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ARTICLE · 26 MARCH 2018

Payments And The Canada Federal Budget 2018

Dentons Canada LLP
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Those of us who practice payments law were eagerly anticipating the release of the Canada Federal Budget (the Budget). Various federal initiatives, such as the consultations on A New Retail Payments Oversight Framework..

CanadaFinance and Banking
Tracy Molino
Tracy Molino
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Those of us who practice payments law were eagerly anticipating the release of the Canada Federal Budget (the Budget). Various federal initiatives, such as the consultations on A New Retail Payments Oversight Framework (the Retail Payments Framework),1 and the renewal of Canada's federal financial statutes,2 as well as the Competition Bureau's recently-completed FinTech Market study,3 have signaled to practitioners a sustained, strong government interest in innovation and competition in the financial sector, including the payments space.

As we previously summarized, in its Retail Payments Framework, the Department of Finance (the Department) proposed opening up access to the retail payments system to a wide variety of new, non-deposit-taking players. The consultation document left quite a few details of the Framework unclear. The next steps articulated by the Department were proposed legislation to implement the new Framework. The Budget confirmed that intention

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