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ARTICLE · 16 AUGUST 2019

New Regulatory Framework For Canadian Retail Payments Coming In 2019

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It is proposed that the Bank of Canada will would oversee this regulatory framework.

CanadaFinance and Banking
Jeffrey Roode
Jeffrey Roode
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This article originally appeared on the NCFA website.

In its budget released in March, the Canadian federal government confirmed that it plans to introduce legislation in 2019 to implement a new retail payments oversight framework. It is proposed that the Bank of Canada will would oversee this regulatory framework. This is a significant development as it will mean that a number of payments industry participants that are currently unregulated, including many fintech companies, will now be regulated.

In its budget released in March, the Canadian federal government confirmed that it plans to introduce legislation in 2019 to implement a new retail payments oversight framework. It is proposed that the Bank of Canada will would oversee this regulatory framework. This is a significant development as it will mean that a number of payments industry participants that are currently unregulated, including many fintech companies, will now be regulated.

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