Annual Report for Fiscal Year Ending October 31, 2024 (Form 40-F)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 40-F

[Check one]

or

For the fiscal year ended October 31, 2024

Commission File Number

(Exact name of Registrant as specified in its charter)

(Province or other jurisdiction of incorporation or organization)

6029

(Primary Standard Industrial Classification Code Number (if applicable))

Not Applicable

(I.R.S. Employer Identification Number (if applicable))

40 Temperance Street,

o, Ontario,

Canada M5H 0B4

(416)

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

The Bank of Nova Scotia, 250 Vesey Street,

New York,

., U.S.A. 10281

Attention: Hector Becil

(212) 225-5000

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

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

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:

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

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

(§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 ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule

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. ☐

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. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to

DISCLOSURE CONTROLS AND PROCEDURES

Management's Responsibility for Financi

nformation is described on page 136 of the Bank's Annual Report ("Annual Report") set forth in Exhibit 99.3, 2024 Consolidated Financial Statements. In addition, The Bank of Nova Scotia's (the "Bank") Audit and Conduct Review Committee of the Board of Directors has reviewed, and the Board of Directors has reviewed and approved, the 2024 Consolidated Financial Statements and Management's Discussion and Analysis prior to release. The Bank is committed to providing timely, accurate and balanced disclosure of all material information and to providing fair and equal access to such information. The Bank's disclosure policies and practices are published on its website.

Disclosure Controls and Procedures

The Bank's disclosure controls and procedures are designed to provide reasonable assurance that information is accumulated and communicated to the Bank's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosure.

As of October 31, 2024, the Bank's management, with the participation of the CEO and CFO, evaluated the effectiveness of its disclosure controls and procedures, as defined under the rules adopted by the United States Securities and Exchange Commission ("SEC") and the Canadian securities regulatory authorities, and have concluded that the Bank's disclosure controls and procedures are effective.

Internal control over financial reporting

Management of the Bank is responsible for establishing and maintaining adequate internal control over financial reporting. These controls include policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Bank's assets that could have a material effect on the financial statements.

All control systems contain inherent limitations, no matter how well designed. As a result, the Bank's management acknowledges that its internal control over financial reporting will not prevent or detect all misstatements due to error or fraud. In addition, management's evaluation of controls can provide only reasonable, not absolute, assurance that all control issues that may result in material misstatements, if any, have been detected.

Management assessed the effectiveness of internal control over financial reporting, using the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 framework, and based on that assessment concluded that internal control over financial reporting was effective as of October 31, 2024.

Changes in internal control over financial reporting

There have been no changes in the Bank's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Bank's internal control over financial reporting during the year ended October 31, 2024.

MANAGEMENT'S INTERNAL CONTROL OVER FINANCIAL REPORTING

Management's assessment of the effectiveness of internal control over financial reporting and the Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting are provided on pages 111 and 142 of the Annual Report set forth as Exhibit 99.2 and Exhibit 99.3, respectively.

AUDIT COMMITTEE FINANCIAL EXPERTS

All of the members of the Bank's Audit and Conduct Review Committee of the Board of Directors ("audit committee") are financially literate and independent, and one or more members of the audit committee meets the definition of a financial expert. As of December 3, 2024, the Bank's Board of Directors has determined that Benita M. Warmbold, W. Dave Dowrich, Aaron W. Regent, and Steven C. Van Wyk are audit committee financial experts and are independent, as that term is defined by the New York Stock Exchange's corporate governance standards applicable to the Bank.

The SEC has indicated that the designation of a person as an audit committee financial expert does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation.

CODE OF ETHICS

The Bank has adopted a code of ethics, entitled "Scotiabank Code of Conduct" (the "Code"). The Code applies to all directors, officers, employees and contingent workers of the Bank. In 2024, the Bank adopted a revised Code. Key amendments made to the Code included alignment with the Bank's vision, values and behaviors, articulation of the Bank's commitment to positive incentives to promote ethical behavior, and streamlining of text to enable enhanced employee understanding. The full text of the Code is set forth in Exhibit 99.8 and is also available on the Bank's website at www.scotiabank.com, in the Governance section, and is available in print to any person, without charge, upon written request to the Corporate Secretary of the Bank at the Toronto executive office address shown above. The Whistleblower Policy is also posted on the Bank's website. The Whistleblower Policy supports adherence to the Code. Future amendments to the Code and waivers, if any, for directors and executive officers will be disclosed on the Bank's website. There were no waivers under the Code granted in fiscal 2024. The information on, or information that can be accessed through, the Bank's website is not part of and is not incorporated by reference into this annual report. The Bank's website address is included as an inactive textual reference only.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The disclosure about principal accountant fees and services, found under "Fees paid to the shareholders' auditors" in Table 80 on page 125 of the Annual Report set forth as Exhibit 99.2, Management's Discussion and Analysis, is incorporated by reference herein. The nature of these services is as follows:

