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ARTICLE · 29 DECEMBER 2023

The Retail Payment Activities Act: The Countdown To Registration Has Begun

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A major milestone for the implementation of the Bank of Canada's retail payments supervisory regime was met on November 22, 2023, with the publication of final regulations (the "Regulations")...

CanadaFinance and Banking
Brian Empey
Brian Empey
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A major milestone for the implementation of the Bank of Canada's retail payments supervisory regime was met on November 22, 2023, with the publication of final regulations (the "Regulations") under the Retail Payment Activities Act (RPAA). Also published that day were the coming into force dates for provisions of the RPAA and the Regulations. The Bank of Canada (the "Bank") has provided an update on its preparations including timing for its release of guidance for payment services providers (PSPs).

PSPs need to prepare for the following key dates:

  • November 1-15, 2024 will be the window for PSPs to submit their applications for registration.
  • September 8, 2025 will mark the end of the transition period and the imposition of the supervisory framework including risk management and safeguarding of funds requirements.

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