Bill C-30, Budget Implementation Act,
2021, No. 1 was introduced to the House of Commons
for first reading on April 30, 2021. Bill C-30 will enact into
legislation new policy measures outlined in the 2021 federal budget
released earlier in April, many of which impact financial
institutions and other financial services providers, as discussed
in our earlier Blakes Bulletin:
2021 Federal Budget - Selected Financial Services
Measures. This bulletin provides an overview of the
specific legislative measures included in Bill C-30 that affect or
deal with financial services and related issues.
1. RETAIL PAYMENTS OVERSIGHT FRAMEWORK
As was expected and announced in the 2021 federal budget, Bill
C-30 introduces a draft of the long-awaited Retail
Payments Activities Act. The new regulatory regime for
payments, to be regulated by the Bank of Canada, is ground-breaking
in that it provides for the first regulatory scheme for retail
payment providers in Canada. For a detailed
