Global Banking and Markets Legal

Dodd-Frank Act Disclosures

 

The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) was enacted by the United States Congress in July 2010 for the purpose of increasing transparency and reducing risk in the Over the Counter (OTC) derivatives market, among other things. The Bank of Nova Scotia (BNS) has registered as a foreign Swap Dealer with the National Futures Association (NFA) as required by Commodity Futures Trading Commission (CFTC) regulations. As a registered foreign Swap Dealer, BNS is subject to several new requirements under the DFA, including enhanced Business Conduct rules that become effective on May 1, 2013. Pursuant to the new rules, BNS is required to obtain additional Know Your Client (KYC) information and specific representations, as well as to provide certain disclosures and notifications to all swap participants. To help facilitate compliance with the new disclosure requirements, International Swaps and Derivatives Association (ISDA) has published the General Disclosure Statement and the Annexes for the interest rate, foreign exchange, equity, credit and commodities asset classes that can be found below. Going forward, please monitor this page on a regular basis as disclosure documents may be amended and new documents may be added.