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To Canadian residents: if you wish to effect transactions in any security discussed, please do so through a qualified salesperson of TD Securities Inc. or The Toronto-Dominion Bank, as required by statute. TD Securities Inc. accepts responsibility for the contents of any TD Securities (USA) LLC research reports appearing in this site.
To U.S. residents: if you wish to effect a transaction in any security discussed, please do so through a qualified salesperson of TD Securities (USA) LLC or The Toronto-Dominion Bank, as required by statute. TD Securities (USA) LLC accepts responsibility for the contents of any TD Securities Inc. research reports appearing in this site.
To European residents: if you wish to effect transactions in any security discussed, please do so through an approved person of TD Securities Limited.
To Australia and New Zealand residents: if wishing to effect transactions in any security discussed should do so through a qualified salesperson of The Toronto-Dominion Bank, Australia Branch.
Information in this site issued in the U.K. and Europe has been reviewed and approved for issuance by TD Securities Limited and is being issued only to persons who (i) are persons falling within Article 19(5) ("Investment professional") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (e) ("High net worth companies, unincorporated associations, etc.") of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any security discussed may otherwise lawfully be communicated or caused to be communicated. No recipient may pass on the information contained in this site to any person without the prior written consent of TD Securities. TD Securities Inc., TD Securities (USA) LLC, and TD Securities Limited are wholly owned subsidiaries of The Toronto-Dominion Bank. TD Commodity & Energy Trading Inc. is a wholly owned subsidiary of TD Securities Inc. TD Securities Limited is authorised and regulated by the Financial Services Authority. TD Securities Inc. is a Member of the Canadian Investor Protection Fund.
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Goldman Sachs Methodologies
The methodologies and applied algorithmic processes as described herein are patent pending to Goldman, Sachs & Co. TD Securities Inc. is not an affiliate of Goldman, Sachs & Co.
U.S. Regulatory Notices
Notice Regarding TD Securities' Customer Identification Program
To help the government fight the funding of terrorism and money laundering activities, federal law requires TD Securities (USA) LLC ("TD Securities USA") to obtain, verify and record information that identifies each person who opens an account. When you an open an account, we will ask for your name, address, tax identification number, date of birth (as applicable) and other information, including certain identifying documents, that will allow us to identify you. We may also ask to seek to obtain or verify certain information about you from third parties. Any failure to fully comply with, or consent to, such requirements may lead to failure to establish, or the termination of, an account or service relationship.
Notice Regarding the Unlawful Internet Gambling Enforcement Act of 2006
The Unlawful Internet Gambling Enforcement Act of 2006 (“UIGEA”) and the Federal Reserve Board’s Regulation GG prohibit any person engaged in the business of betting or wagering from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The term “unlawful internet gambling,” as used in this Notice, shall have the meaning set forth in 12 C.F.R. Section 233.2(bb). Transactions prohibited by UIGEA (“restricted transactions”) generally include, but are not limited to, those transactions or transmittals in which credit, electronic fund transfers, checks, drafts or wire payments are accepted by gambling businesses in connection with the participation of others in Internet gambling. Restricted transactions are prohibited from being processed in or through your account or relationship with TD Securities USA. TD Securities USA reserves the right to stop payment and/or to suspend or terminate your account or relationship if you attempt to process restricted transactions in or through your account or relationship, or if TD Securities USA has reason to believe such activity is occurring.
Notice Regarding Section 311 of the USA PATRIOT Act
Pursuant to U.S. regulations issued under Section 311 of the USA PATRIOT Act, 31 C.F.R. Chapter X, Part 1010.651 through and including Part 1010.670, TD Securities USA is prohibited from establishing, maintaining, administering or managing an account for, or on behalf of any prohibited financial institutions as determined by FinCEN. In addition, TD Securities USA will not conduct business with any financial institutions for which FinCEN has issued proposed rules with respect to including such entities on the prohibited financial institutions list.
The Section 311 Special Measures regulations also require that TD Securities USA notify you that your correspondent account with our financial institution may not be used to provide access or services to any of the jurisdictions or financial institutions, their branches, offices, or subsidiaries in any jurisdiction, listed below. If we become aware that any of the jurisdictions or financial institutions, their branches, offices, or subsidiaries in any jurisdiction listed below is directly or indirectly using the correspondent account you hold at our financial institution, we will be required to take appropriate steps to prevent such access, including, where necessary, terminating your account.
The most recent listing of prohibited financial institutions promulgated by FinCEN, as of November 9, 2016, is as follows:
- Banco Delta Asia (including its subsidiaries Delta Asia Credit Limited and Delta Asia Insurance Limited)
- Commercial Bank of Syria (including its subsidiary Syrian Lebanese Commercial Bank)
- Any Burmese banking institution (except to the extent permitted by 31 C.F.R. 1010.651(b)(3))
- FBME Bank Ltd. (formerly known as Federal Bank of the Middle East, Ltd.)
- Any bank or financial institution of the Democratic People’s Republic of Korea
There are proposed rules pending that seek to include the following financial institutions on the above referenced list of prohibited financial institutions promulgated by FinCEN:
- Halawi Exchange Co.
- Any banking institution of the Islamic Republic of Iran
- Kassem Rmeiti & Co. For Exchange (including Rmaiti Group SAL and Societe Rmail SARL (STE Rmeiti))
TD Securities USA may, from time to time, update this notice to include jurisdictions or entities that are added to this list as new restrictions are proposed or issued. Current listings of entities subject to final or proposed rules under Section 311 can be found on the FinCEN website.
> TD's USA PATRIOT Act Certification
> TD's Wolfsberg Questionnaire
> TD's AML Statement
> TD's Annual Information Form
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Information Concerning TD's Settlement with OFAC
On January 13, 2017, The Toronto-Dominion Bank (TD) reached an agreement with the U.S. Treasury's Office of Foreign Asset Control (OFAC) regarding alleged violations that occurred between 2003 and 2011 of certain U.S. sanctions programs relating to Iran and Cuba. The settlement resolves OFAC’s investigation into apparent violations stemming from transactions which occurred within TD's Trade Finance, Commercial and Retail Banking businesses in Canada, and within its European Wealth businesses (wholly owned subsidiaries Internaxx Bank SA and TD Waterhouse Investment Services (Europe) Limited). These matters exclusively involved TD Operations outside of the United States and did not involve any of TD's businesses other than those referenced above and in the settlement agreement.
TD voluntarily self-disclosed the historic transactions, undertaken by TD customers, after they were identified as part of a proactive internal compliance review. At all times TD cooperated fully with OFAC in their investigation. The activity was specifically not considered egregious and OFAC publicly acknowledged that TD took a “robust remedial response.” The total settlement agreement amount of US$516,105 fully resolves OFAC’s concerns.
TD takes compliance very seriously and has a robust global sanctions compliance program, including policies, procedures and controls aimed at mitigating risk and detecting such issues. Shortly before identifying these issues, TD took steps to enhance its sanctions compliance function in all jurisdictions where it operates.
Detailed information concerning TD's settlement with OFAC can be found here:
> TD's Settlement with OFAC
Information concerning TD's AML and Sanctions Compliance Program is available here:
> TD's AML Statement
A copy of TD's Wolfsberg Questionnaire is available here:
> TD's Wolfsberg QuestionnaireBack to Top