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  • Legal

     

    By accessing this website (including any websites operated by affiliates of Bank of Montreal) and any pages thereof (collectively, “website”), you agree to be bound by the terms of the legal notices (“Terms of Use”) set out below. If you do not agree with the terms of these Terms of Use, do not access this website or any pages thereof. As used herein, “us”, “we” or “our” means BMO Capital Markets and the terms “you” and “user” shall mean any visitor to the website.

     

    Copyright BMO Nesbitt Burns Inc. 2019

     

    For other BMO Capital Markets’ regulatory documents and disclosures, see https://www.bmocm.com/about-us/regulatory/.

     

    Legal Notices:

     

    BMO Capital Markets

     

    BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Ireland p.l.c., and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp.(Member SIPC) in the U.S., BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in Europe and Australia. "Nesbitt Burns" is a registered trademark of BMO Nesbitt Burns Inc., used under license. "BMO Capital Markets" is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license.

     

    ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.

     ™ Trademark of Bank of Montreal in the United States and Canada.

     

    BMO Nesbitt Burns Inc.

     

    BMO Nesbitt Burns Inc. is an indirect, wholly-owned subsidiary of the Bank of Montreal. BMO Nesbitt Burns Inc. is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, a participating organization or member of the Toronto Stock Exchange, TSX Venture Exchange and Canadian Securities Exchange, and an approved participant of the Bourse de Montréal.  

     

    BMO Capital Markets Corp.  

     

    BMO Capital Markets Corp. is a direct, wholly-owned subsidiary of BMO Financial Corp. (formerly Harris Financial Corp.) which is itself a wholly-owned subsidiary of the Bank of Montreal. BMO Capital Markets Corp. is a member of FINRA and SIPC.

     

    BMO Capital Markets Limited

     

    BMO Capital Markets Limited is a direct, wholly-owned subsidiary of the Bank of Montreal.  BMO Capital Markets Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

                                                                                                        

    Confidentiality

     

    Absent the use of encryption, the Internet is not a secure medium and privacy cannot be ensured. Internet e-mail is not confidential and is vulnerable to interception and forging. BMO Capital Markets cannot ensure the privacy and authenticity of any information or instructions you send to us or that we send to you over the Internet. BMO Capital Markets will not be responsible for and will not be liable to you or anyone else for any damages you may incur if you communicate confidential information to us over the Internet (including but not limited to e-mails) or if we communicate such information to you at your request.

     

    Accuracy and Changes

     

    Facts and information provided on this website are believed to be accurate at the time they are posted. However, this website could include inaccuracies, typographical errors, or out-of-date information. BMO Capital Markets reserves the right (but does not have the obligation), in its sole discretion, to change, modify, add or remove portions of these Terms of Use at any time without notice and to monitor any and all use of this website. Accordingly, please check the Terms of Use periodically for any changes. Your use of the website or any service on this website after the posting of such modifications will constitute your acceptance of the modified Terms of Use. Any terms and conditions proposed by you which are in addition to or which conflict with the Terms of Use are expressly rejected by BMO Capital Markets and shall be void. Please consult any office of BMO Capital Markets in your jurisdiction for complete and up-to-date information on products and services.

     

    Calculators

     

    Calculators or projections are provided for general illustrative purposes only and are not warranted to be accurate or complete.

     

    Disclaimer of Warranty and Limitation of Liability

     

    BECAUSE OF THE POSSIBILITY OF TECHNICAL AND HUMAN ERROR AS WELL AS OTHER FACTORS, THE WEBSITE (INCLUDING ALL INFORMATION AND MATERIALS CONTAINED ON THE WEBSITE) IS PROVIDED “AS IS” AND “AS AVAILABLE.”

     

