeur de notifier préalablement à la revente le promoteur ou le gestionnaire, lequel aura ensuite 30 jours pour remettre à l'acquéreur subséquent la documentation financière prévue par règlement.

L'obligation d'inscription à titre de courtier en valeurs mobilières

Il convient de mentionner que la mise en vente d'unités immobilières soumises à l'application de la LVM pourrait déclencher pour le promoteur, le vendeur ou le courtier immobilier l'obligation de s'inscrire à titre de courtier en valeurs mobilières, notamment s'il exerce l'activité de manière répétitive, s'il s'attend à être rémunéré pour celle-ci ou sʼil démarche directement ou indirectement les acquéreurs et que son activité est semblable à celle de certains courtiers en valeurs mobilières.

Le cas échéant, ces personnes seront alors avisées de s'adjoindre les services d'un courtier inscrit en valeurs mobilières de manière à s'assurer que les obligations imposées à la vente de contrats d'investissement, notamment celle de s'assurer de la convenance de l'investissement, soient respectées.

Commentaires

L'AMF a prévu une procédure permettant à toute personne intéressée de formuler des commentaires sur le projet de Règlement, et ce, jusqu'au 24 décembre prochain. Davies continuera à suivre la situation de près et vous fera part des développements futurs à ce sujet, notamment en ce qui a trait à la date d'entrée en vigueur du projet de Règlement et les modifications apportées à celui-ci, le cas échéant.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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