CIRO Hearing Panel issues Reasons for Decision in the matter of Scotia Securities Inc.

TORONTO, Nov. 9, 2023 /CNW/ - A Hearing Panel of the Canadian Investment Regulatory Organization ("CIRO"), has issued its Reasons for Decision dated October 12, 2023 ("Reasons for Decision"), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on December 21, 2022, in the matter of Scotia Securities Inc. (the "Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• shall pay a fine in the amount of $1,000,000 ("Fine");
• shall pay costs in the amount of $75,000 ("Costs"); and
• the Respondent shall in the future comply with MFDA Rules 2.5.1, 2.2.1, 2.1.1 and MFDA Policy No. 2.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.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.

SOURCE Canadian Investment Regulatory Organization (CIRO)

Joanna Nicholson, Manager, Public Affairs, [phone], [email protected]