Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Royal Mutual Funds Inc.

TORONTO, Nov. 13, 2024 /CNW/ - Following a settlement hearing pursuant to the Mutual Fund Dealer Rules held on October 15, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Royal Mutual Funds Inc. 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.

The hearing panel's reasons for decision issued on October 31, 2024 are available at:

Re Royal Mutual Funds Inc. 2024 CIRO 77

In their reasons for decision, the hearing panel confirmed the fine of $125,000 imposed on Royal Mutual Funds Inc.

Royal Mutual Funds Inc. is also required to pay costs in the amount of $10,000.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)

Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: [phone]