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ARTICLE · 29 NOVEMBER 2023

The Countdown (To Registration) Begins: Final Retail Payment Activities Regulations Are Published

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On November 22, the final Retail Payment Activities Regulations (Final Regulations) were published in the Canada Gazette, Part II. The Regulations are made under the Retail Payment Activities Act (RPAA)...

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
Peter Aziz
Peter Aziz
Marissa Daniels
Marissa Daniels
James Flynn
James Flynn
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On November 22, the final Retail Payment Activities Regulations (Final Regulations) were published in the Canada Gazette, Part II. The Regulations are made under the Retail Payment Activities Act (RPAA), which received Royal Assent in June 2021 and established a legal framework for the Bank of Canada (Bank) to supervise payment service providers (PSPs), including those who offer digital wallets.

Together with the RPAA, the Final Regulations establish obligations respecting operational risk management, end-user funds safeguarding, registration and reporting, and enforcement. The publication of the Final Regulations follows a consultation period on the proposed Retail Payment Activities Regulations (Draft Regulations), which were published in the Canada Gazette, Part I.

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