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Charles Toth
Vice President, Enforcement
Mark Stott
Vice-President, Prairie Region

CIRO Hearing Panel accepts settlement agreement with Maria Santos

July 11, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Maria Khristine Santos (the “Respondent”) was held electronically by videoconference on March 8, 2023 in Winnipeg, Manitoba before a three-member Hearing Panel of the Manitoba District Hearing Committee of the Canadian Investment Regulatory Organization (“CIRO”).

The Hearing Panel accepted the settlement agreement dated December 5, 2022 (the “Settlement Agreement”), between Staff of CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

  • 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;
  • a fine in the amount of $16,000 (“Fine”);
  • costs in the amount of $5,000 (“Costs”);
    • $10,000 (Fine) in certified funds on March 8, 2023;
    • $5,000 (Costs) in certified funds on March 8, 2023;
    • $3,000 (Fine) on or before April 28, 2023; and
    • $3,000 (Fine) on or before May 31, 2023.
  • 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(2).

In the Settlement Agreement, the Respondent admitted that between November 2018 and June 2019, she altered client contact information on the Dealer Member’s system without the knowledge or authorization of the client, which had the effect of avoiding the Dealer 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[1] (now Mutual Fund Dealer Rules 2.1.1 and 2.1.4(2)).

A copy of the Settlement Agreement is available on the MFDA website at During the period described in the Settlement Agreement, the Respondent carried on business in the Winnipeg, Manitoba area.

Canadian Investment Regulatory Organization 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 carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and 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


[1] On June 30, 2021, amendments to MFDA Rule 2.1.4 came into effect.  As the conduct addressed in this proceeding pre-dated the amendment to the Rule, the contravention of MFDA Rule 2.1.4 that is addressed in this proceeding concerns the version of MFDA Rule 2.1.4 that was in effect between February 27, 2006 and June 30, 2021.

DM 905083