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ARTICLE · 20 NOVEMBER 2023

The Wait Is Over: Final Regulations To The Retail Payment Activities Act

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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The final regulations to the Retail Payment Activities Act (RPAA) will be published in the Canada Gazette on November 22, 2023 (Regulations). Since the release of the draft regulations...

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
Vladimir Shatiryan
Vladimir Shatiryan
Tracy Molino
Tracy Molino
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The final regulations to the Retail Payment Activities Act (RPAA) will be published in the Canada Gazette on November 22, 2023 (Regulations). Since the release of the draft regulations (Draft Regulations) in February 2023, the Bank of Canada (Bank) has been consulting with the industry to obtain feedback on the content of the Regulations. Although there was some accommodation made to address certain industry comments, as noted below, the Regulations are substantially similar to the draft regulations released earlier this year.

Note that additional comments may be included in the Regulatory Impact Analysis Statement when the Regulations are published in the Canada Gazette.

The Regulations will come into force in phases as follows:

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