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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank Nova Scotia Halifax | NYSE:BNS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.236 | 0.50% | 47.386 | 47.47 | 47.06 | 47.30 | 301,691 | 16:10:33 |
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July 2024
Preliminary Pricing Supplement
Dated July 12, 2024
Registration Statement No. 333-261476
Filed pursuant to Rule 424(b)(2)
(To Prospectus dated December 29, 2021, Prospectus Supplement dated December 29, 2021,
Underlier Supplement dated December 29, 2021 and Product Supplement dated December 29, 2021)
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SUMMARY TERMS
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Issuer:
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The Bank of Nova Scotia (“BNS”)
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Issue:
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Senior Note Program, Series A
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Underlying index:
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EURO STOXX 50® Index (Bloomberg Ticker: “SX5E”)
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Aggregate principal amount:
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$·
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Stated principal amount:
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$1,000.00 per security
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Issue price:
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$1,000.00 per security (see “Commissions and issue price” below)
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Minimum investment:
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$1,000.00 (1 security)
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Coupon:
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None
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Pricing date:
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July 31, 2024
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Original issue date:
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August 5, 2024 (3 business days after the pricing date). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade securities in the secondary market on any date prior to one business day before delivery will be required, by
virtue of the fact that the securities will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.
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Valuation date:
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July 30, 2027, subject to postponement in the event of a market disruption event as described in the accompanying product supplement.
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Maturity date:
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August 4, 2027, subject to postponement in the event of a market disruption event, as described in the accompanying product supplement
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Payment at maturity per security:
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◾ If the final index value is greater than or equal to the initial index value:
$1,000.00 + the greater of (i) the upside
payment and (ii) $1,000.00 × underlying return
◾ If the final index value is less than the initial index value but greater than or equal to the trigger level:
$1,000.00
◾ If the final index value is less than the trigger level:
$1,000.00 + ($1,000.00 × underlying return)
If the final index value is less than the trigger level, you will lose 1% for every 1% that
the final index value falls below the initial index value and you could lose a significant portion or all of your investment in the securities.
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Underlying return:
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(final index value − initial index value) / initial index value
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Upside payment:
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$363.00 per security (36.30% of the stated principal amount)
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Trigger level:
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90% of the initial index value, as determined by the calculation agent and as may be adjusted as described under “General Terms of the Notes — Unavailability of the Closing Value of a
Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology”, as described in the accompanying product supplement.
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Initial index value:
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•, which is equal to the index closing value of the underlying index on the pricing date, as determined by the calculation agent and as may be adjusted as described under “General Terms of
the Notes — Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology”, as described in the accompanying
product supplement.
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Final index value:
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The index closing value of the underlying index on the valuation date, as determined by the calculation agent and as may be adjusted as described under “General Terms of the Notes —
Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology”, as described in the accompanying product
supplement.
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CUSIP/ISIN:
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06417Y5B1 / US06417Y5B11
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Listing:
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The securities will not be listed or displayed on any securities exchange or any electronic communications network.
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Calculation agent:
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Scotia Capital Inc.
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Agent:
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Scotia Capital (USA) Inc. (“SCUSA”), an affiliate of BNS. See “Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any).” | ||
Estimated value on the pricing
date:
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Expected to be between $923.00 and $953.00 per stated principal amount, which will be less than the issue price listed above. See “Additional Information About the Securities — Additional information regarding estimated value of the securities” herein and “Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page 8 of this document for additional information. The actual value of your securities at any time will reflect many factors and cannot be predicted with accuracy. | ||
Commissions and issue price:
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Price to Public(1)
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Fees and Commissions(1)
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Proceeds to Issuer
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Per security:
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$1,000.00
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$25.00(a)
+ $5.00(b)
$30.00
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$970.00
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Total:
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$·
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$•
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$·
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(1) |
SCUSA will purchase the securities at the stated principal amount and, as part of the distribution of the securities, will sell all of the securities to Morgan Stanley Smith Barney LLC
(“Morgan Stanley Wealth Management”) at an underwriting discount which reflects:
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(a) |
a fixed sales commission of $25.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells and
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(b) |
a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells,
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
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♦ |
Product Supplement (Market-Linked Notes, Series A) dated December 29, 2021:
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♦ |
Underlier Supplement dated December 29, 2021:
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♦ |
Prospectus Supplement dated December 29, 2021:
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♦ |
Prospectus dated December 29, 2021:
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Maturity:
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Approximately 3 years
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Upside payment:
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$363.00 per security (36.30% of the stated principal amount)
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Trigger level:
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90% of the initial index value
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Coupon:
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None
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Minimum payment at maturity:
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None. Investors may lose up to their entire investment in the securities.
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Listing:
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The securities will not be listed or displayed on any securities exchange or any electronic communications network.
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Upside Scenario
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If the final index value is greater than or equal to the initial index value, the payment at maturity for each
security will be equal to $1,000 plus the greater of (I) upside payment of $363.00 per security and (ii) $1,000 multiplied by the underlying return.
