How do I check a company’s record with ASC?
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How do I check a company’s record with ASC? 

Try doing a background check.

You can also try these three ways to check a company's record by looking up information on the rest of the ASC website. Follow the steps below to get started:

Is the company on the ASC's Reporting Issuer List?

A Reporting Issuer is an issuer that is permitted to issue securities to the public and is obligated to make continuous disclosure to the public and its security holders regarding its financial affairs and all material changes in its affairs.

  1. Click on Disclosure & Compliance.
  2. Click on Reporting Issuers List
  3. Open the most recent list that is in PDF format.
  4. Look for the name of the company on the list.
  5. If the company name is on the list, the adjacent two columns will tell you if the company is cease-traded or otherwise in default.

For more detailed information about the company, you may also visit www.sedar.com.

Whether or not the company is listed as a Reporting Issuer, the ASC may have records relating to the company’s history of raising money through an exemption from the requirement to file a prospectus. To find out if the company has raised money this way:

  1. Click on For Companies.
  2. Click on Exempt Financings.
  3. Sort by clicking on the Issuer column and look for the company name.
  4. If they are listed here, that means that they have reported raising money in reliance on an exemption.

You should also look to see if there are any enforcement proceedings, orders or decisions against the company with the ASC.

An enforcement proceeding is when a complaint is investigated, contraventions of the Act have been found and a hearing takes place.

  1. Click on Enforcement.
  2. Click on Decisions and Orders.
  3. Look for the company name.
  4. The company will be listed if it has had any cease trade orders (CTO), decisions or settlements from the ASC within the last 27 years.  This means that they have been in contravention of the Securities Act (Alberta). It is then up to you to determine the level of risk that may or may not be involved with that company at this or any future point of time.

If you see the company listed, open the document for further information.

If, after completing any of these steps, you still have questions, you may wish to call the ASC (1-877-355-0585) to see if there are any other issues relating to the company.

CALL THE ASC TOLL FREE 1-877-355-0585

Please leave as many details as possible:

  • Complete spelling of your first and last name.
  • State whether you wish to have a response from us via email or phone.
  • If email: spell the email address slowly and clearly.
  • If phone: list multiple numbers with area code for reaching you (work, home, cell), when a convenient call back time is and whether it is okay for us to leave a detailed message on your answering machine/ voicemail.
  • State that you want to know what the company’s record is with the ASC.
  • List the spelling of the full name of the company with the correct variation of the company (i.e., Inc., Ltd., Co.).

How can I check the credibility of company information?

The documents that public companies file with securities regulators are available on www.sedar.com.

  • Go to www.sedar.com
  • After selecting your language of choice, click on Company Profile.
  • You will likely need to select Public Companies and click on the letter that forms the beginning of the company name.
  • Scroll down to find the name of the company (be sure to verify the correct spelling and full name).
  • When you click on the company name you’ll see a synopsis and then a link to view the public company’s documents. 

How do I find out if a person is registered to sell investments?

You can call the ASC (1-877-355-4488) to see if the person is registered in the National Registration Database.

CALL THE ASC TOLL FREE 1-877-355-4488

Please provide as many details as possible:

  • Complete spelling of your first and last name
  • State whether you wish to have a response from us via email or phone.
  • If email: spell the email address slowly and clearly
  • If phone: list multiple numbers with area code for reaching you (work, home, cell), when a convenient call back time is and whether it is okay for us to leave a detailed message on your answering machine/ voicemail
  • State that you are wanting to know if an adviser/ broker is registered
  • List the spelling of the full name of the adviser/ broker (If possible, please provide a middle name or initial).

What do I do if I just signed up for an investment with a company or advisor that I no longer feel comfortable with?

  1. Talk to the company directly to see if they are flexible and will consider your request.
  2. If not and you have already signed up in the last 24 hours, call the ASC at 1-877-355-4488 and you might be able to get out of the investment under something called the rights of recision where you have a 48-hour period to get a full refund. See section 209 and 210 in the Securities Act (Alberta).
  3. If 48 hours have passed since you signed, you will need to talk to a lawyer to determine what actions you might be able to take.

Can I get my money back?

The ASC does not have the authority to get your money back for you. The ASC can only proceed with enforcement action against individuals or companies who have breached the Securities Act (Alberta). If you have lost money due to a violation of securities law, you should first try to deal with the company directly. If this doesn’t work, you may wish to obtain legal advice through a lawyer to determine what options are available to you (i.e., through the courts).

If I have been involved in a scam like this, what can I do?

If you or someone you know has been involved in a scam like this, please contact our public information office at 355-4151, toll free at 1-877-355-4488 or by email at inquiries@asc.ca.

Disclaimer