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ARTICLE · 17 FEBRUARY 2023

Regulating Retail Payment Services Providers: Draft Retail Payment Activities Regulations

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The anticipated proposed draft Retail Payment Activities Regulations (the Regulations) under the Retail Payment Activities Act (the Act) were published on February 11, 2023.

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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The anticipated proposed draft Retail Payment Activities Regulations (the Regulations) under the Retail Payment Activities Act (the Act) were published on February 11, 2023. There is a 45-day consultation period (until March 23, 2023) for stakeholders to review and respond. We previously reported on the Act in our Cassels Comment, "New Regulation of Payment Service Providers in Canada."

The Bank of Canada (the Bank) will be supervising payment services providers (PSPs) under the Act. The Regulations include details on exemptions to the Act, prescribe key elements and details needed for PSPs to register with the Bank, comply with the Act, and for the Bank to promote compliance with the Act and Regulations. Further guidance is being prepared by the Bank to assist PSPs with compliance.

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