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ARTICLE · 21 MAY 2021

Federal Government Releases Draft Retail Payments Activities Act

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On April 30, as part of the 2021 federal budget, Canada's Deputy Prime Minister and Minister of Finance (the "Minister") introduced Bill C-30...

CanadaFinance and Banking
Jessica Bishop
Jessica Bishop
Jesse-Ross Cohen
Jesse-Ross Cohen
Francesca Guolo
Francesca Guolo
Ida Mahmoudi
Ida Mahmoudi
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Summary

On April 30, as part of the 2021 federal budget, Canada's Deputy Prime Minister and Minister of Finance (the "Minister") introduced Bill C-30, An Act to implement certain provisions of the budget tabled in Parliament on April 19, 2021 and other measures1 (the "Bill") for first reading in Parliament. Included in the Bill is the initial draft of the Retail Payment Activities Act (RPAA), which sets out the first retail payments oversight framework to apply to retail payment providers in Canada. The purpose of the draft legislation is to implement the framework first announced in the federal 2017 Consultation Paper: A New Retail Payments Oversight Framework.2

By enacting the RPAA, the federal government aims to safeguard and streamline the movement of funds, address national security risks that may be posed by payment service providers, mitigate certain operational risks, and "foster competition and innovation in payment services by building confidence in

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