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11959393.PDF (7.635Mb) Faculté de Droit Direction des bibliothèques AVIS NOTICE L’auteur a autorisé l’Université The author has given the de Montréal à reproduire et Université de Montréal diffuser, en totalité ou en partie, permission to partially or par quelque moyen que ce soit completely reproduce and et sur quelque support que ce diffuse copies of this report or soit, et exclusivement à des fins thesis in any form or by any non lucratives d’enseignement means whatsoever for strictly et de recherche, des copies de non profit educational and ce mémoire ou de cette thèse. purposes. L’auteur et les coauteurs le cas The author and the co-authors, échéant, conservent néan- if applicable, nevertheless keep moins la liberté reconnue au the acknowledged rights of a titulaire du droit d’auteur de copyright holder to com- diffuser, éditer et utiliser mercially diffuse, edit and use commercialement ou non ce this work if they choose. Long travail. Les extraits substantiels excerpts from this work may not de celui-ci ne peuvent être be printed or reproduced in imprimés ou autrement another form without reproduits sans autorisation de permission from the author. l’auteur. L’Université ne sera The University is not aucunement responsable d’une responsible for commercial, utilisation commerciale, indus- industrial or other use of this trielle ou autre du mémoire ou report or thesis by a third party, de la thèse par un tiers, y including by professors. compris les professeurs. Université rU, de Montréal Université de Montréal Les opérations scrutées sous l'angle de l'intérêt public par les organismes de réglementation des valeurs mobilières: entre efficience et duplicité par Bastien Gauthier Faculté de droit Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit (LL.M.) option droit des affaires Avril 2007 © Bastien Gauthier, 2007 Université de Montréal Faculté des études supérieures Ce mémoire intitulé: Les opérations scrutées sous l'angle de l'intérêt public par les organismes de réglementation des valeurs mobilières : entre efficience et duplicité présenté par : Bastien Gauthier a été évalué par un jury composé des personnes suivantes: Nabil Antaki président-rapporteur Stéphane Rousseau directeur de recherche Renée-Claude Drouin membre du jury RÉSUMÉ Les organismes de réglementation des valeurs mobilières doivent veiller à la protection des investisseurs et à l'efficience des marchés financiers. Pour ce faire, ils ont été investis de larges pouvoirs discrétionnaires leur permettant de contrôler les opérations qui, quoique conformes aux prescriptions légales, sont susceptibles de porter atteinte à l'intérêt public. La notion d'intérêt public étant malléable et difficile à circonscrire, la discrétion conférée à ces organismes est étendue. Son exercice pouvant menacer la sécurité juridique des opérations et être associé à l'arbitraire, elle a été décriée par de nombreux observateurs qui ont demandé qu'elle soit limitée aux cas de transgression de la législation sur les valeurs mobilières. Le texte cherche à déterminer si les organismes de réglementation des valeurs mobilières ont fait preuve de l'ingérence appréhendée par certains en recourant à leur discrétion relative à l'intérêt public. Tout en faisant ressortir la portée large et flexible de cette discrétion, il cherche à cerner les types d'opérations susceptibles d'en entraîner l'exercice. Bien qu'il ne propose pas une refonte du cadre juridique actuel, il soulève des points de réflexion et suggère des avenues qui pourraient être envisagées afin de limiter les risques y étant associés. MOTS CLÉS : Efficience des marchés financiers, intérêt public, offres publiques d'achat, pouvoir discrétionnaire, protection des investisseurs, valeurs mobilières. 11 AB8TRACT Securities regulators must ensure the protection ofinvestors and the ejJiciency of capital markets. With this intention, they have been vested with broad discretionary powers enabling them to control the operations that, although in conformity with legal requirements, are likely to undermine public interest. The public interest notion being malleable and difJicult to circumscribe, the discretion conferred to these organizations has a wide scope. As its exercise can threaten the legal safety ofoperations and be associated to the arbitrary, it has been disparaged by many observers who required that it be limited to cases in which the securities legislation has been breached. The text seeks to determine ifsecurities regulators have shown the interference dreaded by some by resorting to their public interest discretion. White emphasizing the broad andflexible range ofthis discretion, it seeks to determine the types ofoperations likely to lead to its exercise. Although it does notpropose a revision ofthe current legal framework, it provides points for reflection and suggests avenues that could be considered in order to limit the risks being