    BMO CAPITAL MARKETS, ITS  AFFILIATES, AND ANY THIRD PARTY PROVIDERS: (1) DO NOT WARRANT THE ACCURACY, ADEQUACY, OR COMPLETENESS OF THE INFORMATION AND MATERIALS CONTAINED ON THE WEBSITE AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE MATERIALS AND INFORMATION (2) ARE NOT PROVIDING ANY WARRANTIES AND REPRESENTATIONS REGARDING THE WEBSITE; (3) DISCLAIM ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH REGARD TO THE WEBSITE, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF THIRD PARTY RIGHTS, FREEDOM FROM VIRUSES OR OTHER HARMFUL CODE, OR FITNESS FOR A PARTICULAR PURPOSE; AND (4) WILL NOT BE LIABLE FOR ANY DELAY, DIFFICULTY IN USE, COMPUTER VIRUSES, MALICIOUS CODE OR OTHER DEFECT IN THIS WEBSITE, ANY INCOMPATIBILITY BETWEEN THE WEBSITE AND THE USER’S FILES AND THE USER’S BROWSER OR OTHER SITE ACCESSING PROGRAM, OR ANY OTHER PROBLEMS EXPERIENCED BY THE USER DUE TO CAUSES BEYOND CONTROL THE CONTROL OF BMO CAPITAL MARKETS OR ITS AFFILIATES OR ANY THIRD PARTY PROVIDERS.

     

    UNDER NO CIRCUMSTANCES WILL WE BE LIABLE FOR ANY LOST PROFITS, LOST OPPORTUNITY OR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES ARISING OUT OF ANY USE OF OR INABILITY TO USE THE WEBSITE OR ANY PORTION THEREOF, REGARDLESS OF WHETHER WE HAVE BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE.

     

    NO LICENSE TO THE USER IS IMPLIED IN THESE DISCLAIMERS. NOTHING HEREIN SHALL BE CONSTRUED AS LIMITING OR REDUCING THE RESPONSIBILITIES AND OBLIGATIONS OF BMO CAPITAL MARKETS TO CLIENTS IN ACCORDANCE WITH APPLICABLE LAWS AND REGULATIONS.

     

    No Solicitation

     

    Nothing on this website constitutes a solicitation or offer by BMO Capital Markets to buy or sell products or services of any kind whatsoever including without limitation securities or any other financial instrument of any issuer. Nothing on this website constitutes a solicitation or offer by BMO Capital Markets to act as a securities brokers or dealer or otherwise in any jurisdiction where BMO Capital Markets is not legally permitted to carry on the business of a securities broker or dealer or otherwise in that jurisdiction.

     

    No Advice

     

    The information provided on this website is intended for informational purposes only and is not intended to constitute financial, accounting, legal, tax or individually tailored investment advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on our website to your particular circumstances or objectives. You should consult directly with a BMO Capital Markets professional or your other advisers before acting or relying on any information on this website.

     

    Disclosure of Interests

     

    BMO Capital Markets may make a market or deal as principal in the securities, commodities or instruments mentioned in materials at this site or in options or other derivative instruments based thereon. In addition, BMO Capital Markets, or the shareholders, directors, officers and/or employees of the legal entities that comprise BMO Capital Markets 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 directors, officers and/or employees of the legal entities that comprise BMO Capital Markets may be a director of the issuer of the securities mentioned at this site. BMO Capital Markets 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 at this site, or may from time to time perform investment banking or other services for, or solicit investment banking or other business from, mentioned companies.

     

    Applicable Agreements

     

    All products and services of BMO Capital Markets are offered for sale subject to the terms of the applicable agreements. Please consult any office of BMO Capital Markets in your jurisdiction for complete and up-to-date information on products and services.

     

    Applicable Jurisdiction

     

    Most countries have their own laws regarding the type of securities and other investment products which may be offered to their residents including the process for offering such securities or products and the products or services mentioned on this website may not be eligible for sale in certain jurisdictions. Any products or services mentioned on this website are made available only in accordance with local law (including applicable securities laws) and only where they may be lawfully offered for sale.

     

    The information provided on the website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the website do so on their own initiative and are responsible for compliance with applicable local laws and regulations. The website is not directed to any person in any jurisdiction where the publication or availability of the website is prohibited, by reason of that person’s nationality, residence or otherwise. Persons under these restrictions must not access the website.

     

    Governing Law and Jurisdiction

     

    The website is administered by BMO Capital Markets from its offices in Canada. The website will be  governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein, without giving effect to any principles of conflicts of laws. All disputes, controversies or claims arising out of or in connection with the website shall be submitted to and be subject to the jurisdiction of the courts of the Province of Ontario. 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 the website.

     

    Cookies and Use of your Information

     

    A “cookie” is a file containing information that a website sends to a local hard disk for access by the website at a later time for various website administration and related purposes. To learn about how BMO Capital Markets may use your personal information when you access this website and the use of “cookies”, please see our Online Mobile and Privacy Policy (US), found at https://www.bmoharris.com/online-mobile-privacy/ and our Privacy Code (which includes our Online and Mobile Privacy Policy for Canada), found at https://www.bmocm.com/about-us/regulatory/ (together with the Online Mobile and Privacy Policy (US) referred to as the “Privacy Code”).

