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Julia K. Mackenzie
Manager, Public Affairs – Acting

CIRO announces disciplinary proceeding in respect of Ryan Manalang

August 23, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (“CIRO”) has commenced disciplinary proceedings in respect of Ryan Rilloraza Manalang (the “Respondent”). In its Notice of Hearing dated June 30, 2023 (the “Notice of Hearing”), Staff of CIRO alleges that the Respondent engaged in the following violations of the Mutual Fund Dealer Rules:

Allegation #1On April 6, 2021, the Respondent photocopied the signature pages from two account forms previously signed by a client and reused the signature pages on two account forms and submitted the forms to the Dealer Member for processing, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA rule 2.1.1)[1]; and

Allegation #2:  Between January 18, 2020 and April 6, 2021, the Respondent obtained, possessed, and in some instances used to process transactions 29 pre-signed account forms in respect of 9 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of CIRO’s Saskatchewan District Hearing Committee on August 30, 2023 at 10:00 a.m. (Central), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at During the period described in the Notice of Hearing, the Respondent conducted business in the Saskatoon, Saskatchewan 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


[1] Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rule 2.1.1, which is now incorporated into Mutual Fund Dealer Rule 2.1.1 referred to in this proceeding.


DM 906343