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ARTICLE · 09 JUNE 2021

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Canada's New Retail Payments Oversight Framework: Draft Legislation Is Finally Published

Borden Ladner Gervais LLP
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In Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, as expected, the federal government announced its commitment to work with the provinces to table draft legislation...

CanadaFinance and Banking
Cindy Zhang
Cindy Zhang
Olivier Tardif
Olivier Tardif
Stephen Redican
Stephen Redican
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In Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, as expected, the federal government announced its commitment to work with the provinces to table draft legislation for the proposed retail payments oversight framework (RPOF).

On April 30, 2021, the long-awaited draft, Retail Payments Activities Act  (Canada) (the RPAA), was published by the Government of Canada in Bill C-30. The exact details of the new regime will come to light as draft regulations are published for review. Nevertheless, the RPAA provides a broad view of what the new regulatory regime will look like and what it will mean for payment service providers (PSPs) offering services to Canadians, once the legislation comes into force.

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