November 10, 2023 (Toronto, Ontario) – A Hearing Panel of the Canadian Investment Regulatory Organization (“CIRO”), has issued its Reasons for Decision dated October 13, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Winnipeg, Manitoba on March 8, 2023 in the matter of Maria Khristine Santos (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from acting as a branch manager or in any supervisory capacity for a Dealer Member registered as a mutual fund dealer (formerly Members of the MFDA) for a period of 12 months commencing March 8, 2023;
- shall pay a fine in the amount of $16,000 (“Fine”);
- shall pay costs in the amount of $5,000 (“Costs”);
- shall successfully complete an ethics or professional conduct course, the branch manager’s course offered by the Investment Funds Institute of Canada, the Investment Dealer Supervisors Course offered by the Canadian Securities Institute, or another industry course that is acceptable to Staff of the Corporation, within 12 months; and
- shall in the future comply with Rules 2.1.1, and 2.1.4.
In the Settlement Agreement, the Respondent admitted that between November 2018 and June 2019, the Respondent altered client contact information on the Member’s system without the knowledge or authorization of the client, which had the effect of avoiding the Member’s supervisory and training controls and impacted its ability to communicate with clients, contrary to MFDA Rules 2.1.1, and 2.1.4.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Winnipeg, Manitoba area.
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.