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A nationwide postal strike or lockout began on November 15, 2024. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.
CIRO Sanctions Royal Mutual Funds Inc.
24-0305
Type:
Decision Notice
Rulebook connection
IDPC Rules
Contact
Toronto (Ontario), October 23, 2024 – On October 15, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a settlement hearing pursuant to the Mutual Fund Dealer Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Royal Mutual Funds Inc.
Royal Mutual Funds Inc. admitted that between October 2001 and May 2021, it failed to establish and maintain an adequate system of controls and supervision to ensure requests were submitted for Canada Education Savings Grant payments on behalf of eligible client accounts.
Pursuant to the settlement agreement, Royal Mutual Funds Inc. agreed to a fine of $125,000 and costs of $10,000.
The Settlement Agreement is available at:
Royal Mutual Funds Inc. – Settlement Agreement
The hearing panel’s decision will be made available at www.ciro.ca.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
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24-0305
Type:
Decision Notice
Rulebook connection
IDPC Rules