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ARTICLE · 22 NOVEMBER 2023

Bill C-365 Calls For Plan For Implementation Of Open Banking In Canada

Stewart McKelvey
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On November 9 2023, Bill C-365, An Act respecting the implementation of a consumer-led banking system for Canadians ("C-365"), short titled as the 'Consumer-led Banking Act' was read in the House of Commons.

CanadaFinance and Banking
Kevin Landry
Kevin Landry
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On November 9 2023, Bill C-365, An Act respecting the implementation of a consumer-led banking system for Canadians ("C-365"), short titled as the 'Consumer-led Banking Act' was read in the House of Commons.

C-365 follows several other recent developments in the fintech and payments space in Canada, namely the release of the Retail Payment Activities Regulations, and the Retail Payments Activities Act.1 Importantly, it is a push toward implementation of open banking in Canada, which has been moving slowly forward in past years.

C-365 is not a plan for open banking in Canada; it calls for the implementation of a plan for open banking in Canada within 30 days of coming into force (or ten days after the start of the next session of the House). It would also require the Minister of Finance to table a report setting out reasons for any delay in the implementation of a bill on open banking if not tabled within six months of C-365 coming into force.

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