TD Bank Financial Group has been granted relief from the prospectus and registration requirements for trades in negotiable promissory notes and commercial paper for situations in which these short-term debt instruments may not meet the credit rating requirements imposed by the existing exemption requirements.

The short-term debt instruments may not meet the “approved credit rating” requirement contained in the short-term debt exemption of the national instrument that sets out prospectus and registration exemptions. The definition of an “approved credit rating” requires, among other things, that every rating of the short-term debt instrument be at or above a prescribed standard.

The relief is granted provided the short-term debt instrument: matures not more than one year from the date of issue; is not convertible or exchangeable into or accompanied by a right to purchase another security other than a short-term debt instrument; and, has a rating issued by one of the major rating organizations at in the following rating categories: DBRS R-1(low); Fitch F2; Moody’s P-2; or S&P A-2.

The relief will terminate on the earlier of 90 days upon an amendment to the national rule or three years from the date of the decision.