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ARTICLE · 01 MARCH 2013

New FCAC Guidance On CDC Code Of Conduct

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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The Financial Consumer Agency of Canada has recently released the Commissioner's Guidance CG-10 in respect of the Code of Conduct for the Credit and Debit Card Industry in Canada.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Jacqueline Shinfield
Jacqueline Shinfield
Vladimir Shatiryan
Vladimir Shatiryan
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On February 13, 2013, the Financial Consumer Agency of Canada (FCAC) released Commissioner's Guidance CG-10 in respect of the Code of Conduct for the Credit and Debit Card Industry in Canada (the CDC Code). The new FCAC Guidance addresses three compliance issues identified by the FCAC: a lack of transparency in respect of some sales and business practices; a lack of clarity of disclosures where multiple merchant service agreements are required; and multiple contract cancellation fees.

The Honourable Ted Menzies, Minister of State (Finance) noted in a statement issued in connection with FCAC Guidance CG-10 that it "will provide better disclosure to small businesses and other merchants, while helping to eliminate inappropriate sales and business practices."

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