The settlement - which includes an C$8 million payment to the Ontario Securities Commission and C$50,000 to cover the cost of their investigation - is the largest compensation since the regulator introduced no-contest settlements in 2014.

As per the terms of such settlements, CI Investments, a unit of CI Financial Corp, neither admitted nor denied the allegations of OSC staff that it had not adequately monitored the valuations of the funds.

(Reporting by Alastair Sharp; Editing by Steve Orlofsky)