ROYAL MUTUAL FUNDS INC.

Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec. CIRO Sanctions Royal Mutual Funds Inc. for failing 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. 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.