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Par Scenario
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If the final index value is less than the initial index value but is greater
than or equal to the trigger level, which is 90% of the initial index value, at maturity you will receive the stated principal amount per security.
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Downside Scenario
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If the final index value is less than the trigger level, at maturity you will receive significantly less than
the stated principal amount per security, if anything, resulting in a percentage loss of your investment equal to the underlying return. For example, if the underlying return is -35%, each security will redeem for $650.00, or 65% of the
stated principal amount. There is no minimum payment on the securities and you could lose a significant portion or all of your investment in the securities.
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
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■ |
You fully understand and are willing to accept the risks of an investment in the securities, including the risk that you may lose up to 100% of your investment in the securities
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You can tolerate a loss of a significant portion or all of your investment and are willing to make an investment that, if the final index value is less than the trigger level, has the same downside market risk as that of a
hypothetical direct investment in the underlying index or the index constituent stocks
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You believe that the final index value will be greater than or equal to the initial index value
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You can tolerate fluctuations in the market prices of the securities prior to maturity that may be similar to or exceed the fluctuations in the value of the underlying index
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You do not seek current income from your investment and are willing to forgo any dividends paid on the index constituent stocks
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You are willing and able to hold the securities to maturity, a term of approximately 3 years, and accept that there may be little or no secondary market for the securities
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You understand and are willing to accept the risks associated with the underlying index
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You are willing to assume the credit risk of BNS for all payments under the securities, and you understand that if BNS defaults on its obligations you may not receive any amounts due to you including any repayment of principal
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You do not fully understand or are unwilling to accept the risks of an investment in the securities, including the risk that you may lose up to 100% of your investment
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You require an investment that provides for full or at least partial protection against loss of principal
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You are not willing to make an investment that, if the final index value is less than the trigger level, has the same downside market risk as that of a hypothetical direct investment in the underlying index or the index constituent
stocks
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You believe that the final index value will be less than the initial index value
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You cannot tolerate fluctuations in the market price of the securities prior to maturity that may be similar to or exceed the fluctuations in the value of the underlying index
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You seek current income from your investment or prefer to receive the dividends paid on the index constituent stocks
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You are unable or unwilling to hold the securities to maturity, a term of approximately 3 years, or seek an investment for which there will be an active secondary market
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You do not understand or are not willing to accept the risks associated with the underlying index
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You are not willing to assume the credit risk of BNS for all payments under the securities, including any repayment of principal
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![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Stated principal amount:
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$1,000.00 per security
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Hypothetical initial index value:
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5,000.00
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Upside payment:
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$363.00 per security (36.30% of the stated principal amount)
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Trigger level:
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4,500.00, which is 90.00% of the initial index value
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Minimum payment at maturity:
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None
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Final index value
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6,000.00
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Underlying return
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(6,000.00 – 5,000.00) / 5,000.00 = 20.00%
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Payment at maturity
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= $1,000.00 + the greater of (i) the upside payment and (ii) $1,000 × underlying return
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= $1,000.00 + $363.00
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= $1,363.00
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Final index value
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8,000.00
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Underlying return
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(8,000.00 – 5,000.00) / 5,000.00 = 60.00%
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Payment at maturity
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= $1,000.00 + the greater of (i) the upside payment and (ii) $1,000 × underlying return
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= $1,000.00 + ($1,000 × 60.00%)
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= $1,000.00 + $600.00
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= $1,600.00
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Final index value
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4,500.00
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Underlying return
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(4,500.00 – 5,000.00) / 5,000.00 = -10.00%
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Payment at maturity
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= $1,000.00
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Final index value
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2,000.00
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Underlying return
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(2,000.00 – 5,000.00) / 5,000.00 = -60.00% | |
Payment at maturity
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= $1,000.00 + ($1,000.00 × underlying return)
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= $1,000.00 + ($1,000.00 × -60.00%)
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= $1,000.00 - $600.00
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= $400.00
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
◾ |
Risk of significant loss at maturity; you may lose up to your entire investment. The securities differ from ordinary debt securities in that BNS will not necessarily repay the stated
principal amount of the securities at maturity. BNS will pay you the stated principal amount of your securities at maturity only if the final index value is greater than or equal to the trigger level. If the final index value is
less than the trigger level, you will lose 1% of your principal for every 1% that the final index value falls below the initial index value. You may lose up to your entire
investment in the securities.
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The stated payout from the issuer applies only at maturity. You should be willing to hold your securities to maturity. The stated payout is available only if you hold your securities
to maturity. If you are able to sell your securities prior to maturity in the secondary market, you may have to sell them at a loss relative to your investment in the securities even if the then-current value of the underlying
index is greater than or equal to the initial index value.
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You will not receive any interest payments. BNS will not pay any interest with respect to the securities.
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The amount payable on the securities is not linked to the value of the underlying index at any time other than the valuation date. The final index value will be based on the index
closing value on the valuation date, subject to postponement for non-trading days and certain market disruption events. If the value of the underlying index falls on the valuation date, the payment at maturity may be
significantly less than it would have been had the payment at maturity been linked to the value of the underlying index at any time prior to such drop. Although the actual value of the underlying index on the maturity date or at
other times during the term of the securities may be higher than the index closing value on the valuation date, the payment at maturity will be based solely on the index closing value on the valuation date.