     

    Use of information from accessing BMO Capital Markets Economic Research

     

    This section provides certain further details about how we may process information when you access any links through the BMO Capital Markets Economic Research web page (the “Website”) including, but not limited to, any economic reports hosted on the Website (“Reports”). The section below should be read in conjunction with the Privacy Code and is qualified in its entirety by reference to the Privacy Code.

     

    What kinds of information do we collect?

     

    To provide access to the Website and the Reports, we process certain information about you. The types of information we collect depends on how you use the Website and how you review the Reports. We may collect information that includes, but is not limited to, the following:

     

    • Account/Contact Information
    • Financial Information
    • Location Information
    • Transactional Information
    • Device Information
    • Website Use Information
    • Other Information

    Further details with respect to the above can be found in the Privacy Code at the links provided in these Terms of Use.

     

    If you have entered into a specific agreement with us in respect of matters contained in these Terms of Use, to the extent that these Terms of Use and such agreement conflict, the terms of such agreement shall govern.

     

    How do we use this information?

     

    We use the information we have (subject to choices you make) as set out in the Privacy Code. This may include, but is not limited to, for (i) regulatory reporting purposes and client account review (ii) internal resource allocation and (iii) operational enhancement such as:

     

    • Providing, personalizing and improving the content in the Website and the Reports.
    • Providing measurement, analytics, and other business services.

    How is this information shared?

     

    Your information may be shared with others in the following ways:

     

    Sharing with Third-Party Partners

     

    We work with third-party partners who help us provide and improve the content on the Website and the Reports. Here are the types of third parties we may share information with:

     

    1. Partners who use our analytics services.

    On a limited basis, we may provide aggregated statistics and insights that help people and businesses understand how clients are engaging with the Website and the Reports.

     

    1. Measurement partners.

    We may share information about your use of the Website and review of the Reports with companies that aggregate it to provide analytics and measurement reports to our partners.

     

    1. Vendors and service providers.

    We may provide information and content to vendors and service providers who support our business, such as by providing technical infrastructure services, analyzing how the Website and the Reports are used, providing customer service, facilitating payments or conducting surveys.

     

    1. Law enforcement or legal/regulatory requests.

    We may share information in response to legal/regulatory requests as set out in the Privacy Code.

    How do we operate and transfer data as part of our global services?

     

    We share information globally, both internally within BMO Capital Markets, and externally with our partners and with those you connect and share with around the world in accordance with this policy. Your information may, for example, be transferred or transmitted to, or stored and processed in Canada or other countries outside of where you live for the purposes as described hereunder. These data transfers are necessary to provide the services set forth in the Terms of Use and to globally operate and provide access to the Website and to provide Reports to you.

     

    Restrictions on Use

     

    The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject BMO Capital Markets or its affiliates to any registration requirement within such jurisdiction or country. You may not use this website for any illegal purpose or in any manner inconsistent with the Terms of Use. You agree not to use, transfer, dispose, or distribute any information on this website in any manner that could compete with BMO Capital Markets’ business.

     

    You may not copy, reproduce, republish, recompile, redeliver, decompile, disassemble, reverse engineer, distribute, publish, display, modify, upload, post, transmit, create derivative works from, use “frame” technology on, or in any other way create a misimpression or confusion among users with respect to sponsorship or affiliation, or exploit in any way material from BMO Capital Markets’ website. Notwithstanding the foregoing, the user may download a single copy of any support document or user guide, if applicable, for his, her or its own personal use, provided that such materials are maintained in their original form and are not redistributed to other individuals or entities for any purpose.

     

    You may not in any way reproduce or circumvent the navigational structure or presentation of the website or any content, to obtain or attempt to obtain any materials, documents or information through any means not purposely made available through the website. BMO Capital Markets reserves the right to bar any such activity.

     

    You may not attempt to gain unauthorized access to any portion or feature of the website, or any other systems or networks connected to the website or to BMO Capital Markets server, or to any of the services offered on or through the website, by hacking, password “mining” or any other illegitimate means.

