As a mortgage investment corporation, ASCEND MIC abides by specific regulatory requirements established by the Canadian and provincial governments. As a result, and contrary to some public perception, mortgage investment corporations are regulated, we must engage in various compliance procedures, and safeguards are in place to protect investors — always.
For example, ASCEND MIC is regulated by the Financial Services Commission of Ontario (our FSCO license number is 12539), the Ontario Securities Commission (OSC) — along with other securities regulators, and we also adhere to generally accepted accounting principles (GAAP) and provide audit reports on a regular basis.
At the same time, however, we currently are not governed by the prospectus requirements of any securities regulatory body, although we are required by law to act within the provisions of the Ontario Securities Act, or any other securities legislation.
Private placements at ASCEND MIC
As a result, a primary method of offering our mortgage investment products to investors is through private placement. Our securitized mortgage offerings are not available on any stock exchange. Instead, we engage in various efforts to attract prospective investors directly and engage in fundraising activities to that end. Hence, the private placement vehicle for offering securities provided by ASCEND MIC.
Although we’re not required to provide a prospectus to potential investors, we do prepare various documents that provide investors with information, as well as legal protections, when considering partnering with ASCEND MIC.
Information, security, protection
For example, we provide prospective investors in our general corporate bonds an offering memorandum detailing the nature and scope of investing with us, a subscription agreement outlining the specific terms of the private placement, a term sheet that breaks down the basic components of the investment, as well as other forms and documents that provide information, security and protection. It’s just another part of the ASCEND MIC difference.
Call us today to learn more about the private-placement investment opportunities available for you here at ASCEND MIC. We look forward to discussing it with you.