The Buried
Footnote Forensic Linguistics Analysis
on Corporate Disclosure Documents
Featured Dossier

Canadian Banks — 40-F cohort dated 2025-12-02 through 2025-12-17

Five Canadian banks filed 40-Fs within a sixteen-day window, and the linguistic signatures have separated to the edges of the peer baseline. CIBC is hedging across nearly every axis the framework measures. Royal Bank, on the same axes, reads as the most direct document in the cohort. The story of this filing window is not what any single bank said — it is the spread between them.

  • CM's MD&A is the most defensive document in the cohort
  • CM's AIF carries the same posture forward, with one inversion
  • RY sits at the opposite pole
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mda_overview · disclaimer_density · hits / 1k tokens p50 0.365 p95 0.549
p50 p95 BMO 0.09 BNS 0.233 TD 0.328 RY 0.402 CM 0.575 0 0.62
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