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ARTICLE · 07 MAY 2021

Federal Government Releases Draft Retail Payment Activities Act

McCarthy Tétrault
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The long-awaited draft of An Act Respecting Retail Payment Activities (short title, Retail Payment Activities Act) (the "RPAA") has been released as part of budget Bill C-30, the first reading of which was on April 30, 2021.

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Nancy J Carroll
Nancy J Carroll
Hilary Smith
Hilary Smith
Shauvik Shah
Shauvik Shah
Ana Badour
Ana Badour
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The long-awaited draft of An Act Respecting Retail Payment Activities (short title, Retail Payment Activities Act) (the "RPAA") has been released as part of budget Bill C-30, the first reading of which was on April 30, 2021. The RPAA seeks to implement the previously announced federal retail payments oversight framework, first outlined in a 2017 consultation paper (the "2017 Consultation Paper").

The RPAA comes in the context of a number of related regulatory and industry initiatives affecting the payments industry in Canada, including ongoing consultations on consumer-directed finance/open banking, the payments modernization initiative and parallel amendments to other payments legislation, including the Payment Clearing and Settlement Act.

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