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ARTICLE · 21 NOVEMBER 2023

Canada's Retail Payment Activities Framework To Take Off In November 2024

Borden Ladner Gervais LLP
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As anticipated, the Retail Payment Activities Regulations (Regulations) are set to be published on Nov. 22, 2023...

CanadaFinance and Banking
Cindy Zhang
Cindy Zhang
Matthew Connors
Matthew Connors
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Final Regulations published

As anticipated, the Retail Payment Activities Regulations (Regulations) are set to be published on Nov. 22, 2023, bringing Canada much closer to regulating payments businesses, including paytechs and certain fintechs (collectively referred to as payment service providers or PSPs) under a formal retail payments supervisory framework (the Framework) overseen by the Bank of Canada (the Bank).

What you need to know:

  • PSPs will have to submit a registration application to the Bank between Nov. 1 and Nov. 16, 2024.
  • TheBank will be required to notify applicants if they have been registered or refused registration on Sept. 8, 2025. This date is also when the compliance requirements kick in.

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