Access to Research Sites
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 World Markets Limited plc) 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 U.S.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.
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 Corporation. CIBC Bank USA is regulated by the Illinois Department of Financial and Professional Regulation and a member of the Federal Deposit Insurance Corporation. CIBC World Markets plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Canadian Imperial Bank of Commerce, 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. 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. 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). 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. Canadian Imperial Bank of Commerce, Hong Kong Branch, is a registered institution under the Securities and Futures Ordinance, Cap 571. Canadian Imperial Bank of Commerce, Singapore Branch, is an offshore bank licensed and regulated by the Monetary Authority of Singapore.
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Your use of the Site is not intended to and shall be deemed not to create a legal relationship of any kind between yourself and CIBC Capital Markets, nor to amend or vary any existing legal relationship. Under no circumstances, including, but not limited to, negligence, will CIBC Capital Markets be liable for any special or consequential damages that result from the access, reliance, use of, or the inability to access or use the Site or the materials on the Site, even if CIBC Capital Markets or an authorized representative of CIBC Capital Markets has been advised of the possibility of such damages. In no event shall CIBC Capital Markets’ total liability for any and all damages and causes of action exceed the amount paid by you, if any, for the access to and use of the Site.
GLOBAL DEALING RESTRICTIONS
The Site contains material regarding our offerings and such material, depending on the jurisdiction, may not be applicable or available in all jurisdictions. Every jurisdiction has specific laws regarding the types of products that may be offered to its residents, therefore not all products and services shown on the Site may be available in all jurisdictions. Accordingly, CIBC Capital Markets makes no representations that materials found on the Site are appropriate for use in all locations, or that transactions, securities, products, instruments, services or other offerings discussed on the Site are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Please be aware of the laws of your country or that otherwise apply to you in respect of any of the matters described on the Site. Those who access the Site do so of their own initiative, and are responsible for compliance with the laws that are applicable in their jurisdiction. Users of the Site may not necessarily be able to deal directly with all entities whose material is available on the Site. No software or information on the Site may be downloaded or otherwise exported in contravention of any applicable laws or regulations, including all applicable export control laws and regulations.
NO OFFER OF SECURITIES – DISCLOSURE OF INTERESTS
Under no circumstances should any material on the Site be used or considered as an offer to sell or a solicitation of any offer to buy the securities, products or any other instruments of CIBC World Markets Inc. or any other issuer or subsidiary of Canadian Imperial Bank of Commerce. The material found on the Site is not intended to constitute financial, legal, tax, investment, professional or expert advice and is only intended for general circulation purposes to users of the Site.
CONFLICT OF INTERESTS
CIBC Capital Markets may make a market or deal as principal in the securities, commodities or instruments mentioned in our materials or in options or other derivative instruments based thereon. In addition, CIBC Capital Markets, or its shareholders, directors, officers, employees and/or other affiliates, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. One or more of CIBC Capital Markets’ directors, officers and/or employees may be a director of the issuer of the securities mentioned. CIBC Capital Markets or its affiliates may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned, or may from time to time perform investment banking or other services for, or solicit investment banking or other business from, mentioned companies. CIBC Capital Markets and/or any of its affiliates may have received remuneration in connection with any of the activities described immediately above.
PRICE INFORMATION / VALUATIONS
Actionable prices may only be obtained on a real-time, expressly agreed upon basis. Any indicative valuations or estimates in materials on the Site are provided for informational purposes only. Any information regarding any valuations with respect to any materials does not constitute an offer to enter into, transfer and assign or terminate any transaction, or a commitment by CIBC Capital Markets to make such an offer. Indicative valuations on the Site may vary significantly from indicative valuations available from other sources. While CIBC Capital Markets has obtained the information on which these valuations are based from sources believed to be reliable, CIBC Capital Markets makes no representations or warranties with respect to the correctness, accuracy or completeness of any indicative valuations.
HYPOTHETICAL OR PAST PERFORMANCE
Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight. Past performance is not in any way indicative of any future results and no representation is being made with respect to past performances being in any way indicative of future performance.
MATERIAL TO BE CONSULTED IN ITS ENTIRETY
All materials at this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. You are deemed to have notice of all appropriate disclaimers, notifications, footnotes or disclosures through use of the Site. All products or services that are provided by CIBC Capital Markets are subject to the terms of any applicable agreements. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.
THIRD PARTY SITES
This Site 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.
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- CIBC Capital Markets
- CIBC Wood Gundy
- CIBC Griffis & Small
All other applicable trademarks are owned by their respective trademark owners.
The Site is administered by CIBC Capital Markets from Toronto, Canada. This agreement shall be governed by and construed in accordance with the substantive and procedural laws of the Province of Ontario and the laws of Canada applicable therein, without giving effect to any principles of conflicts of laws. You submit and attorn to the exclusive jurisdiction of the courts of the Province of Ontario to finally adjudicate or determine any suit, action or proceeding arising out of or in connection with your use of the Site.
Ownership and Modification of Terms:
- CIBC Capital Markets is the owner and maintainer of the website.
Access to Research Sites:
- Users may receive login credentials for access to restricted research content on the Research Sites.
General Information about CIBC Capital Markets:
- CIBC Capital Markets is a brand name under which Canadian Imperial Bank of Commerce (CIBC) and its subsidiaries provide global financial services.
- Services include corporate lending, foreign exchange, money market instruments, structured notes, interest rate products, and OTC derivatives.
- CIBC is a provisionally-registered Swap Dealer with the CFTC and NFA.
Liability and Warranty:
- Materials on the Site are provided "as is" without warranties.
- CIBC Capital Markets is not liable for damages, viruses, or interruptions related to site use.
- Users should be aware of jurisdiction-specific regulations.
- Use of the Site does not create a legal relationship with CIBC Capital Markets.
- CIBC is not liable for special or consequential damages resulting from site use.
Global Dealing Restrictions:
- Materials on the Site may not be applicable or available in all jurisdictions.
- Users are responsible for compliance with local laws.
No Offer of Securities - Disclosure of Interests:
- Material on the Site is not an offer to sell or solicit securities.
- It is not intended as financial, legal, tax, or investment advice.
Conflict of Interests:
- CIBC Capital Markets may make markets in mentioned securities and may have positions in them.
- Disclosures about potential conflicts of interest are provided.
- Actionable prices are available on an expressly agreed-upon basis.
- Indicative valuations on the Site are for informational purposes only.
Hypothetical or Past Performance:
- Simulated performance results have limitations and are not indicative of future performance.
Material to Be Consulted in Its Entirety:
- Users should review all materials, including disclaimers and disclosures, in their entirety.
- CIBC Capital Markets is not responsible for the content of linked third-party sites.
- Trademarks displayed on the site are owned by Canadian Imperial Bank of Commerce and other parties.
- The agreement is governed by the laws of the Province of Ontario and Canada.
Understanding these concepts is crucial for anyone engaging with CIBC Capital Markets' website, ensuring compliance and informed use.