Complain or Report
If you believe you have a whistleblower tip, visit the Office of the Whistleblower.
If you have serious concerns about how your investments or securities have been handled, a company you have invested in, or you believe a company or individual has breached securities law, you can make a formal complaint with the ASC.
If you have a complaint about:
- Your investment account, financial adviser or investment company, you should first try to resolve your dispute with your financial adviser, the branch manager, or the compliance officer. If you wish to proceed further, you can file your concerns with the Investment Industry Regulatory Organization of Canada (IIROC) or Mutual Fund Dealers Association (MFDA), you should contact these self-regulatory organizations directly. You may alternatively contact the Ombudsman for Banking Services and Investments (OBSI).
- Trading, for example, the poor execution of a trade order, potential violations of the Universal Market Integrity Rules (UMIR), potential trading violations by a regulated person, or concerns regarding timely disclosure of material information by a publicly listed company, forward your complaints to the Investment Industry Regulatory Organization of Canada (IIROC).
What the ASC can and cannot do:
In enforcing Alberta securities laws, the ASC is empowered to take certain actions to protect investors and the integrity of Alberta's capital market.
The ASC can:
- Answer general questions about investment products and services.
- Tell you if a firm or individual is registered to sell securities.
- Tell you if a firm or individual has been sanctioned by ASC.
- Suggest options for pursuing your complaint and direct you to the most appropriate agency.
- Investigate or follow-up on complaints with regards to Alberta's securities laws.
- Enforce compliance with securities rules and laws.
- Impose fines known as “administrative penalties” of up to $1 million per contravention of the Securities Act (Alberta), freeze assets and ban from the market those who breach the Act.
- Act against market misconduct.
- Stop businesses or individuals from trading securities during an investigation.
- Stop the trading in securities of a business if it fails to file information required under the Act.
- Pursue offenders in Provincial Court as an agent of the Crown, with the power to seek jail terms of up to five years less a day and fines of up to $5 million.
The ASC cannot:
- Provide updates on the review process.
- Get investor money back.
- Provide investment or legal advice.
- Comment on an investigation.
If you have lost money
The ASC does not order restitution to get investors' money back for them - that would have to be done via the courts. If you have lost money due to a violation of securities law, you should obtain legal advice to determine what options - such as the civil courts - are available to you.