CIBC Capital Markets Legal

General

CIBC Capital Markets is a trademark brand name under which Canadian Imperial Bank of Commerce (“CIBC”), its subsidiaries and affiliates (including, without limitation, CIBC World Markets Inc., CIBC World Markets Corp. and CIBC Capital Markets (Europe) S.A.) provide products and services to our customers around the world. Services offered by the Canadian Imperial Bank of Commerce include corporate lending services, foreign exchange, money market instruments, structured notes, interest rate products and OTC derivatives. Canadian Imperial Bank of Commerce is a provisionally-registered Swap Dealer with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). CIBC’s Disclosures pursuant to the External Business Conduct rules are located at the following link: cibccm.com/doddfrank. CIBC’s Foreign Exchange Disclosure Statement relating to guidelines contained in the FX Global Code can be found at cibccm.com/fxdisclosure. Other products and services, such as exchange-traded equity and equity options, fixed income securities and futures execution of Canadian securities, are offered through directly or indirectly held subsidiaries of CIBC as indicated below. In the US, CIBC Capital Markets also provides investment banking services under the trademark brand name CIBC Cleary Gull.

Securities and other products offered or sold by CIBC Capital Markets are subject to investment risks, including possible loss of the principal invested.  Each subsidiary or affiliate of CIBC is solely responsible for its own contractual obligations and commitments. Unless stated otherwise in writing CIBC Capital Markets products and services are not insured by the Canada Deposit Insurance Corporation, the Federal Deposit Insurance Corporation, or other similar deposit insurance and are not endorsed or guaranteed by any bank.

The materials described herein are provided "as is" without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law, including but not limited to the implied warranties of merchantability, operation, usefulness, completeness, accuracy, timeliness, reliability, fitness for a particular purpose or non-infringement. The information and data contained herein has been obtained or derived from sources believed to be reliable, without independent verification by CIBC Capital Markets, and we do not represent or warrant that any such information or data is accurate or complete.  CIBC Capital Markets assumes no obligation to update any information, assumptions, opinions, data or statements contained herein for any reason or to notify any person in respect thereof.  Nothing contained herein is an offer or solicitation to transact in any product or financial instrument, nor a confirmation of any transaction.

The services, securities and investments discussed in this website may not be available to, nor suitable for, all investors. These materials do not (nor do they purport to) disclose all the risks and other significant issues relating to any of the securities, products or financial instruments described herein or any transaction related thereto. Nothing contained herein constitutes financial, business, legal, tax, investment, regulatory or accounting advice.  Prior to making any investment in a product or financial instrument described herein, you should make your own appraisal of the risks from a financial, business, legal, tax, investment, regulatory and accounting perspective, without relying on the information contained herein, by consulting, if you deem it necessary, your own advisors in these matters or any other professional advisors. 

The CIBC logo and “CIBC Capital Markets” are trademarks of CIBC, used under license. All other applicable trademarks are owned by their respective trademark owners.

CIBC World Markets Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. In the United States, CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Fund. In Luxembourg, CIBC Capital Markets (Europe) S.A. (RCS Luxembourg: B236326) is authorised by the European Central Bank (the “ECB”) and supervised by the Luxembourg Financial Supervisory Authority (Commission de Surveillance du Secteur Financier) under the oversight of the ECB. CIBC Australia Ltd (AFSL No: 240603) is regulated by the Australian Securities and Investment Commission (“ASIC”). CIBC World Markets (Japan) Inc. is a member of the Japanese Securities Dealer Association. CIBC (TSX/NYSE: CM) is a bank chartered under the Bank Act (Canada) having its registered office in Toronto, Ontario, Canada, and regulated by the Office of the Superintendent of Financial Institutions.  CIBC New York Branch is licensed and supervised by the New York State Department of Financial Services.  In the UK, CIBC London Branch is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Canadian Imperial Bank of Commerce Sydney Branch (ABN: 33 608 235 847) is an authorized foreign bank branch regulated by the Australian Prudential Regulation Authority (APRA). Canadian Imperial Bank of Commerce Hong Kong Branch is a registered institution under the Securities and Futures Ordinance, Cap 571 and a limited liability foreign company registered with the Hong Kong Companies Registry. Canadian Imperial Bank of Commerce Singapore Branch is a wholesale bank licensed and regulated by the Monetary Authority of Singapore.