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Owning the securities is not the same as owning the index constituent stocks. The return on your securities may not reflect the return you would realize if you actually owned the index
constituent stocks. Furthermore, you will not receive or be entitled to receive any dividend payments or other distributions paid on the index constituent stocks, and any such dividends or distributions will not be factored into
the calculation of the payment at maturity on your securities. In addition, as an owner of the securities, you will not have voting rights or any other rights that a holder of the index constituent stocks may have.
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An investment in the securities involves market risk associated with the underlying index. The return on the securities, which may be negative, is linked to the performance of the
underlying index and indirectly linked to the value of the index constituent stocks. The value of the underlying index can rise or fall sharply due to factors specific to the underlying index or its index constituent stocks and
their issuers (the “index constituent stock issuers”), such as stock or commodity price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other
events, as well as general market factors, such as general stock market or commodity market volatility and levels, interest rates and economic, political and other conditions. You, as an investor in the securities, should make
your own investigation into the underlying index and the index constituent stocks.
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There can be no assurance that the investment view implicit in the securities will be successful. It is impossible to predict whether and the extent to which the value of the underlying
index will rise or fall and there can be no assurance that the final index value will be greater than or equal to the initial index value. The final index value (and therefore the underlying return) will be influenced by complex
and interrelated political, economic, financial and other factors that affect the index constituent stock issuers. You should be willing to accept the risks associated with the relevant markets tracked by the underlying index in
general and each index constituent stock in particular, and the risk of losing a significant portion or all of your investment in the securities.
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◾ |
The underlying index reflects price return, not total return. The return on the securities is based on the performance of the underlying index, which reflects the changes in the market
prices of the index constituent stocks. It is not, however, linked to a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect any dividends paid on the index constituent
stocks. The return on your securities will not include such a total return feature or dividend component.
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
◾ |
The securities will not be adjusted for changes in exchange rates related to the U.S. dollar. Although the index constituent stocks trade in euros, the securities are denominated in
U.S. dollars. The calculation of the amount payable on the securities at maturity will not be adjusted for changes in the exchange rates between the U.S. dollar and the euro. Changes in exchange rates, however, may reflect
changes in various non-U.S. economies that in turn may affect the value of the underlying index and, accordingly, the amount payable on the securities. You will not benefit from any appreciation of the euro relative to the
U.S. dollar, which you would have had you owned such stocks directly.
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◾ |
The securities are subject to non-U.S. securities market risk. The underlying index is subject to risks associated with non-U.S. securities markets, specifically that of the Eurozone.
An investment in securities, such as the securities, linked directly or indirectly to the value of securities issued by non-U.S. companies involves particular risks. Generally, non-U.S. securities markets may be more volatile
than U.S. securities markets, and market developments may affect non-U.S. markets differently from U.S. securities markets. Direct or indirect government intervention to stabilize these non-U.S. markets, as well as cross
shareholdings in non-U.S. companies, may affect trading prices and volumes in those markets. There is generally less publicly available information about non-U.S. companies than about those U.S. companies that are subject to
the reporting requirements of the SEC, and non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies. Securities
prices in non-U.S. countries are subject to political, economic, financial and social factors that may be unique to the particular country. These factors, which could negatively affect the non-U.S. securities markets, include
the possibility of recent or future changes in the non-U.S. government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other non-U.S. laws or restrictions applicable to
non-U.S. companies or investments in non-U.S. equity securities and the possibility of fluctuations in the rate of exchange between currencies. Moreover, certain aspects of a particular non-U.S. economy may differ favorably or
unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
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◾ |
Changes affecting the underlying index could have an adverse effect on the market value of, and any amount payable on, the securities. The policies of the index sponsor as specified
under “Information About the Underlying Index” (the “index sponsor”), concerning additions, deletions and substitutions of the index constituent stocks and the manner in which the index sponsor takes account of certain changes
affecting those index constituent stocks may adversely affect the value of the underlying index. The policies of the index sponsor with respect to the calculation of the underlying index could also adversely affect the value
of the underlying index. The index sponsor may discontinue or suspend calculation or dissemination of the underlying index. Any such actions could have an adverse effect on the market value of, and any amount payable on, the
securities.
|
◾ |
There is no affiliation between the index sponsor and BNS, and BNS is not responsible for any disclosure by such index sponsor. We or our affiliates may currently, or from time to
time engage in business with the index sponsor. However, we and our affiliates are not affiliated with the index sponsor and have no ability to control or predict its actions. You, as an investor in the securities, should
conduct your own independent investigation of the index sponsor and the underlying index. The index sponsor is not involved in the securities offered hereby in any way and has no obligation of any sort with respect to your
securities. The index sponsor has no obligation to take your interests into consideration for any reason, including when taking any actions that might affect the value of, and any amounts payable on, your securities.
