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RY Royal Bank Of Canada

Filed: 2 Dec 20, 6:27am

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F

[Check one]

 

 

REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 

 

ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended October 31, 2020  Commission File Number 001-13928

ROYAL BANK OF CANADA

(Exact name of Registrant as specified in its charter)

 

Canada 6029 Not Applicable

(Province or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer Identification

Number (if applicable))

200 Bay Street

Royal Bank Plaza

Toronto, Ontario

Canada M5J 2J5

Attention: Karen E. McCarthy

Senior Vice President, Associate General Counsel & Secretary

(416) 974-6715

(Address and telephone number of Registrant’s principal executive offices)

Royal Bank of Canada

30 Hudson Street

Jersey City, New Jersey, 07302

Attention: Maria Douvas

Senior Vice President, U.S. General Counsel & Global Head of Litigation

(212) 858-7430

(Name, address (including zip code) and telephone number (including area code)

of agent for service in the United States)

copies of all correspondence should be sent to:

 

Josie Caldas

Royal Bank of Canada

200 Bay Street

Toronto, Ontario

Canada M5J 2J5

Tel: (416) 974-6715

  

Donald R. Crawshaw

Sullivan & Cromwell LLP

125 Broad Street

New York, New York

USA 10004-2498

Tel: (212) 558-4000


Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class  Trading Symbol(s)  Name of each exchange on which registered

Common Shares

  

RY

  

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act.

 

  

Not Applicable

  
  (Title of Class)  

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

 

  

Not Applicable

  
  (Title of Class)  

For annual reports, indicate by check mark the information filed with this Form:

☒  Annual information form        ☒    Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

 

Common Shares

   1,423,861,274 

First Preferred Shares

  

Series AZ

   20,000,000 

Series BB

   20,000,000 

Series BD

   24,000,000 

Series BF

   12,000,000 

Series BH

   6,000,000 

Series BI

   6,000,000 

Series BJ

   6,000,000 

Series BK

   29,000,000 

Series BM

   30,000,000 

Series BO

   14,000,000 

Series BQ

   1,750,000

Series C-2

   15,385 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒                                                                                              No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes  ☒                                                                                              No  ☐

*In connection with the issuance of Limited Recourse Capital Notes (LRCN) Series 1, on July 28, 2020, the Registrant issued $1,750 million of First Preferred Shares Series BQ (Series BQ) at a price of CAD$1,000 per Series BQ. The Series BQ were issued to a consolidated trust to be held as trust assets in connection with the LRCN structure.

 

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company  ☐

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  

†   The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    ☒

 

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CONTROLS AND PROCEDURES

Information about disclosure controls and procedures and internal control over financial reporting can be found under “Controls and procedures” on page 109 of our Management’s Discussion and Analysis set forth in Exhibit 2, and under “Management’s Report on Internal Control over Financial Reporting” which can be found on page 119 of our Financial Review set forth in Exhibit 2, which sections are incorporated by reference.

AUDIT COMMITTEE FINANCIAL EXPERTS

The Registrant’s board of directors has determined that it has four audit committee financial experts serving on its audit committee. Jacynthe Côté, Cynthia Devine, Frank Vettese and Jeffery W. Yabuki have been determined to be such audit committee financial experts and are independent, as that term is defined by the New York Stock Exchange’s listing standards applicable to the Registrant. The U.S. Securities and Exchange Commission (the “SEC”) has indicated that the designation of Jacynthe Côté, Cynthia Devine, Frank Vettese and Jeffery W. Yabuki as audit committee financial experts does not make any of them an “expert” for any purpose, impose any duties, obligations or liability on Jacynthe Côté, Cynthia Devine, Frank Vettese and Jeffery W. Yabuki that are greater than those imposed on members of the audit committee and board of directors who do not carry this designation or affect the duties, obligations or liability of any other member of the audit committee.

