Canadian Imperial Bank of Commerce : Annual Report by Canadian Issuer (Form 40-F)

FORM 40-F

U.S. 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, 2021 Commission File Number:

1 -14678

CANADIAN IMPERIAL BANK OF COMMERCE

(Exact name of registrant as specified in its charter)

Canada		6029		13-1942440
(Province or other jurisdiction of incorporation or organization)		(Primary Standard Industrial Classification Code Number)		(I.R.S. Employer Identification Number)

81 Bay Street

CIBC Square

Toronto, Ontario

Canada, M5J 0E7

(416)

980-2211

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

Achilles M. Perry

Vice-President and General Counsel

CIBC World Markets Corp.

425 Lexington Avenue - 3

rd

Floor

New York, New York, 10017

(212)

667-8316

(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.

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Shares		CM		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.

Debt Securities

(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			450,829,278
Class A Preferred Shares:
Series 39			16,000,000
Series 41			12,000,000
Series 43			12,000,000
Series 45			32,000,000
Series 47			18,000,000
Series 49			13,000,000
Series 51			10,000,000
Series 53			750,000	1
Series 54			750,000	1

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 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 ☐

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. ☒

1

The Series 53 and Series 54 Class A Preferred Shares are held by a consolidated entity, CIBC LRCN Limited Recourse Capital Trust, in connection with the issuance of $750 million principal amount of 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) and $750 million principal amount of 4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated indebtedness), respectively. The Series 53 and Series 54 Class A Preferred Shares are distributable to holders of such notes upon certain events.

DISCLOSURE CONTROL AND PROCEDURES

The disclosure provided under the heading "Management's discussion and analysis-Controls and procedures-Disclosure controls and procedures" included in Exhibit B.3(c) is incorporated by reference herein.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided under the heading "Management's discussion and analysis-Controls and procedures-Management's annual report on internal control over financial reporting" included in Exhibit B.3(c) is incorporated by reference herein.

ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM

The disclosure provided under the heading "Report of independent registered public accounting firm-To the shareholders and directors of Canadian Imperial Bank of Commerce-Opinion on internal control over financial reporting" included in Exhibit B.3(b) is incorporated by reference herein.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided under the heading "Management's discussion and analysis-Controls and procedures-Changes in internal control over financial reporting" included in Exhibit B.3(c) is incorporated by reference herein.

AUDIT COMMITTEE FINANCIAL EXPERT

CIBC's Board of Directors has determined that (i) CIBC has at least one "audit committee financial expert" (as that term is defined in General Instruction B(8)(b) of the General Instructions to Form

40-F)

serving on its audit committee, the members of which are Ms. Michelle L. Collins, Mr. Luc Desjardins, Mr. Nicholas D. Le Pan and Ms. Jane L. Peverett, (ii) each audit committee member is an "audit committee financial expert" (as so defined), and (iii) each audit committee member is "independent" (as that term is defined in the listing standards of the New York Stock Exchange).

In accordance with the rules of the Securities and Exchange Commission, notwithstanding their designation as "audit committee financial experts," each of the individuals listed above shall not (i) be deemed "experts" for any purpose, including, without limitation, for purposes of Section 11 of the Securities Act of 1933, as amended, or (ii) have any greater duties, obligations or liability than those imposed on any other member of the audit committee or board of directors.

CODE OF ETHICS

CIBC has adopted a Code of Conduct applicable to all its officers (including CIBC's Chief Executive Officer, Chief Financial Officer, Chief Accountant and Controller), directors, employees and contractors. The Code of Conduct meets the definition of a "code of ethics" (as that term is defined in General Instruction B(9)(b) of the General Instructions to Form

40-F).

The Code of Conduct is available on CIBC's website at

https://www.cibc.com/ca/inside-cibc/governance/governance-practices/code-of-condu

ct.html.

CIBC also undertakes to provide a copy of the Code of Conduct to any person without charge by contacting Investor Relations at [e-mail] or by mail "Attention: CIBC Investor Relations" at the Toronto executive office address shown above.

Effective November 1, 2021, CIBC adopted the following amendments to the Code of Conduct:

•

Changes were made to:

•

foster CIBC's principles-based approach;

•

make the Code of Conduct easier to read and follow; and

•

align with changes to internal businesses and organizational structure.