|
◾ |
Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities. Governmental regulatory actions, including, without limitation,
sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the securities or the index constituent stocks of the underlying index, or engaging in transactions
therein, and any such action could adversely affect the value of the underlying index or the securities. These regulatory actions could result in restrictions on the securities and could result in the loss of a significant
portion or all of your investment in the securities, including if you are forced to divest the securities due to the government mandates, especially if such divestment must be made at a time when the market value of the
securities has declined.
|
◾ |
BNS’ initial estimated value of the securities at the time of pricing (when the terms of your securities are set on the pricing date) will be lower than the issue price of the securities. BNS’
initial estimated value of the securities is only an estimate. The issue price of the securities will exceed BNS’ initial estimated value. The difference between the issue price of the securities and BNS’ initial estimated
value reflects costs associated with selling and structuring the securities, as well as hedging its obligations under the securities. Therefore, the economic terms of the securities are less favorable to you than they would
have been if these expenses had not been paid or had been lower.
|
◾ |
Neither BNS’ nor SCUSA’s estimated value of the securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt
securities. BNS’ initial estimated value of the securities and SCUSA’s estimated value of the securities at any time are determined
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
◾ |
BNS’ initial estimated value of the securities does not represent future values of the securities and may differ from others’ (including SCUSA’s) estimates. BNS’ initial estimated
value of the securities is determined by reference to its internal pricing models when the terms of the securities are set. These pricing models consider certain factors, such as BNS’ internal funding rate on the pricing
date, the expected term of the securities, market conditions and other relevant factors existing at that time, and BNS’ assumptions about market parameters, which can include volatility of the underlying index, dividend
rates, interest rates and other factors. Different pricing models and assumptions (including the pricing models and assumptions used by SCUSA) could provide valuations for the securities that are different, and perhaps
materially lower, from BNS’ initial estimated value. Therefore, the price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) may be materially lower than BNS’ initial
estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect.
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◾ |
The securities have limited liquidity. The securities will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary
market for the securities. SCUSA and any other affiliates of BNS intend, but are not required, to make a market in the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to
trade or sell the securities easily. Because we do not expect that other broker-dealers will participate in the secondary market for the securities, the price at which you may be able to trade your securities is likely to
depend on the price, if any, at which SCUSA is willing to purchase the securities from you. If at any time SCUSA does not make a market in the securities, it is likely that there would be no secondary market for the
securities. Accordingly, you should be willing to hold your securities to maturity.
|
◾ |
The price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of your securities.
SCUSA’s estimated value of the securities is determined by reference to its pricing models and takes into account BNS’ internal funding rate. The price at which SCUSA would initially buy or sell your securities in the
secondary market (if SCUSA makes a market, which it is not obligated to do) exceeds SCUSA’s estimated value of your securities at the time of pricing. As agreed by SCUSA and the distribution participants, this excess is
expected to decline to zero over the period specified under “Additional Information About the Securities — Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any)”.
Thereafter, if SCUSA buys or sells your securities it will do so at prices that reflect the estimated value determined by reference to SCUSA’s pricing models at that time. The price at which SCUSA will buy or sell your
securities at any time also will reflect its then-current bid and ask spread for similar sized trades of structured notes. If SCUSA calculated its estimated value of your securities by reference to BNS’ credit spreads or the
borrowing rate BNS would pay for its conventional fixed-rate debt securities (as opposed to BNS’ internal funding rate), the price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not
obligated to do) could be significantly lower.
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
■ |
The price of the securities prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount. The price at which the securities may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are not limited to: (i) actual or
anticipated changes in the value of the underlying index over the full term of the securities, (ii) volatility of the value of the underlying index and the index constituent stocks and the market's perception of future
volatility of the foregoing, (iii) changes in interest rates generally, (iv) changes in exchange rates between the currency in which the index constituent stocks trade and the U.S. dollar, (v) any actual or anticipated
changes in our credit ratings or credit spreads, (vi) dividend yields on the index constituent stocks and (vii) time remaining to maturity. In particular, because the provisions of the securities relating to the payment at
maturity behave like options, the value of the securities will vary in ways which are non-linear and may not be intuitive.
|
◾ |
Payments on the securities are subject to the credit risk of BNS. The securities are senior unsecured debt obligations of BNS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the securities, including any repayment of principal, depends on the ability of BNS to satisfy its obligations as they come due. As a result, BNS’ actual and
perceived creditworthiness may affect the market value of the securities. If BNS were to default on its obligations, you may not receive any amounts owed to you under the terms of the securities and you could lose your
entire investment in the securities.
|
■ |
Hedging activities by BNS and SCUSA may negatively impact investors in the securities and cause our respective interests and those of our clients and counterparties to be contrary to
those of investors in the securities. We, SCUSA or one or more of our other affiliates has hedged or expects to hedge our obligations under the securities. Such hedging transactions may include entering into swap
or similar agreements, purchasing shares of the index constituent stocks and/or purchasing futures, options and/or other instruments linked to the underlying index and/or one or more of the index constituent stocks. We,
SCUSA or one or more of our other affiliates also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlying index and/or one or
more of the index constituent stocks, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the valuation date. We, SCUSA or one or more of our other affiliates may also
enter into, adjust and unwind hedging transactions relating to other basket- or index-linked securities whose returns are linked to changes in the value of the underlying index and/or one or more of the index constituent
stocks. Any of these hedging activities may adversely affect the value of the underlying index — directly or indirectly by affecting the price of the index constituent stocks — and therefore the market value of the
securities and the amount you will receive, if any, on the securities.