     

    You may not probe, scan or test the vulnerability of the website or any network connected to the website, nor breach the security or authentication measures on the website or any network connected to the website. You may not reverse look-up, trace or seek to trace any information on any other user of or visitor to the website, or any other customer of BMO Capital Markets, including any BMO Capital Markets account not owned by you, to its source, or exploit the website or any service or information made available or offered by or through the website, in any way where the purpose is to reveal any information, including but not limited to personal identification or information, other than your own information, as provided for by the website.

     

    You agree that you will not take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the website or BMO Capital Markets’ systems or networks, or any systems or networks connected to the website or to BMO Capital Markets.

     

    You agree not to use any device, software or routine to interfere or attempt to interfere with the proper working of the website or any transaction being conducted on the website, or with any other person’s use of the website.

     

    You may not forge headers or otherwise manipulate identifiers in order to disguise the origin of any message or transmittal you send to BMO Capital Markets on or through the website or any service offered on or through the website. You may not pretend that you are, or that you represent, someone else, or impersonate any other individual or entity.

     

    WAIVER AND INDEMNITY

    BY USING THE WEBSITE, YOU AGREE, TO THE EXTENT PERMITTED BY LAW, TO INDEMNIFY AND HOLD BMO CAPITAL MARKETS, ITS DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, AGENTS, CONTRACTORS, AND LICENSORS HARMLESS WITH RESPECT TO ANY CLAIMS ARISING OUT OF YOUR BREACH OF THESE TERMS OF USE, YOUR USE OF THE WEBSITE, OR ANY ACTION TAKEN BY BMO CAPITAL MARKETS AS PART OF ITS INVESTIGATION OF A SUSPECTED VIOLATION OF THESE TERMS OF USE OR AS A RESULT OF ITS FINDING OR DECISION THAT A VIOLATION OF THESE TERMS OF USE HAS OCCURRED. THIS MEANS THAT YOU CANNOT SUE OR RECOVER ANY DAMAGES FROM BMO CAPITAL MARKETS, ITS DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, AGENTS, CONTRACTORS, AND LICENSORS AS A RESULT OF ITS DECISION TO REMOVE OR REFUSE TO PROCESS ANY INFORMATION OR CONTENT, TO WARN YOU, TO SUSPEND OR TERMINATE YOUR ACCESS TO THE WEBSITE, OR TO TAKE ANY OTHER ACTION DURING THE INVESTIGATION OF A SUSPECTED VIOLATION OR AS A RESULT OF BMO CAPITAL MARKETS’ CONCLUSION THAT A VIOLATION OF THESE TERMS OF USE HAS OCCURRED. THIS WAIVER AND INDEMNITY PROVISION APPLIES TO ALL VIOLATIONS DESCRIBED IN OR CONTEMPLATED BY THESE TERMS OF USE.

     

    Electronic Contracting

    Your use of the website may include the ability to enter into agreements and/or to make transactions electronically. YOU ACKNOWLEDGE THAT YOUR ELECTRONIC SUBMISSIONS CONSTITUTE YOUR AGREEMENT AND INTENT TO BE BOUND BY SUCH AGREEMENTS AND TRANSACTIONS. YOUR AGREEMENT AND INTENT TO BE BOUND BY ELECTRONIC SUBMISSIONS APPLIES TO ALL RECORDS RELATING TO ALL TRANSACTIONS YOU ENTER INTO ON THIS WEBSITE, INCLUDING NOTICES OF CANCELLATION, POLICIES, CONTRACTS, AND APPLICATIONS. In order to access and retain your electronic records, you may be required to have certain hardware and software, which are your sole responsibility.

     

    Reports

    BMO Capital Markets may provide users with certain economic research and analysis. These materials may be developed directly by us, or by third-party providers and offered through us. BMO Capital Markets does not endorse the recommendations, advice, opinions, or judgments contained in research developed by third-party providers, which is provided as a convenience to the users of this website. BMO Capital Markets research may not be personalized, or in any way tailored to reflect your personal financial circumstances or investment objectives, and the securities or investment strategies discussed may not be suitable for you. Certain transactions give rise to substantial risk and are not suitable for all investors. We make no guarantees as to the accuracy, completeness, timeliness, or usefulness of these materials. These materials are made available for your personal use only, and may not be retransmitted or republished without BMO Capital Markets’ prior approval. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

     

    US Residents

     

    The information available on this website is not intended to be construed as an offer to sell or a solicitation to buy or sell any products or services of any kind whatsoever including without limitation securities or any other financial instrument in the United States of America or the territories or possessions thereof.

