Related and Connected Issuers

Sometimes RBC Phillips, Hager & North Investment Counsel Inc. (“RBC PH&N IC”) and/or RBC Private Counsel (USA) Inc. (“RBC PC USA”) (each a “Firm”) trade in or advise clients about securities of issuers to which the Firm or certain other parties related to the Firm, is related or connected.

An issuer of securities is “related” to the Firm if, through the ownership of, or direction or control over voting securities,

  • the Firm may control that issuer,
  • that issuer may control the Firm, or
  • the same third party may control both the issuer and the Firm.

An issuer is “connected” to the Firm if, due to indebtedness or other relationships, a reasonable prospective purchaser of securities of the connected issuer might question the Firm’s independence from the issuer.

The Firm will ensure that any dealings in securities of related or connected issuers in your account will comply with the investment objectives, guidelines, restrictions and other applicable provisions of your Investment Policy Statement and Client Account Agreements.

Each Firm is an indirect wholly-owned subsidiary of Royal Bank of Canada (RBC), which is a related issuer of the Firm and a reporting issuer under applicable securities laws. Each Firm is also an affiliate of Royal Trust Corporation of Canada and The Royal Trust Company, which are direct wholly-owned subsidiaries of RBC. It is expected that RBC may have a controlling influence in the investment funds to which it provides seed capital from time to time.