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Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
■ |
We, SCUSA and our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the
index constituent stock issuers and the market activities by us, SCUSA or our other affiliates for our or their own respective accounts or for our clients could negatively impact investors in the securities. We,
SCUSA and our other affiliates regularly provide a wide range of financial services, including financial advisory, investment advisory and transactional services to a substantial and diversified client base. As such, we
each may act as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we, SCUSA and/or our other
affiliates purchase, sell or hold a broad array of investments, actively trade securities (including the securities or other securities that we have issued), the index constituent stocks, derivatives, loans, credit
default swaps, indices, baskets and other financial instruments and products for our or their own respective accounts or for the accounts of our customers, and we will have other direct or indirect interests, in those
securities and in other markets that may not be consistent with your interests and may adversely affect the value of the underlying index and/or the value of the securities. You should assume that we or they will, at
present or in the future, provide such services or otherwise engage in transactions with, among others, us and the index constituent stock issuers, or transact in securities or instruments or with parties that are
directly or indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing
research reports. Any of these financial market activities may, individually or in the aggregate, have an adverse effect on the value of the underlying index and the market for your securities, and you should expect that
our interests and those of SCUSA and/or our other affiliates, clients or counterparties, will at times be adverse to those of investors in the securities.
|
■ |
Activities conducted by BNS and its affiliates may impact the value of the underlying index and the value of the securities. Trading or transactions by BNS, SCUSA or our other
affiliates in the underlying index or any index constituent stocks, listed and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the performance of the underlying
index or any index constituent stocks may adversely affect the value of the underlying index or index constituent stocks and, therefore, the market value of, and return on, the securities. See “— Hedging activities by
BNS and SCUSA may negatively impact investors in the securities and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in the securities” for additional
information regarding hedging-related transactions and trading.
|
■ |
The calculation agent will have significant discretion with respect to the securities, which may be exercised in a manner that is adverse to your interests. The calculation
agent will be an affiliate of BNS. The calculation agent will determine the payment at maturity of the securities, if any, based on the observed final index value. The calculation agent can postpone the determination of
the final index value (and therefore the related maturity date) if a market disruption event occurs and is continuing with respect to the underlying index on the valuation date.
|
■ |
BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the securities. BNS, SCUSA and our other affiliates
may publish research from time to time on financial markets and other matters that may influence the value of the securities, or express opinions or provide recommendations that are inconsistent with purchasing or
holding the securities. Any research, opinions or recommendations expressed by BNS, SCUSA or our other affiliates may not be consistent with each other and may be modified from time to time without notice. Investors
should make their own independent investigation of the merits of investing in the securities and the underlying index to which the securities are linked.
|
◾ |
Uncertain tax treatment. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Additional
Information About the Securities — Tax Considerations” and “— Material Canadian Income Tax Consequences” herein.
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Bloomberg Ticker Symbol:
|
SX5E <Index>
|
52 Week High (on May 15, 2024):
|
5,100.90
|
Current Index Value:
|
4,976.13
|
52 Week Low (on October 27, 2023):
|
4,014.36
|
52 Weeks Ago (on July 11, 2023):
|
4,286.56
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
EURO STOXX 50® Index
|
High
|
Low
|
Period End
|
2019
|
|||
First Quarter
|
3,409.00
|
2,954.66
|
3,351.71
|
Second Quarter
|
3,514.62
|
3,280.43
|
3,473.69
|
Third Quarter
|
3,571.39
|
3,282.78
|
3,569.45
|
Fourth Quarter
|
3,782.27
|
3,413.31
|
3,745.15
|
2020
|
|||
First Quarter
|
3,865.18
|
2,385.82
|
2,786.90
|
Second Quarter
|
3,384.29
|
2,662.99
|
3,234.07
|
Third Quarter
|
3,405.35
|
3,137.06
|
3,193.61
|
Fourth Quarter
|
3,581.37
|
2,958.21
|
3,552.64
|
2021
|
|||
First Quarter
|
3,926.20
|
3,481.44
|
3,919.21
|
Second Quarter
|
4,158.14
|
3,924.80
|
4,064.30
|
Third Quarter
|
4,246.13
|
3,928.53
|
4,048.08
|
Fourth Quarter
|
4,401.49
|
3,996.41
|
4,298.41
|
2022
|
|||
First Quarter
|
4,392.15
|
3,505.29
|
3,902.52
|
Second Quarter
|
3,951.12
|
3,427.91
|
3,454.86
|
Third Quarter
|
3,805.22
|
3,279.04
|
3,318.20
|
Fourth Quarter
|
3,986.83
|
3,331.53
|
3,793.62
|
2023
|
|||
First Quarter
|
4,315.05
|
3,856.09
|
4,315.05
|
Second Quarter
|
4,408.59
|
4,218.04
|
4,399.09
|
Third Quarter
|
4,471.31
|
4,129.18
|
4,174.66
|
Fourth Quarter
|
4,549.44
|
4,014.36
|
4,521.44
|
2024
|
|||
First Quarter
|
5,083.42
|
4,403.08
|
5,083.42
|
Second Quarter
|
5,100.90
|
4,839.14
|
4,894.02
|
Third Quarter (through July 11, 2024)
|
4,987.48
|
4,903.62
|
4,976.13
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
EURO STOXX 50® Index – Daily Index Closing Values
January 1, 2019 to July 11, 2024
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Additional Provisions:
|
||||
Trustee:
|
Computershare Trust Company, N.A.
