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--Mike Kentz
National Bank Financial Group, a branch of the National Bank of Canada, has obtained pre-cleared regulatory approval for three structured note programs for principal at risk notes from the Autorite des Marches Financiers. "This is a game-changer for Canadian markets because it offers an adviser the opportunity to crystallize a view quickly," Francois Rivard, managing director in the financial products solutions group at the bank in Toronto, told Derivatives Week. "They won't have to wait weeks because of the regulatory or legal framework."
Canadian regulations require that novel structured notes with principal at risk be pre-cleared with the AMF. A structure is considered novel if the issuing bank has never issued that structure before, whether due to a new underlying or payout structure. That means that...