Canada: La CVMO propose d'améliorer les rapports annuels sur les coûts par l'intermédiaire des perspectives comportementales

  • Le 19 août 2019, la Commission des valeurs mobilières de l'Ontario (CVMO) a publié un rapport (le rapport de 2019) dans lequel elle cerne différentes façons pratiques d'utiliser les perspectives comportementales pour améliorer la communication annuelle des coûts par les personnes inscrites.
  • Le rapport découle d'un projet auquel ont collaboré le Bureau des investisseurs de la CVMO et Behavioural Insights Team (BIT), société à finalité sociale britannique qui se consacre à l'application des sciences du comportement pour élaborer des politiques et améliorer les services au public.

Perspectives comportementales

En 2017, la CVMO a publié un rapport (le rapport de 2017) sur l'importance des sciences du comportement dans l'élaboration de politiques. Le rapport de 2017 examinait les concepts, principes et réussites de base de l'introspection comportementale, l'adoption de l'introspection comportementale à l'échelle internationale et l'utilisation accrue des approches comportementales dans le domaine de la réglementation financière, notamment par la Financial Conduct Authority du Royaume-Uni.

L'une des principales conclusions du rapport de 2017 était que les gens ne prennent souvent pas leurs décisions de façon rationnelle et que leurs décisions sont influencées par des facteurs comme la disponibilité de l'information, les préjugés et leur état émotif. Selon le Bureau des investisseurs de la CVMO, le fait de comprendre ces influences comportementales « permet aux organismes de réglementation de mieux comprendre, déterminer et régler les difficultés associées au marché » d'une manière plus rentable. La CVMO avait conclu à l'époque qu'elle devait accroître la capacité d'utiliser l'introspection comportementale tant à l'interne qu'avec les intervenants. La CVMO a également déclaré qu'elle prévoyait mener des projets pilotes fondés sur l'introspection comportementale.

Suivant la publication du rapport de 2017, le Bureau des investisseurs de la CVMO et BIT ont cherché à cerner les façons dont les perspectives comportementales pouvaient être employées pour encourager la planification de la retraite en 2018.

Divulgation des coûts et rapport de 2019

Conformément à l'article 14.17 du Règlement 31-103 sur les obligations et dispenses d'inscription et les obligations continues des personnes inscrites (Règlement 31-103), les personnes inscrites doivent dorénavant remettre à leurs clients un rapport annuel sur les coûts. Bien que ces exigences en matière de divulgation des coûts aient permis de mieux renseigner les investisseurs depuis l'adoption en juillet 2016 de la phase 2 du modèle de relation client-conseiller, la CVMO a présenté diverses études dans son rapport de 2019 qui démontraient qu'il y avait toujours place à l'amélioration. Le Bureau des investisseurs de la CVMO et BIT ont donc cherché à déterminer comment maximiser l'efficacité des rapports annuels sur les coûts.

À cette fin, la CVMO et BIT ont mis à l'essai diverses approches fondées sur les sciences du comportement qui pouvaient favoriser l'engagement et la compréhension des investisseurs à l'égard des rapports annuels sur les coûts. Ces stratégies ont été examinées dans le cadre d'un essai contrôlé randomisé auprès d'environ 1 900 investisseurs canadiens qui ont reçu des modèles de divulgation des coûts annuels différents et à qui on a ensuite posé des questions pour vérifier leur compréhension de l'information reçue. Notamment, le rapport de 2019 a constaté une amélioration statistiquement significative de la compréhension des clients lorsque l'information requise en vertu de l'article 14.17 a été présentée en employant des stratégies fondées sur les sciences du comportement.

Par conséquent, le rapport de 2019 proposait 24 recommandations pour maximiser l'efficacité des rapports annuels sur les coûts, notamment :

  • Remettre le rapport sur les coûts en tant que document indépendant;
  • Indiquer clairement la nature du rapport sur les coûts et son importance;
  • Employer des expressions plus simples pour décrire les concepts clés et les divers types de coûts;
  • Éliminer l'information non essentielle ou redondante;
  • Présenter dès le départ l'information essentielle;
  • Formater le rapport sur les coûts de sorte à mettre l'accent sur les renseignements les plus importants;
  • Élaborer des textes ou des éléments visuels attrayants pour expliquer le fonctionnement des coûts indirects;
  • Établir des points de référence qui aident les investisseurs à évaluer la pertinence des coûts;
  • Décrire les mesures que les investisseurs peuvent prendre pour réduire leurs coûts;
  • Établir un lien entre les coûts et les événements qui les ont occasionnés.

Le rapport de 2019 contient également des exemples des différents formats de divulgation des coûts utilisés dans les essais randomisés.

Bien qu'aucune modification au Règlement 31-103 n'ait été proposée, le rapport de 2019 encourage les personnes inscrites à intégrer les stratégies qui y sont décrites dans leur travail actuel. Plus particulièrement, la CVMO suggère aux personnes inscrites de mettre à l'essai des modèles de conception et de présentation de rapports annuels sur les coûts que leurs clients pourraient trouver plus intuitifs, notamment en présentant l'information dans des formats non traditionnels, comme les pages Web interactives, par exemple. Les personnes inscrites sont également invitées à faire part de leurs commentaires à la CVMO et à d'autres intervenants.

Pour de plus amples renseignements, voir l'Avis au personnel de la CVMO no 11-787, Amélioration de la divulgation des frais par l'intermédiaire des perspectives comportementales.

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