|
|||
Calculation agent:
|
Scotia Capital Inc.
|
|||
Trading day:
|
As specified in the product supplement under “General Terms of the Notes — Special Calculation Provisions — Trading Day”.
|
|||
Business day:
|
A day other than a Saturday or Sunday or a day on which banking institutions in New York City are authorized or required by law to close.
|
|||
Tax redemption:
|
Notwithstanding anything to the contrary in the accompanying product supplement, the provisions set forth under “General Terms of the Notes —
Payment of Additional Amounts” and “General Terms of the Notes — Tax Redemption” shall not apply to the securities.
|
|||
Canadian bail-in:
|
The securities are not bail-inable debt securities under the CDIC Act.
|
|||
Terms incorporated:
|
All of the terms appearing above the item under the caption “General Terms of the Notes” in the accompanying product
supplement, as modified by this document, and for purposes of the foregoing, the terms used herein mean the corresponding terms as defined in the accompanying product supplement, as specified below:
|
|||
Term used herein
|
Corresponding term in the accompanying
product supplement
|
|||
underlying index
|
reference asset
|
|||
index constituent stocks
|
reference asset constituents
|
|||
stated principal amount
|
principal amount
|
|||
original issue date
|
issue date
|
|||
valuation date
|
final valuation date
|
|||
index closing value
|
closing value
|
|||
initial index value
|
initial value
|
|||
final index value
|
final value
|
|||
underlying return
|
reference asset return
|
|||
trigger level
|
barrier value
|
|||
Additional information
regarding estimated value
of the securities:
|
On the cover page of this pricing supplement, BNS has provided the initial estimated value range for the securities. This range of estimated values
was determined by reference to BNS’ internal pricing models, which take into consideration certain factors, such as BNS’ internal funding rate on the pricing date and BNS’ assumptions about market parameters. For
more information about the initial estimated value, see “Risk Factors — Risks Relating to Estimated Value and Liquidity” herein.
The economic terms of the securities are based on BNS’ internal funding rate, which is the rate BNS would pay to borrow funds through the issuance
of similar market-linked securities and the economic terms of certain related hedging arrangements. Due to these factors, the issue price you pay to purchase the securities will be greater than the initial
estimated value of the securities. BNS’ internal funding rate is typically lower than the rate BNS would pay when it issues conventional fixed rate debt securities as discussed further under “Risk Factors — Risks
Relating to Estimated Value and Liquidity — Neither BNS’ nor SCUSA’s estimated value of the securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its
conventional fixed-rate debt securities”. BNS’ use of its internal funding rate reduces the economic terms of the securities to you. We urge you to read the “Risk Factors” in
this pricing supplement for additional information.
|
|||
Material Canadian income
tax consequences:
|
See “Supplemental Discussion of Canadian Tax Consequences” in the accompanying product supplement for a discussion of the material Canadian income
tax consequences of an investment in the securities. In addition to the assumptions, limitations and conditions described therein, such discussion assumes that a Non-Resident Holder is not an entity in respect of
which BNS is a “specified entity” as defined in the Income Tax Act (Canada) (the “Act”).
Such discussion further assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a “hybrid mismatch
arrangement” under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Act.
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Tax considerations:
|
The U.S. federal income tax consequences of your investment in the securities are uncertain. There are no statutory provisions,
regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities. Some of
these tax consequences are summarized below, but we urge you to read the more detailed discussion in “Material U.S. Federal Income Tax Consequences”, in the accompanying product supplement and to discuss the
tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final,
temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change,
possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S.
federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.
U.S. Tax Treatment. Pursuant to the terms of the securities, BNS and you agree, in the absence of a
statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize your securities as prepaid derivative contracts with respect to the underlying index. If your
securities are so treated, you should generally recognize long-term capital gain or loss if you hold your securities for more than one year (and, otherwise, short-term capital gain or loss) upon the taxable
disposition (including cash settlement) of your securities, in an amount equal to the difference between the amount you receive at such time and the amount you paid for your securities. The deductibility of
capital losses is subject to limitations.
Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver &
Jacobson LLP, is of the opinion that it would be reasonable to treat your securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the
securities, it is possible that your securities could alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and
character of your income from the securities could differ materially and adversely from the treatment described above, as described further under “Material U.S. Federal Income Tax Consequences”, in the
accompanying product supplement.
Section 1297. We will not attempt to ascertain whether any index constituent stock issuer would be treated
as a “passive foreign investment company” (a “PFIC”) within the meaning of Section 1297 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply to U.S.
holders upon the taxable disposition (including cash settlement) of the securities. U.S. holders should refer to information filed with the SEC or an equivalent governmental authority by such entities and consult
their tax advisors regarding the possible consequences to them if any such entity is or becomes a PFIC.
Except to the extent otherwise required by law, BNS intends to treat your securities for U.S. federal income tax purposes in accordance with the
treatment described above and under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement, unless and until such time as the Treasury and the IRS determine that some other
treatment is more appropriate.
Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the
securities. According to Notice 2008-2, the IRS and the Treasury are actively considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis.
It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income
currently and this could be applied on a retroactive basis. The IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated
as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of
the Code should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.
Medicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are
subject to an additional 3.8% tax on all or a portion of their “net investment income,” or “undistributed net investment income” in the case of an estate or trust, which may include any income or gain realized
with respect to the securities, to the extent of their net investment income or undistributed net investment income (as the case may be) that, when added to their other modified adjusted gross income, exceeds
$200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the
highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the regular income tax. U.S. holders should consult their tax advisors as to the consequences of
the 3.8% Medicare tax.
Specified Foreign Financial Assets. U.S. holders may be subject to reporting obligations with respect to
their securities if they do not hold their securities in an account maintained by a financial institution and the aggregate value of their securities and certain other “specified foreign financial assets”
(applying certain attribution rules) exceeds an applicable threshold. Significant
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
penalties can apply if a U.S. holder is required to disclose its securities and fails to do so.
Non-U.S. Holders. Subject to Section 871(m) of the Code and “FATCA”, discussed below, if you are a
non-U.S. holder you should generally not be subject to U.S. withholding tax with respect to payments on your securities or to generally applicable information reporting and backup withholding requirements with
respect to payments on your securities if you comply with certain certification and identification requirements as to your non-U.S. status (by providing us (and/or the applicable withholding agent) with a fully
completed and duly executed applicable IRS Form W-8). Subject to Section 871(m) of the Code, discussed below, gain realized from the taxable disposition of a security generally should not be subject to U.S. tax
unless (i) such gain is effectively connected with a trade or business conducted by you in the U.S., (ii) you are a non-resident alien individual and are present in the U.S. for 183 days or more during the
taxable year of such taxable disposition and certain other conditions are satisfied or (iii) you have certain other present or former connections with the U.S.
Section 871(m). A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed
under Section 871(m) of the Code on certain “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-paying U.S.
equity securities or indices containing U.S. equity securities. The withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the
withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked instruments that have a delta of one (“delta-one specified equity-linked instruments”) issued after 2016 and to
all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after 2017. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the
effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-linked instruments that are not delta-one specified
equity-linked instruments and are issued before January 1, 2027.
Based on the nature of the underlying index and our determination that the securities are not “delta-one” with respect to the underlying index or
any index constituent stocks, our special U.S. tax counsel is of the opinion that the securities should not be delta-one specified equity-linked instruments and thus should not be subject to withholding on
dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on
the date the terms of the securities are set. If withholding is required, we will not make payments of any additional amounts.
Nevertheless, after the date the terms are set, it is possible that your securities could be deemed to be reissued for tax purposes upon the
occurrence of certain events affecting the underlying index, any index constituent stocks or your securities, and following such occurrence your securities could be treated as delta-one specified equity-linked
instruments that are subject to withholding on dividend equivalents. It is also possible that withholding tax or other tax under Section 871(m) of the Code could apply to the securities under these rules. If you
enter, or have entered, into other transactions in respect of the underlying index, any index constituent stocks or the securities should consult your tax advisor regarding the application of Section 871(m) of
the Code to your securities in the context of your other transactions.
Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the securities, you
are urged to consult your tax advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the securities.
FATCA. The Foreign Account Tax Compliance Act (“FATCA”) was enacted on March 18, 2010, and imposes a 30%
U.S. withholding tax on “withholdable payments” (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits,
and income, and on the gross proceeds from a disposition of property of a type which can produce U.S.-source interest or dividends) and “passthru payments” (i.e., certain payments attributable to withholdable
payments) made to certain foreign financial institutions (and certain of their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of
any U.S. individual with an account at the institution (or the relevant affiliate) and to annually report certain information about such account. FATCA also requires withholding agents making withholdable
payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that they do not have any substantial U.S. owners)
to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.
Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally
apply to certain “withholdable payments”, will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the
date that is two years after final regulations defining the term “foreign passthru payment” are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional
amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA
may be subject to different rules.
