Share on LinkedInShare on LinkedIn

ARTICLE · 17 FEBRUARY 2023

The Bar Is Set: Draft Retail Payment Activities Act Regulations Are Published

Torys
Torys
Contributor
Torys

Torys

Torys LLP is an international business law firm that works with clients who expect the best advice...

View firm profile
Explore more from Torys

On February 10, the proposed Retail Payment Activities Act Regulations were published for consultation in the Canada Gazette, Part I1 (the Regulations).

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
David Bish
David Bish
Kelly Morris
Kelly Morris
Stephanie Gabor
Stephanie Gabor
Omar Wakil
Omar Wakil
Peter Aziz
Peter Aziz
Robin Asgari
Robin Asgari
Author LinkedIn connections

On February 10, the proposed Retail Payment Activities Act Regulations were published for consultation in the Canada Gazette, Part I1 (the Regulations).

What you need to know

  • The Retail Payment Activities Act2 (RPAA), which received Royal Assent in June 2021, and the Regulations introduce a new supervisory regime for the retail payment activities of payment service providers (PSPs), including those who offer digital wallets. Although the Government reserved, under the "retail payment activity" definition, the right to extend the scope of the RPAA to virtual currencies by way of regulation, these draft Regulations haven't done so.
  • The Regulations provide standards for operational risk management and details as to requirements with respect to 1) safeguarding of end-user funds; 2) PSPs' registration with the Bank of Canada (the Bank); 3) PSPs' reporting obligations. The Regulations also set out the penalties for violating requirements and include the

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

OSC Releases Crypto Asset Survey Results

The Ontario Securities Commission's 2026 survey reveals significant shifts in Canadian cryptocurrency adoption, awareness, and sentiment. With ownership rates more than doubling since 2023 and a growing belief that crypto will play a key role in Canada's financial system, the findings paint a picture of an evolving landscape where traditional financial advisors increasingly recommend crypto investments, yet regulatory awareness remains surprisingly low among the general population.
CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Ontario Invites Expressions Of Interest For Licences Under The Geologic Carbon Storage Act

Ontario has launched its first call for expressions of interest in carbon capture and storage licences under the new Geologic Carbon Storage Act, targeting Crown-owned pore space beneath lakebeds surrounding the Ontario Peninsula. The detailed submission requirements reveal expectations that proponents have advanced well beyond initial planning stages, with the process serving as a critical test of Ontario's emerging CCS framework and its attractiveness to industry.
CanadaEnvironment
Torys
Torys
Article

Government Of Canada Makes Significant Changes To Energy Project Approvals Process

On September 3, the Government of Canada published amendments removing seven types of energy projects from the Physical Activities Regulations (the Project List) under the Impact Assessment Act (IAA). As a result, these types of projects will no longer be subject to the IAA but will continue to be regulated by the Canada Energy Regulator Act (CER Act) or applicable provincial environmental assessment regimes.
CanadaEnergy and Natural Resources
Torys
Torys
Article

New Flight Path: Canada Seeks Private Investment In Airports Through Long-term Concession Arrangements

Canada has announced plans to attract private investment through long-term concessions to operate its four largest airports: Toronto-Pearson, Vancouver International, Montréal-Trudeau, and Calgary International. The federal government will retain ownership of the underlying airport land and assets while seeking tens of billions of dollars in private capital to be reinvested in regional airports and local transport infrastructure. Key details regarding the scope of private operational involvement, award
CanadaGovernment, Public Sector
Torys
Torys