Important legal disclaimers relating to any CIBC World Markets branded equity research reports referenced herein may be accessed at http://research.cibcwm.com/res/Equ/equ_disclaimer.html   An explanation of CIBC World Markets' Equity Research Department stock rating system and price and performance charts for specific CIBC World Markets recommended securities may be accessed at http://apps.cibcwm.com/sec2711/.

This website may provide addresses of, or contain hyperlinks to, Internet web sites. CIBC Capital Markets has not reviewed the linked Internet web site of any third party and takes no responsibility for the contents thereof. Each such address or hyperlink is provided solely for the recipient’s convenience and information, and the content of linked third-party web sites is not in any way incorporated into this document. Recipients who choose to access such third-party web sites or follow such hyperlinks do so at their own risk.

The material included in this website should not be construed as a research report. The information contained in this communication is not intended to constitute a "research report, statement or opinion of an expert" for the purposes of the securities legislation of any province or territory of Canada or “research” as defined in FINRA Rule 2241 by the Financial Industry Regulatory Authority (FINRA).

CIBC does not (and shall not be deemed to) provide, and has not provided, any investment or financial advice or recommendation to you in relation to any securities, products or financial instruments described herein or any transaction. You may not rely on any communication (written or oral) from CIBC as investment or financial advice or as a recommendation relating the securities, products or financial instruments or to any transaction.

Nothing contained herein is an offer or solicitation to transact in any product or financial instrument, nor a confirmation of any transaction.

The information and analyses in this presentation are preliminary and not intended to constitute a "valuation," "formal valuation," "appraisal," "prior valuation," or a "report, statement or opinion of an expert" for purposes of any securities legislation in Canada or otherwise.

Any CIBC opinion or valuation will be set forth in a separate letter and would be subject to the terms of the Engagement Letter and approval by our Opinions Review Committee and internal legal counsel. 

Since the levels and bases of taxation can change, any reference in this website to the impact of taxation should not be construed as offering tax advice on the tax consequences of investments. As with any investment having potential tax implications, clients should consult with their own independent tax adviser.

Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties.

 

Global Capital Markets Legal Entities

Canada

CIBC

CIBC (TSX/NYSE: CM) is a bank chartered under the Bank Act (Canada) having its registered office in Toronto, Ontario, Canada, and regulated by the Office of the Superintendent of Financial Institutions. 

CIBC World Markets Inc.

CIBC World Markets Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

United States

CIBC World Markets Corp.

In the United States, CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Fund.

New York Branch

CIBC New York Branch is licensed and supervised by the New York State Department of Financial Services.

CIBC Bank USA

CIBC Bank USA is regulated by the Illinois Department of Financial and Professional Regulation and a member of the Federal Deposit Insurance Corporation.  Capital Markets products offered by CIBC Bank USA are not FDIC insured; not deposits or obligations of, or guaranteed by, CIBC; and are subject to investment risk, including loss of principal.

Europe

CIBC Capital Markets (Europe) S.A.

CIBC Capital Markets (Europe) S.A. (RCS Luxembourg: B236326) is authorised by the European Central Bank (the “ECB”) and supervised by the Luxembourg Financial Supervisory Authority (Commission de Surveillance du Secteur Financier) under the oversight of the ECB.

London Branch

CIBC London Branch is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.

Asia

Hong Kong

Canadian Imperial Bank of Commerce Hong Kong Branch is a registered institution under the Securities and Futures Ordinance, Cap 571, and a limited liability foreign company registered with the Hong Kong Companies Registry.

Singapore

Canadian Imperial Bank of Commerce Singapore Branch is a wholesale bank licensed and regulated by the Monetary Authority of Singapore.

Japan

CIBC World Markets (Japan) Inc. is a member of the Japanese Securities Dealer Association.

Australia

CIBC Australia Ltd

CIBC Australia Ltd (AFSL No: 240603) is regulated by the Australian Securities and Investment Commission (“ASIC”).

Sydney Branch

Canadian Imperial Bank of Commerce Sydney Branch (ABN: 33 608 235 847) is an authorized foreign bank branch regulated by the Australian Prudential Regulation Authority (APRA).

South America

Colombia

The representative office of CIBC and CIBC World Markets Inc. (“CWMI”) in Colombia was authorized by the Colombian Superintendence of Finance (“SFC”) pursuant to Resolution 773 of 2014 and Resolution 1267 of 2016.