Less than 1% of the above services, related to translation and preparation of statutory financial statements of certain subsidiary companies, were approved pursuant to an exemption under paragraph (c)(7)(i)(C) of Rule

of Regulation

from the requirement that the audit committee

the services. The majority of the hours expended on the audits of the 2024 and 2023 consolidated financial statements were attributable to work performed by the full-time permanent employees of the Bank's independent auditors, KPMG LLP or its affiliates. The audit committee's

policies and procedures, as revised effective March 5, 2007, were attached as Exhibit 7 to the Form

filed on December 19, 2007 for the fiscal year ended October 31, 2007. The

policies and procedures have been subsequently approved without any major changes at each review.

SHEET ARRANGEMENTS

The disclosure provided under

Sheet Arrangements" on pages 68 to 70 of the Annual Report set forth as Exhibit 99.2, Management's Discussion and Analysis, is incorporated by reference herein. Additional information from note 3 on pages 150 to 163, note 8 on pages 164 to 169, note 11 on pages 172 to 179, note 15 on pages 193 to 194, note 16 on pages 194 to 196, note 24 on page 202, note 25 on pages 203 to 205, note 35 on pages 221 to 222 and note 36 on pages 223 to 229 of the Annual Report set forth as Exhibit 99.3, 2024 Consolidated Financial Statements, is incorporated by reference into

Sheet Arrangements" in Management's Discussion and Analysis.

CONTRACTUAL OBLIGATIONS

The disclosure provided under "Contractual maturities and obligations" on pages 104 to 106 of the Annual Report set forth as Exhibit 99.2, Management's Discussion and Analysis, is incorporated by reference herein. Additional information from note 8 on pages 164 to 169, note 21 on page 200, note 29 on pages 210 to 215, note 35 on pages 221 to 222 and note 36 on pages 223 to 229 of the Annual Report set forth as Exhibit 99.3, 2024 Consolidated Financial Statements, is incorporated by reference into "Contractual maturities and obligations" in Management's Discussion and Analysis.

IDENTIFICATION OF THE AUDIT COMMITTEE

As of December 3, 2024, the Bank's audit committee is composed of the following directors: Benita M. Warmbold (Chair and financial expert), Scott B. Bonham, Daniel (Don) H. Callahan, W. Dave Dowrich (financial expert), Michael B. Medline, Michael D. Penner, Aaron W. Regent (financial expert), and Steven C. Van Wyk (financial expert).

SUMMARY OF SIGNIFICANT CORPORATE GOVERNANCE DIFFERENCES

A summary of significant ways corporate governance practices followed by the Bank 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 Bank's website at https://www.scotiabank.com/ca/en/about/our-company/governance.html. The information on, or information that can be accessed through, the Bank's website is not part of and is not incorporated by reference into this annual report. This website address is included as an inactive textual reference only.

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

Pursuant to Section 13(r) of the Exchange Act, the Bank is required to disclose whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to the Government of Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure is generally required even where the activities, transactions or dealings were conducted outside the United States in compliance with applicable law.

During the fiscal year ending October 31, 2024, the Bank identified and froze an account held by a customer that is subject to sanctions under Canadian law and meets the definition of the "Government of Iran" under U.S. sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control. Pursuant to a requirement under Canadian law, the Bank credited CAD fifty dollars to the customer's account prior to freezing it. The Bank's gross revenue and net profit attributable to this account was de minimis. The Bank does not intend to engage in further activity with respect to this account.

UNDERTAKING

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 registered pursuant to Form

the securities in relation to which the obligation to file an annual report on Form

arises; or transactions in said securities.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form

and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: December 3, 2024

EXHIBIT I

X