TD BANK GROUP ANNUAL REPORT 2020 FINANCIAL RESULTS 215
NOTE
34
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INFORMATION ON SUBSIDIARIES
The following is a list of the directly or indirectly held significant subsidiaries.
SIGNIFICANT SUBSIDIARIES
1
(millions of Canadian dollars) As at October 31, 2020
North America
Address of Head
or Principal Office
2
Description
Carrying value of shares
owned by theBank
3
Meloche Monnex Inc. Montreal, Québec Holding Company $ 1,725
Security National Insurance Company Montreal, Québec Insurance Company
Primmum Insurance Company Toronto, Ontario Insurance Company
TD Direct Insurance Inc. Toronto, Ontario Insurance Company
TD General Insurance Company Toronto, Ontario Insurance Company
TD Home and Auto Insurance Company Toronto, Ontario Insurance Company
TD Wealth Holdings Canada Limited Toronto, Ontario Holding Company 1,164
TD Asset Management Inc. Toronto, Ontario Dealing in Securities
GMI Servicing Inc. Regina, Saskatchewan Mortgage Servicing Entity
TD Waterhouse Private Investment Counsel Inc. Toronto, Ontario Investment Counselling and Portfolio Management
TD Auto Finance (Canada) Inc. Toronto, Ontario Automotive Finance Entity 2,791
TD Group US Holdings LLC Wilmington, Delaware Holding Company 73,421
Toronto Dominion Holdings (U.S.A.), Inc. New York, New York Holding Company
TD Prime Services LLC New York, New York Securities Dealer
TD Securities (USA) LLC New York, New York Securities Dealer
Toronto Dominion (Texas) LLC New York, New York Financial Services Entity
Toronto Dominion (New York) LLC New York, New York Financial Services Entity
Toronto Dominion Capital (U.S.A.), Inc. New York, New York Small Business Investment Company
Toronto Dominion Investments, Inc. New York, New York Merchant Banking and Investments
TDBank US Holding Company Cherry Hill, New Jersey Holding Company
Epoch Investment Partners, Inc. New York, New York Investment Counselling and Portfolio Management
TDAM USA Inc. New York, New York Investment Counselling and Portfolio Management
TDBank USA, National Association Cherry Hill, New Jersey U.S. National Bank
TDBank, National Association Cherry Hill, New Jersey U.S. National Bank
TD Auto Finance LLC Farmington Hills, Michigan Automotive Finance Entity
TD Equipment Finance, Inc. Cherry Hill, New Jersey Financial Services Entity
TD Private Client Wealth LLC New York, New York Broker-dealer and Registered Investment Advisor
TD Wealth Management Services Inc. Cherry Hill, New Jersey Insurance Agency
TD Investment Services Inc. Toronto, Ontario Mutual Fund Dealer 30
TD Life Insurance Company Toronto, Ontario Insurance Company 91
TD Mortgage Corporation Toronto, Ontario Deposit-Taking Entity 10,384
TD Pacific Mortgage Corporation Vancouver, British Columbia Deposit-Taking Entity
The Canada Trust Company Toronto, Ontario Trust, Loans, and Deposit-Taking Entity
TD Securities Inc. Toronto, Ontario Investment Dealer and Broker 2,086
TD Vermillion Holdings Limited Toronto, Ontario Holding Company 27,212
TD Financial International Ltd. Hamilton, Bermuda Holding Company
TD Reinsurance (Barbados) Inc. St. James, Barbados Reinsurance Company
TD Waterhouse Canada Inc. Toronto, Ontario Investment Dealer 3,104
International
TDBank N.V. Amsterdam, The Netherlands Dutch Bank 486
TD Ireland Unlimited Company Dublin, Ireland Holding Company 886
TD Global Finance Unlimited Company Dublin, Ireland Securities Dealer
TD Securities (Japan) Co. Ltd. Tokyo, Japan
Securities Dealer 13
Toronto Dominion Australia Limited Sydney, Australia Securities Dealer 100
Toronto Dominion Investments B.V. London, England Holding Company 1,165
TDBank Europe Limited London, England UK Bank
Toronto Dominion Holdings (U.K.) Limited London, England Holding Company
TD Securities Limited London, England Securities Dealer
Toronto Dominion (South East Asia) Limited Singapore, Singapore Financial Institution 1,067
1
Unless otherwise noted, The Toronto-Dominion Bank, either directly or through its
subsidiaries, owns 100% of the entity and/or 100% of any issued and outstanding
voting securities and non-voting securities of the entities listed.
2
Each subsidiary is incorporated or organized in the country in which its head or principal
office is located, with the exception of Toronto Dominion Investments B.V., a company
incorporated in The Netherlands, but with its principal office in the United Kingdom.
3
Carrying amounts are prepared for purposes of meeting the disclosure requirements of
Section 308 (3)(a)(ii) of theBank Act. Intercompany transactions may be included herein
which are eliminated for consolidated financial reporting purposes. Certain amounts
have been adjusted to conform with the presentation adopted in the current period.
SUBSIDIARIES WITH RESTRICTIONS TO TRANSFER FUNDS
Certain of theBank’s subsidiaries have regulatory requirements to fulfil,
in accordance with applicable law, in order to transfer funds, including
paying dividends to, repaying loans to, or redeeming subordinated
debentures issued to, theBank. These customary requirements include,
but are not limited to:
•
Local regulatory capital and/or surplus adequacy requirements;
•
Basel requirements under Pillar 1 and Pillar 2;
•
Local regulatory approval requirements; and
•
Local corporate and/or securities laws.
As at October31, 2020, the net assets of subsidiaries subject to regulatory
or CAR was $95.0 billion (October31, 2019 – $86.3 billion), before
intercompany eliminations.
In addition to regulatory requirements outlined above, theBank may be
subject to significant restrictions on its ability to use the assets or settle the
liabilities of members of its group. Key contractual restrictions may arise from
the provision of collateral to third parties in the normal course of business,
for example through secured financing transactions; assets securitized
which are not subsequently available for transfer by theBank; and assets
transferred into other consolidated and unconsolidated structured entities.
The impact of these restrictions has been disclosed in Notes 9 and 27.