CODE OF ETHICS

The Registrant has adopted a code of ethics (the “Code of Conduct”) that applies to all employees, contract workers and members of the board of directors, including its principal executive officer, principal financial officer and principal accounting officer. In 2020, the Registrant adopted a revised Code of Conduct. Key amendments made to the Code of Conduct included additions related to a conduct reporting hotline and accessibility and enhancements and clarifications to provisions related to non-retaliation, social media best practices and conflicts of interest. The full text of the Code of Conduct is set forth in Exhibit 4 and is also available on our website at rbc.com.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information about principal accountant fees and services and a brief description of our pre-approval policies and procedures can be found under “Audit Committee” beginning on page 24 of our Annual Information Form set forth in Exhibit 1, which section is incorporated by reference. A copy of our pre-approval policies and procedures can be found in Appendix D of our Annual Information Form, which section is incorporated by reference.

OFF-BALANCE SHEET ARRANGEMENTS

Information about off-balance sheet arrangements can be found under “Off-balance sheet arrangements” beginning on page 51 of our Management’s Discussion and Analysis set forth in Exhibit 2, which section is incorporated by reference.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

Tabular disclosure of contractual obligations can be found under “Transactional/positional risk drivers – Liquidity and funding risk” beginning on page 78 of our Management’s Discussion and Analysis set forth in Exhibit 2, which section is incorporated by reference.

 

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IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately-designated standing audit committee. Information about the audit committee can be found under “Audit Committee” beginning on page 24 of our Annual Information Form set forth in Exhibit 1, which section is incorporated by reference.

UNDERTAKING

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

SUMMARY OF SIGNIFICANT DIFFERENCES FROM NYSE CORPORATE GOVERNANCE RULES

A summary of significant ways corporate governance practices followed by the Registrant differ from corporate governance practices required to be followed by U.S. Domestic Companies under the New York Stock Exchange’s listing standards (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available on the Registrant’s corporate governance website at rbc.com/our-company/governance.

DISCLOSURE PURSUANT TO SECTION 13(r) OF THE SECURITIES EXCHANGE ACT OF 1934

In accordance with section 13(r) of the U.S. Securities Exchange Act of 1934, we are required to disclose certain Iran-related activities. We maintain a robust economic sanctions compliance program which monitors compliance with economic sanctions requirements in the jurisdictions in which we operate and we believe we have been in compliance with relevant economic sanctions legislation throughout fiscal 2020.

We currently maintain certain non-U.S. dollar denominated accounts for the Embassy of the Islamic Republic of Iran in Canada (the “Iranian Embassy”). Any funds in these accounts are frozen by Ontario court order in connection with civil litigation, which is being monitored.

In fiscal 2020, these accounts generated less than $3,000 in gross revenue and less than $3,000 in net income.

 

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

 

ROYAL BANK OF CANADA
By: 

/s/ David I. McKay

Name: David I. McKay
Title: President and Chief Executive Officer
Date: December 2, 2020

 

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INDEX TO EXHIBITS

 

Exhibit

  Exhibit No.

Royal Bank of Canada Annual Information Form dated December 1, 2020

    1

Financial Review

    2

•  Management’s Discussion and Analysis

  

•  Caution Regarding Forward-Looking Statements

  

•  Management’s Responsibility for Financial Reporting

  

•  Management’s Report on Internal Control over Financial Reporting

  

•  Report of Independent Registered Public Accounting Firm

  

•  Consolidated Financial Statements

  

Consent of Independent Registered Public Accounting Firm

    3

Code of Conduct

    4

Industry Guide 3 – Return on Equity and Assets Ratios

    5

Rule 13a-14(a)/15d-14(a) Certifications

  31

•  Certification of the Registrant’s Chief Executive Officer

•  Certification of the Registrant’s Chief Financial Officer

  

Section 1350 Certifications

  32

•  Certification of the Registrant’s Chief Executive Officer

•  Certification of the Registrant’s Chief Financial Officer

  

Interactive Data Files

  

•  XBRL Instance Document

•  XBRL Taxonomy Extension Schema Document

•  XBRL Taxonomy Extension Calculation Linkbase Document

•  XBRL Taxonomy Extension Label Linkbase Document

•  XBRL Taxonomy Extension Presentation Linkbase Document

•  XBRL Taxonomy Extension Definitions Linkbase Document

   101.INS

  101.SCH

  101.CAL

  101.LAB

  101.PRE

  101.DEF

 

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