75

Significant Public Policy Positions and Activities in 2012 Issue

Audience Regulatory Changes

Implementation of the Dodd-Frank Act

Implementation of Basel III Accord

U.S. Congress and regulators

Financial Stability Board and Office of the Superintendent of Financial Institutions (OSFI)

Global and Domestic Systemically Important Banks (G-SIBs and D-SIBs)

Foreign Account Tax Compliance Act (FATCA)

Consumer/Economic Issues

Household debt levels and mortgages

OSFI and the Government of Canada

In response to rising household debt levels in Canada, TD continued to encourage the federal government to tighten lending requirements for mortgages. The Minister of Finance took policy actions combined with regulatory measures, which led to a slowing of the housing market and, in turn, mortgages. TD continues to monitor developments in the housing markets.

Third-party dispute resolution

Government of Canada and Members of Parliament

TD advocated for a dispute resolution regime that would allow for multiple providers and be overseen by a regulator for the first time.

Financial Stability Board and OFSI

U.S. Congress and regulators

TD participates in the consultation processes on a number of aspects related to implementation of the Dodd-Frank Act.

TD is currently implementing the Basel III Accord under OSFI requirements.

Strengthen Our Communities

Outcomes

TD has participated in consultations with the Financial Stability Board on both G-SIB and D-SIB capital surcharge. The bank will continue to consult with OSFI on D-SIB requirements.

TD and other Canadian banks have emphasized common interest in cooperating with U.S. efforts to combat tax evasion without undermining legitimate cross-border transactions and imposing unnecessary rules on tax-compliant citizens. U.S. Treasury regulations and additional intergovernmental agreements are expected by early 2013.

TD 2012 Corporate Responsibility Report