[1] The Alberta Securities Act RSA 2000, a revision of the original Act that came into effect on January 1, 2002, is the statute that establishes Alberta's securities laws and gives the Alberta Securities Commission its powers and duties.

Along with British Columbia, the ASC jointly oversees the operations of the TSX Venture Exchange.

The organization of the ASC is divided into Members and Staff, which includes the Executive Management.

Members set policy and recommend changes to the Securities Act and the Securities Regulation, and members act as the commission's Board of Directors.

The Staff has responsibility for registering persons and companies, reviewing prospectuses, considering exemption applications and taking enforcement action.