On June 21, 2023, the Alberta Securities Commission (ASC) released its 2023 Annual Report, detailing its achievements in the final year of its F2021-2023 three-year strategic plan. The ASC highlighted its active participation in the crypto regulation space, its co-lead in two CSA projects: client related ESG disclosure rules and enhanced diversity disclosure, its engagement with indigenous students, its continuing work to establish a framework that provides the Ombudsman for Banking Services and Investments (OBSI) with the authority to make binding awards, and its co-led project on the offering memorandum prospectus exemption.

The discussion of these activities were reviewed in the context of the ASC’s three pillars of strategy, being:

  • Pillar 1: Intelligent regulation aimed at fostering a thriving capital market;
  • Pillar 2: Protect investors and market integrity through effective compliance oversight; and
  • Pillar 3: Foster a culture of engagement.

Under the first pillar, the ASC noted its involvement in ESG consultations, and also noted that it had launched the first ASC Capital Markets Awards for Indigenous students in 2023 and that it continues to work with the CSA’s Taskforce on Indigenous Peoples in the Capital Markets to develop a consistent approach to engagement with Indigenous communities in its regulatory and investor education work. The first pillar also captures the ASC’s work and oversight of crypto asset trading platforms operating in Canada. The amendments to the self-certified investor prospectus exemption (available only in Alberta and Saskatchewan) was also mentioned, which allows self-certified investors to invest along with accredited investors, and which now allows special purpose vehicles to be formed by both accredited and self-certified investors.

The second pillar included activities such as the ASC’s participation in the CSA’s client focused reforms sweep, and the publication of the ASC’s Investment Caution List to help educate investors in making an informed decision before making an investment.

With respect to the third pillar, the ASC listed several channels where staff had engaged with market participants throughout the year, highlighting that in addition to industry events, the ASC published the Alberta Capital Market Report, the Corporate Finance Disclosure Report, and the Energy Matters Report.

The remainder of the report details highlights from ASC’s financial statements, and for more information you can find the ASC Annual Report here.

July 31, 2023