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ARTICLE · 02 JANUARY 2025

Enhanced Code Of Conduct For The Payment Card Industry In Canada Takes Effect

Borden Ladner Gervais LLP
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As of Oct. 30, 2024, the Financial Consumer Agency of Canada's (FCAC) updated Code of Conduct for the Payment Card Industry in Canada (the Code) is in effect.

CanadaFinance and Banking
Matthew Connors
Matthew Connors
Kaitlin D'Agostino
Kaitlin D'Agostino
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As of Oct. 30, 2024, the Financial Consumer Agency of Canada's (FCAC) updated Code of Conduct for the Payment Card Industry in Canada (the Code) is in effect. The Code is a set of policies that govern payment card network operators (PCNOs) that have agreed to adopt it, which include Visa, Mastercard, Interac, Amex, Discover, and UnionPay.

The federal government announced on Oct. 1, 2024 that the Code, originally published in 2015, has been revised to include several substantive changes intended to promote transparency, strengthen merchant rights, and increase fairness in the payment card industry.

What you need to know

1. Expanded scope

The new Code has an expanded scope that now requires downstream participants, in addition to issuers and acquirers, to comply with the Code. Downstream participants are defined in the Code as a person or entity that that (1) has a direct or indirect relationship with an acquirer; (2) is directly or indirectly covered by a

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