TORONTO, Aug. 19, 2020 /CNW/ - The Bank of Nova Scotia ("Scotiabank") has entered into a
Deferred Prosecution Agreement ("DPA") with the U.S. Department of
Justice (the "DOJ"). Additionally, the Commodity Futures
Trading Commission (the "CFTC") issued three separate orders
against Scotiabank (collectively, the "Orders"). The DPA and the
Orders (together, the "Resolutions") resolve the DOJ's and CFTC's
investigations into Scotiabank's activities and trading practices
in the metals markets and related conduct as well as pre-trade
mid-market marks and related swap dealer compliance issues.
Under the terms of the resolutions announced today, the Bank
agreed to make aggregate payments to the DOJ and CFTC of
approximately $127.5MM (USD) and to
retain an independent compliance monitor. The Bank fully
reserved for the payments in these Resolutions in prior
quarters. Under one of the orders, the CFTC will defer
proceedings to suspend or revoke the Bank's provisional
registration as a swap dealer subject to the Bank's implementation
of a remediation plan, among other conditions.
At Scotiabank, we understand that in order to maintain the trust
of our stakeholders, we must adhere to trading-related regulatory
requirements and compliance policies. We are committed to
adhering to these standards.
About Scotiabank
Scotiabank is a leading bank in
the Americas. Guided by our purpose: "for every future," we
help our customers, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With a team of approximately 97,000 employees and
assets of over $1.2 trillion (as at April
30, 2020), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
For more information, please
visit http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank