Changes to the Imperial Investor Service Account Agreements and Disclosures Booklet

Notice of changes to the Imperial Investor Service Account Agreements and Disclosures Booklet

• The Booklet has been updated to use the new terminology and definitions required by the Client-Focused Reforms to Canada securities requirements that will take effect on December 31, 2021, such as investment needs and objectives, risk profile, and the new suitability determination requirements. We will increase the number of situations where we will make a determination that an investment action is suitable for you and in your best interest, and we will review your “know your client” information and the securities in your account more often. For example, this includes when securities are received into or delivered out of your account by way of deposit, withdrawal or transfer, as well as when we become aware of a change to your “know your client” information that could result in your account or the securities in your account not being suitable for you, and when we periodically review your information, which will be no less than once every 36 months.
• We amended the Relationship Servicing Disclosure by:
  • adding a description of the circumstances under which we might disclose information about you or your account to a trusted contact person,
  • adding an explanation of the circumstances under which we may place a temporary hold on transactions for your account and give you notice if a temporary hold is placed or continued;
  • including a general explanation of the potential impact on your investment returns from investment fund management expense fees or other fees and charges over time.
• We have lowered our commissions for Canadian and U.S. equity trades to make it cheaper for you to sell your positions in stocks, ETFs and other equity securities traded on an exchange or marketplace. The minimum commission has been reduced to $39 from $59 for Canadian and U.S. orders placed with your CIBC Advisor or by telephone with a registered representative.
• We have updated the Referral Disclosure Statement section to clarify that CIBC employees who are registered representatives of CIBC Securities Inc. and CIBC Investor Services Inc. will receive annual compensation that takes into account referrals among the CIBC Group, and that CIBC is registered as an investment fund manager.
• We updated the mailing address for the CIBC Imperial Investor Service Contact Centre to 161 Bay St., 4th floor, Toronto, ON M5J 2S8.