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ARTICLE · 25 MAY 2021

Federal Government Releases Draft Legislation To Regulate Retail Payments

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The federal government introduced a draft of the long anticipated Retail Payment Activities Act ("RPAA") in Bill C-30. The RPAA will establish an oversight framework for...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Kathleen Butterfield
Kathleen Butterfield
Nicolas Faucher
Nicolas Faucher
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The federal government introduced a draft of the long anticipated Retail Payment Activities Act ("RPAA") in Bill C-30. The RPAA will establish an oversight framework for retail payment activities, the first of its kind in Canada.

Bill C-30 follows on the commitment made by the federal government in the 2021 budget,  A Recovery Plan for Jobs, Growth, and Resilience, to fund the development of the RPAA as part of measures to further strengthen Canada's financial sector. A draft of the RPAA has been anticipated since 2017, when it was first announced by the federal Department of Finance in a consultation paper titled "A New Retail Payments Oversight Framework".

While a number of details remain to be addressed in regulations, the major elements of the proposed oversight framework are now clear.

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