Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 13 DECEMBER 2022

Bank Of Canada Releases Retail Payments Supervisory Framework

Fasken
Explore more from Fasken

In June 2021, the Federal Government enacted the RPAA, a new legislative framework to regulate retail payment activities in Canada. Pursuant to the RPAA, the BoC has been designated...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Kathleen Butterfield
Kathleen Butterfield
Nicolas Faucher
Nicolas Faucher
Caitlin Sabetti
Caitlin Sabetti
Sabrina Jackson-Nazareth
Sabrina Jackson-Nazareth
Author LinkedIn connections

The Bank of Canada (the "BoC") has released its supervisory framework for retail payments under the Retail Payment Activities Act (the "RPAA").

In June 2021, the Federal Government enacted the RPAA, a new legislative framework to regulate retail payment activities in Canada. Pursuant to the RPAA, the BoC has been designated as the authority responsible for retail payments governance (see Federal Government Releases Draft Legislation to Regulate Retail Payments). The BoC's new supervisory framework explains how it will assess Payment Service Providers ("PSPs") for compliance with the RPAA, promote compliance, and monitor and evaluate trends and issues in the payment system.

This framework covers three activities: (1) registration; (2) risk monitoring; and (3) enforcement. Further guidance on these activities is to be published in the near future to help PSPs better understand what is expected of them. The RPAA, regulations and guidance will collectively set out the

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

OSC Releases Crypto Asset Survey Results

The Ontario Securities Commission's 2026 survey reveals significant shifts in Canadian cryptocurrency adoption, awareness, and sentiment. With ownership rates more than doubling since 2023 and a growing belief that crypto will play a key role in Canada's financial system, the findings paint a picture of an evolving landscape where traditional financial advisors increasingly recommend crypto investments, yet regulatory awareness remains surprisingly low among the general population.
CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Canada’s Counter-Tariffs On US Goods: A Primer On What Canadian Businesses Need To Know

Effective September 8, 2026, Canada implemented retaliatory tariffs on certain U.S. goods in response to the initial 50% tariffs imposed by the US under Section 338 of the Tariff Act of 1930. To operationalize these measures, the Canada Border Services Agency (CBSA) issued Customs Notice 26-23, establishing binding administrative rules on how the surtax will be applied, calculated, and collected.
CanadaInternational Law
Fasken
Fasken
Article

More Than Skin Deep: Ontario Considers A Makeover Of Cosmetic Injection Rules

A regulatory shift now under consideration in Ontario could reshape how the province’s medical aesthetic clinics operate. The proposal, which would change how nurses are authorized to administer medical aesthetic services, invites a broader look at how Ontario currently regulates cosmetic injections and how the proposed changes would align the province more closely with the regulatory frameworks already in place elsewhere in Canada. While these procedures are often marketed as routine “spa” services, they remain medical acts that involve prescription products and carry clinical risks.
CanadaFood, Drugs, Healthcare, Life Sciences
Fasken
Fasken
Article

Counter-Tariffs In Force, U.S. Import Bans Announced, A Cabinet Planning Forum, An Investment Summit, EU Diplomatic Overtures And A House Returning

With Labour Day now behind us, Parliament Hill is gearing up for its September 21 return. Canada’s counter-tariffs on nearly $28 billion in American goods are now in force, and the United States has already escalated in response: President Trump has signed measures to ban certain Canadian alcohol, dairy-related products, molasses, non-alcoholic beer, motorcycles and mopeds from entering the U.S. market as of September 29, while modifying the list of Canadian goods subject to 50% tariffs effective September 15 and directing action to remove Canadian-origin products from U.S. government procurement schedules.
CanadaInternational Law
Fasken
Fasken
Article

Buying Quebec, Buying Canadian: What The New Orders In Council 1358-2026 And 1359-2026 Mean For Procurement

Under Order in Council 1358-2026, the Québec government authorizes, from September 7, 2026 to January 31, 2027, the Centre d'acquisitions gouvernementales (the “CAG”) to depart from the general principle that public calls for tenders must be open and without discrimination to foreign suppliers from jurisdictions bound by an intergovernmental agreement with Québec.
CanadaGovernment, Public Sector
Fasken
Fasken
Article

Life Sciences-Health Canada Takes Action Against Unauthorized Peptide Sales

On July 29, 2026, Health Canada announced that it had obtained a permanent injunction against a Québec-based company in connection with the sale of unauthorized injectable peptides in Canada. The announcement reflects Health Canada’s continued focus on peptide products and serves as a reminder that injectable peptides intended for human use are regulated as prescription drugs and are subject to Canada's drug regulatory framework.
CanadaFood, Drugs, Healthcare, Life Sciences
Fasken
Fasken