The Toronto-Dominion Bank and TD Capital Trust III applied for exemptive relief from certain short form prospectus distribution requirements under National Instrument 44-101.
The Trust was established to issue capital trust securities to raise capital for the Bank.
The applicants sought exemptions from eligibility requirements, certain disclosure requirements, and the 10-day notice requirement, arguing that disclosure regarding the Bank is more relevant to investors.
The Ontario Securities Commission granted the requested relief, subject to conditions including that the Bank remains the beneficial owner of the Special Trust Securities and the Trust complies with reporting issuer requirements.