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ARTICLE · 23 JUNE 2008

Principal Protected Notes: Federal Minister Of Finance Issues New Disclosure Regulations

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On June 11, 2008, new regulations entitled Principal Protected Notes Regulations (the “New Regulations”) under the Bank Act (Canada) (the “Bank Act”) regarding principal protected notes (“PPNs”) were published which will become effective July 1st, 2008.

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On June 11, 2008, new regulations entitled Principal Protected Notes Regulations (the "New Regulations") under the Bank Act (Canada) (the "Bank Act") regarding principal protected notes ("PPNs") were published which will become effective July 1st, 2008.

Background

PPNs are currently regulated by the Index-linked Deposits Interest Disclosure Regulations (the "Current Regulations") under the Bank Act. PPNs are characterized in most Canadian jurisdictions as "evidences of deposits" and, accordingly, are carved out from the definition of "securities" under the securities laws of those jurisdictions. In some jurisdictions where PPNs are considered "securities" under the securities laws of the province, they are exempt from prospectus and registration requirements. Consequently, the contents of PPN disclosure are not prescribed by securities regulation.

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