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
Investors should consult their tax advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their
securities through a foreign entity) under the FATCA rules.
Backup Withholding and Information Reporting. The proceeds received from a taxable disposition of the
securities will be subject to information reporting unless you are an “exempt recipient” and may also be subject to backup withholding at the rate specified in the Code if you fail to provide certain identifying
information (such as an accurate taxpayer number, if you are a U.S. holder) or meet certain other conditions.
Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax
liability, provided the required information is furnished to the IRS.
U.S. Federal Estate Tax Treatment of Non-U.S. Holders. The securities may be subject to U.S. federal
estate tax if an individual non-U.S. holder holds the securities at the time of his or her death. The gross estate of a non-U.S. holder domiciled outside the U.S. includes only property situated in the U.S.
Individual non-U.S. holders should consult their tax advisors regarding the U.S. federal estate tax consequences of holding the securities at death.
|
|||
Proposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would
have required holders of securities purchased after the bill was enacted to accrue interest income over the term of the securities despite the fact that there will be no interest payments over the term of the
securities.
Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If
it had been enacted, the effect of this legislation generally would have been to require instruments such as the securities to be marked to market on an annual basis with all gains and losses to be treated as
ordinary, subject to certain exceptions.
It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax
treatment of your securities. You are urged to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your securities.
Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their
particular situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the securities arising under the laws of any state, local, non-U.S. or other taxing jurisdiction
(including that of BNS and those of the index constituent stock issuers).
|
|||
Supplemental information
regarding plan of
distribution (conflicts of
interest); secondary
markets (if any):
|
SCUSA, our affiliate, will purchase the securities at the stated principal amount and, as part of the distribution of the securities, will sell the securities to
Morgan Stanley Wealth Management with an underwriting discount of $30.00 reflecting a fixed sales commission of $25.00 and a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that
Morgan Stanley Wealth Management sells. BNS or an affiliate may also pay a fee to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing
certain electronic platform services with respect to this offering.
|
||
BNS, SCUSA or any other affiliate of BNS may use this document, the accompanying product supplement and the accompanying prospectus in a market-making transaction
for any securities after their initial sale. In connection with the offering, BNS, SCUSA, any other affiliate of BNS or any other securities dealers may distribute this document, the accompanying product
supplement and the accompanying prospectus electronically. Unless BNS or its agent informs the purchaser otherwise in the confirmation of sale, this document, the accompanying product supplement and the
accompanying prospectus are being used in a market-making transaction.
|
|||
Conflicts of Interest — SCUSA is an affiliate of BNS and, as such,
has a “conflict of interest” in this offering within the meaning of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. In addition, BNS will receive the gross proceeds from the initial public
offering of the securities, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. Consequently, the offering is being conducted in compliance with the provisions of FINRA Rule
5121. SCUSA is not permitted to sell securities in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.
In the ordinary course of their various business activities, SCUSA, and its affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities
may involve securities and/or instruments of BNS. SCUSA, and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or
instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.
|
|||
SCUSA and its affiliates may offer to buy or sell the securities in the secondary market (if any) at prices greater than BNS’
internal valuation — The value of the securities at any time will vary based on many factors that cannot be predicted. However, the price (not including SCUSA’s
or any affiliates’ customary bid-ask spreads) at which SCUSA or any affiliate would offer to buy or sell the securities immediately after the pricing date in the secondary market is
|
![]() |
Trigger Jump Securities due on or about August 4, 2027
Based on the Value of the EURO STOXX 50® Index
Principal at Risk Securities
|
expected to exceed the initial estimated value of the securities as determined by reference to our internal pricing models. The amount of the excess will decline
to zero on a straight line basis over a period ending no later than 6 weeks after the pricing date, provided that SCUSA may shorten the period based on various factors, including the magnitude of purchases and
other negotiated provisions with selling agents. Notwithstanding the foregoing, SCUSA and its affiliates intend, but are not required, to make a market for the securities and may stop making a market at any
time. For more information about secondary market offers and the initial estimated value of the securities, see “Risk Factors” herein.
|
|||
Prohibition of sales to EEA
retail investors:
|
The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to
any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive
2014/65/EU, as amended (“MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article
4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the
“PRIIPs Regulation”), for offering or selling the securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the securities or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
|
||
Prohibition of sales to
United Kingdom retail
investors:
|
The only categories of person in the United Kingdom to whom this document may be distributed are those persons who (i) have professional
experience in matters relating to investments falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (as amended, the “Financial Promotion Order”)), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, or
(iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iii) above together being referred to as “Relevant Persons”). This document is directed only
at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and
will be engaged in only with Relevant Persons. This document may only be provided to persons in the United Kingdom in circumstances where section 21(1) of FSMA does not apply to BNS. The securities are not
being offered to “retail investors” within the meaning of the Packaged Retail and Insurance-based Investment Products Regulations 2017 and accordingly no Key Information Document has been produced under these
regulations.
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1 Year Bank Nova Scotia Halifax Chart |
1 Month Bank Nova Scotia Halifax Chart |
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