{"id":4339,"date":"2020-02-19T21:06:53","date_gmt":"2020-02-20T02:06:53","guid":{"rendered":"http:\/\/www.us-covered-bonds.com\/staging\/9690\/?p=4339"},"modified":"2023-01-15T15:42:26","modified_gmt":"2023-01-15T20:42:26","slug":"reg-ab-ii-bmo-abandons-sec-filing","status":"publish","type":"post","link":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/2020\/02\/19\/reg-ab-ii-bmo-abandons-sec-filing\/","title":{"rendered":"Reg AB II &#8212; BMO Abandons SEC Filing"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"color: #193BD1;font-size:45px;\"><strong>BMO Abandons SEC Filing<\/strong><\/span><\/h1>\r\n<style scoped>\r\n.entry-title {\r\n     display: none;\r\n     }\r\n<\/style>\r\n<div class=\"jmpost\"><div class=\"jmpost\">\r\n<p>On December 16, 2015, Bank of Montreal quietly withdrew its SEC registration statement for covered bonds.&nbsp; The registration statement became effective on November 8, 2013.&nbsp; \u00a0The registration statement was originally filed in July 2013.&nbsp; \u00a0Prior to the filing, BMO had obtained a no-action letter from the SEC staff to permit the Guarantor to register its Guarantee on the same shelf registration statement as the bond to be issued by the bank.&nbsp;<\/p>\r\n\r\n<p>On inquiry, BMO reports that there were a number of reasons for their withdrawal of the registrations statement.&nbsp;  One of the reasons for the withdrawal was the prospect of needing to comply with the loan-level disclosure requirements of Regulation AB beginning in November 2016.&nbsp; \u00a0That compliance requirement arose from the conditions imposed on BMO by the no-action letter.&nbsp; \u00a0BMO cited the uncertainty of its ability under Canadian law to provide the information required and the significant cost of altering its systems nationwide to collect the information.<\/p>\r\n\r\n<p>This is the first of the three Canadian banks with SEC registration statements to react publicly to the new loan-level disclosure requirements imposed by the SEC.&nbsp; \u00a0(<em>See\u00a0<\/em><a href=\"http:\/\/www.us-covered-bonds.com\/staging\/9690\/2016\/09\/19\/regulation-ab-ii-and-canadian-covered-bonds-the-end-of-sec-registered-covered-bonds\/\">Regulation AB II and Canadian Covered Bonds&#8211; the end of SEC registered covered bonds?<\/a>).&nbsp; \u00a0This action suggests that the other two banks, Bank of Nova Scotia and Royal bank of Canada, may cease issuing SEC registered covered bonds by the November 2016 date.&nbsp; \u00a0Neither of the two banks, however, has publicly stated its intent in this regard.  <\/p>\r\n<\/div>","protected":false},"excerpt":{"rendered":"BMO Abandons SEC Filing On December 16, 2015, Bank of Montreal quietly withdrew its SEC registration statement for covered bonds.&nbsp; The registration statement became effective on November 8, 2013.&nbsp; \u00a0The registration statement was originally filed in July 2013.&nbsp; \u00a0Prior to the filing, BMO had obtained a no-action letter from the SEC staff to permit the&hellip; <a class=\"more-link\" href=\"https:\/\/www.us-covered-bonds.com\/staging\/3708\/2020\/02\/19\/reg-ab-ii-bmo-abandons-sec-filing\/\">Continue reading <span class=\"screen-reader-text\">Reg AB II &#8212; BMO Abandons SEC Filing<\/span><\/a>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[24,25,31],"tags":[],"class_list":["post-4339","post","type-post","status-publish","format-standard","hentry","category-canadian-cbs","category-reg-ab-ii","category-sec","entry"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/posts\/4339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/comments?post=4339"}],"version-history":[{"count":12,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/posts\/4339\/revisions"}],"predecessor-version":[{"id":7183,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/posts\/4339\/revisions\/7183"}],"wp:attachment":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/media?parent=4339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/categories?post=4339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/tags?post=4339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}