Les operations de stock-lending
Auteur | Muriel Igalson |
Fonction | Licenciée de l'Université Libre de Bruxelles |
Un projet de loi a ÈtÈ dÈposÈ ‡ la Chambre en vue de rÈglementer le rÈgime fiscal des opÈrations de prÍt d'actions (stock-lending) et est encore ‡ l'heure actuelle examinÈ par celle-ci.
Le prÍt d'actions ou parts est l'opÈration par laquelle le prÍteur prÍte ‡ l'emprunteur des actions ou parts pour une pÈriode dÈterminÈe, ‡ charge pour l'emprunteur de restituer au prÍteur, ‡ l'expiration de cette pÈriode, des actions ou parts ayant des caractÈristiques identiques, sans identitÈ toutefois du numÈro. Il s'agit donc d'actions ou parts fongibles.
DËs que les actions ou parts ont ÈtÈ remises ‡ l'emprunteur, le prÍteur ne peut disposer de ses titres. En contrepartie, il est gÈnÈralement prÈvu que l'emprunteur paiera une commission au prÍteur en rÈmunÈration de ce prÍt. Cette commission peut reprÈsenter pour celui-ci un rendement supplÈmentaire qu'il peut tirer de ses titres.
Cette commission ne peut pas Ítre confondue avec l'indemnitÈ pour coupon manquant. Lorsque des titres assortis de coupons sont prÍtÈs et qu'un coupon vient ‡ ÈchÈance au cours du prÍt, l'emprunteur ne peut restituer le titre dans son Ètat original. En guise de compensation, il paie donc au prÍteur une indemnitÈ Ègale ‡ la valeur du coupon venu ‡ ÈchÈance.
Le prÍt d'actions permet notamment aux opÈrateurs qui doivent livrer des actions ou parts, de remplir leurs obligations de livraison lorsqu'‡ cette date :
ils n'ont eux-mÍmes pas encore reÁu livraison d'actions ou parts qu'ils doivent recevoir (dÈcalage de dates de livraison ou retard technique de livraison) ou,
ils ont vendu ‡ dÈcouvert et n'ont pas encore acquis les actions ou parts ‡ livrer.
L'objectif du projet de loi dÈposÈ ‡ la...
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