associated to it. KEYWORDS: Discretionary powers, efficiency of capital markets, protection of investors, public interest, securities, takeover bids. 111 TABLE DES MATIÈRES RÉSUMÉ i ABSTRACT ii TABLE DES MATIÈRES iii LISTE DES ABRÉVIATIONS V REMERCIEMENTS X INTRODUCTION 1 1 LES ORGANISMES DE RÉGLEMENTATION DES VALEURS MOBILIÈRES ET LEUR COMPÉTENCE RELATIVE À L'INTÉRÊT PUBLIC 3 1.1 Survol du développement du droit des valeurs mobilières 4 1.2 Les organismes de réglementation des valeurs mobilières au Canada 9 1.2.1 L'organisme de réglementation des valeurs mobilières québécois 9 1.2.2 Raison d'être des organismes de réglementation des valeurs mobilières 12 1.2.3 Mission des organismes de réglementation des valeurs mobilières 16 1.2.3.1 Le bon fonctionnement du marché 17 1.2.3.2 La protection des investisseurs 19 1.2.4 Pouvoirs des organismes de réglementation des valeurs mobilières 25 1.2.4.1 Pouvoirs nonnatifs 25 1.2.4.2 Pouvoirs décisionnels 30 1.3 L'intérêt public en droit des valeurs mobilières 35 1.3.1 La notion d'intérêt public dans les lois sur les valeurs mobilières 36 1.3.2 Nature et objet des pouvoirs relatifs à l'intérêt public 39 1.3.3 Ampleur de la discrétion réservée aux organismes de réglementation des valeurs mobilières pour défmir la notion d'intérêt public 45 1.3.3.1 Ampleur de la discrétion reconnue aux organismes de réglementation des valeurs mobilières des autres juridictions canadiennes 46 1.3.3.2 Ampleur de la discrétion conférée à l'organisme québécois 49 1.4 Les propositions visant à limiter l'étendue de la discrétion des organismes de réglementation des valeurs mobilières 53 1.4.1 Les avantages d'une discrétion limitée aux cas de transgression de la législation sur les valeurs mobilières 55 1.4.1.1 Les avantages découlant de l'effet prospectifdes dispositions nonnatives 55 1.4.1.1.1 Le principe de la non-rétroactivité des dispositions nonnatives 55 1.4.1.1.2 Les limites du principe de la non-rétroactivité des dispositions nonnatives dans la législation sur les valeurs mobilières 61 1.4.1.2 Les autres avantages pouvant découler d'une limitation de la discrétion 64 1.4.2 Les avantages découlant de l'étendue de la discrétion actuelle 67 IV 2 L'UTILISATION DES ORDONNANCES D'INTÉRÊT PUBLIC DANS DES OPÉRATIONS RESPECTANT LA LETTRE DE LA LÉGISLATION 70 2.1 L'adoption d'une méthode de filtrage axée sur les risques 74 2.2 Les implications découlant du devoir d'équité 77 2.3 L'élaboration du critère devant limiter les interventions 80 2.3.1 La naissance d'un critère d'intervention: l'affaire Cablecasting 81 2.3.2 La continuité des principes de Cablecasting : l'affaire Lindzon 82 2.3.3 Le déploiement du critère de référence: l'affaire Canadian Tire 83 2.3.4 La remise en cause du critère de Canadian Tire: l'affaire Selkirk 85 2.3.5 Le renouement avec le critère de Canadian Tire: l'affaire Enjield 87 2.3.6 L'instauration d'une confusion relativement au critère applicable: l'affaire HE.R.o. 88 2.3.7 La réitération du critère de Canadian Tire: l'affaire LavalinTech 89 2.3.8 La juxtaposition des principes de Canadian Tire et de HE.R.o. : l'affaire Asbestos (CVMO) 89 2.3.9 La sacralisation imparfaite du critère de Canadian Tire: l'affaire Canfor 92 2.3.10 L'application récente et ambigüe du critère de Canadian Tire: l'affaire Asbestos (CVMQ) 93 2.3.11 La continuité du critère de Canadian Tire: l'affaire Financial Models 94 2.3.12 La réaffinnation récente du critère de Canadian Tire: l'affaire Sears 96 2.3.13 La réapparition d'un relâchement douteux: l'affaire Falconbridge 97 2.3.14 Sommaire sur l'élaboration du critère d'intervention 99 2.4 L'exercice de la discrétion relative à l'intérêt public en l'absence de transgression de la législation 104 2.4.1 L'artificialité de l'opération et intention malveillante 105 2.4.1.1 L'intervention en l'absence d'artificialité ou d'intention malveillante 106 2.4.1.2 La tendance jurisprudentielle: l'artificialité au cœur de l'abus 108 2.4.1.3 Sommaire 118 2.4.2 L'influence du résultat 121 2.4.2.1 L'opération portant atteinte aux attentes raisonnables des investisseurs 121 2.4.2.1.1 La théorie des attentes raisonnables 123 2.4.2.1.2 Attentes raisonnables et abus de l'intérêt public 125 2.4.2.1.3 Sommaire 132 2.4.2.2 L'opération résultant en un manquement au devoir de loyauté des administrateurs 134 2.4.2.2.1 L'encadrement du devoir de loyauté dans la législation sur les sociétés 135 2.4.2.2.2 De la doctrine des devoirs fiduciaires à la régulation du marché des valeurs mobilières 139 2.4.2.2.3 Sommaire 149 2.4.2.3 L'opération portant atteinte au principe de l'égalité de traitement 153 2.4.2.3.1 La législation sur les valeurs mobilières et le principe de l'égalité de traitement 154 2.4.2.3.2 La protection de l'égalité de traitement par la compétence relative à l'intérêt public 157 2.4.2.3.3 Sommaire 168 CONCLUSION: ENTRE EFFICIENCE ET DUPLICITÉ 169 BIBLIOGRAPHIE 183 v LISTE DES ABRÉVIATIONS I.
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