     

    E.U. Residents

     

    This website and any pages thereof are not directed at investors located in the E.U., other than persons falling within the definition of a professional client under point (10) of Article 4(1) of the EU Markets in Financial Instruments Directive (2014/65/EU)  and as implemented in relevant domestic legislation of each member state of the E.U.

     

    Hong Kong Residents

     

    In Hong Kong, Bank of Montreal is an authorized institution under the Banking Ordinance and a registered institution with the Securities and Futures Commission (CE No. AAK809) to carry on Type 1 (dealing in securities), Type 4 (advising in securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Cap 571 of the Laws of Hong Kong).  The materials on this website have not been reviewed or approved by any regulatory authority in Hong Kong.  Accordingly the materials must not be issued, circulated or distributed in Hong Kong other than (a) to professional investors as defined in the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules under the Securities and Futures Ordinance of Hong Kong, or (b) in circumstances which do not result in or constitute an offer to the public in Hong Kong.

     

    PRC Residents

     

    Nothing on this website constitutes an offer to sell or the solicitation of an offer to buy any financial products in the People’s Republic of China (excluding Hong Kong, Macau and Taiwan, the “PRC”). Bank of Montreal and its affiliates do not represent that the Information may be lawfully distributed, or that any financial products may be lawfully offered, in compliance with any applicable registration or other requirements in the PRC, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. Information on this website may not be distributed or published in the PRC, except under circumstances that comply with any applicable laws and regulations.

     

    Australia Residents

     

    BMO Capital Markets Limited and Bank of Montreal are exempt from the requirement to hold an Australian financial services licence under the Corporations Act in respect of financial services they provide to wholesale investors (as defined in the Corporations Act).  BMO Capital Markets Limited is regulated by the UK Financial Conduct Authority under UK laws, and Bank of Montreal in Hong Kong is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission, which differ from Australian laws.

     

    Singapore Residents

     

    Bank of Montreal Singapore Branch (“BMO SG”) is an exempt financial adviser under the Financial Advisers Act (Cap 110) of Singapore (“FAA”).  The materials on this website are not to be circulated or distributed directly or indirectly to persons in Singapore other than to an institutional investor pursuant to regulation 27(1)(e) of the Financial Advisers Regulations of Singapore.  If any materials are distributed by the Private Banking unit of BMO SG, they are distributed solely to persons who qualify as accredited investors as defined in the FAA pursuant to an arrangement under regulation 32C of the FAR, and they are not intended for and may not be circulated to the general public.

     

    Viruses

     

    While every effort is made to ensure that any files and/or software provided on this website is suitable for use on a wide variety of computer systems, you should take reasonable and appropriate precautions to scan for computer viruses and ensure compatibility of the files and/or software with your specific computer system.

     

    Hyperlinks Are Not Endorsements

     

    Links to other websites (including, but not limited to, links to downloadable software sites) or references to products, services or publications, other than those of BMO Capital Markets, on this website are for convenience only and do not imply the endorsement or approval of such websites, products, services or publications or of any third party or their advice, opinions, information, software, products or services by BMO Capital Markets. Linking to any other website is at your sole risk and BMO Capital Markets will not be responsible or liable for any damages, difficulties or consequences associated with downloading software and/or linking to other sites and/or use of and/or reliance on such websites, products, services or publications or of any third party or their advice, opinions, information, software, products or services.  Use of any downloaded software is governed by the terms of the license agreement, if any, which accompanies or is provided with the software.

     

    Trade Marks Belonging to Bank of Montreal or Other Entities

     

    ® "BMO" and the "M-bar roundel symbol" are registered trade-marks of Bank of Montreal, used under licence.

     ®Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.

     

    All other product and service marks mentioned on our website are the trademarks of their respective owners. All BMO Nesbitt Burns trademarks used on this website are used under license.

     

    Copyright BMO Nesbitt Burns Inc. 2019

     

    We either own the intellectual property rights in the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on this website (the "Content"), or have obtained the permission of the owner of the intellectual property in such content to use the Content on this website.

     

    We grant to you a limited license to display the Content on your computer and print the Content on your printer solely for your own personal non-commercial use provided that you do not modify the Content and that you do not delete any of the proprietary notices.

     

    © 2019 BMO Nesbitt Burns Inc. All Rights Reserved

     

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    Date Last Updated: June, 2019