•

In addition to these changes, certain other technical, administrative or non-substantive amendments were made to the Code of Conduct.

No waivers from the provisions of the Code of Conduct were granted in the fiscal year ended October 31, 2021 to the Chief Executive Officer, Chief Financial Officer, Chief Accountant or Controller of CIBC.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The disclosure provided under the heading "Management's discussion and analysis-Controls and procedures-Supplementary annual financial information-Fees paid to the shareholders' auditors" included in Exhibit B.3(c) is incorporated by reference herein.

The disclosure provided under the heading "Annual Information

Form-PRE-APPROVAL

POLICIES AND PROCEDURES" included in Exhibit B.3(a) is incorporated by reference herein.

During the fiscal year ended October 31, 2021, all of the services related to Audit-Related Fees, Tax Fees or All Other Fees were approved by the Audit Committee pursuant to its

pre-approval policy.

During the fiscal year ended October 31, 2021, less than 50% of the of the hours expended by CIBC's independent registered public accounting firms' engagement to audit CIBC's financial statements were attributed to work performed by persons other than CIBC's independent registered public accounting firms' full-time, permanent employees.

OFF-BALANCE

SHEET ARRANGEMENTS

The disclosure provided under the heading "Management's discussion and

analysis-Off-balance

sheet arrangements" included in Exhibit B.3(c) is incorporated by reference herein.

DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The disclosure provided under the heading "Management's discussion and analysis-Contractual obligations" included in Exhibit B.3(c) is incorporated by reference herein.

IDENTIFICATION OF THE AUDIT COMMITTEE

The disclosure provided under the heading "Annual Information Form-AUDIT COMMITTEE" included in Exhibit B.3(a) is incorporated by reference herein.

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

40-F

arises or transactions in said securities.

DISCLOSURE REQUIRED BY NYSE LISTED COMPANY MANUAL

A summary of the significant differences between the governance practices of the Registrant and those required of U.S. domestic companies under the New York Stock Exchange listing standards can be found in the Governance section of the Registrant's website at

https://www.cibc.com/en/about-cibc/corporate-governance/practices/disclosure-nyse-manual.html.

DISCLOSURE REQUIRED BY IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT OF 2012

Under the Iran Threat Reduction and Syrian Human Rights Act of 2012 ("ITRSHRA"), which added Section 13(r) of the Exchange Act, the Registrant is required to include certain disclosures in its periodic reports if it or any of its "affiliates" knowingly engaged in certain specified activities during the period covered by the report. The Registrant is not presently aware that it or its affiliates have knowingly engaged in any transaction or dealing reportable under Section 13(r) of the Exchange Act during the year ended October 31, 2021.

SIGNATURE

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.

Date: December 2, 2021			CANADIAN IMPERIAL BANK OF COMMERCE
		By:		/s/ Victor G. Dodig
			Victor G. Dodig
			President and Chief Executive Officer
		By:		/s/ Hratch Panossian
			Hratch Panossian
			Senior Executive Vice-President and
			Chief Financial Officer

EXHIBITS

(Information to be filed on this Form pursuant to General Instruction (references are to paragraphs to General Instructions))

Exhibit		Description of Exhibit
B.3(a)		Annual Information Form
B.3(b)		Audited consolidated financial statements for the year ended October 31, 2021 excerpted from pages 107-108 and 117-197 of the 2021 Annual Report of Canadian Imperial Bank of Commerce ("CIBC") and the report of independent registered public accounting firm to shareholders with respect to the report on financial statements related to the consolidated balance sheets as at October 31, 2021 and October 31, 2020 and the consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the years in the three-year period ended October 31, 2021 and the report of independent registered public accounting firm on internal control over financial reporting under standards of the Public Company Accounting Oversight Board (United States) as of October 31, 2021 from pages 113-116 of the 2021 Annual Report of CIBC
B.3(c)		Management's discussion and analysis excerpted from pages 1-106 of CIBC's 2021 Annual Report
B.3(d)		Other Pages of CIBC's 2021 Annual Report incorporated in Annual Information Form
B.6(a)(1)		Certifications required by Rule 13a-14(a)
B.6(a)(2)		Certifications required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
D.9		Consent of Independent Registered Public Accounting Firm
101		Interactive Data File (formatted as Inline XBRL)
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101