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ARTICLE · 11 DECEMBER 2023

Update On The Implementation Of The Retail Payment Activities Act

DLA Piper
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On November 3, 2023, the Federal Government announced the dates on which various sections of the Retail Payment Activities Act ("RPA Act") will come into effect.

CanadaFinance and Banking
Eric Belli-Bivar
Eric Belli-Bivar
Matt Prucha (Articling Student)
Matt Prucha (Articling Student)
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On November 3, 2023, the Federal Government announced the dates on which various sections of the Retail Payment Activities Act ("RPA Act") will come into effect. As discussed in our previous article, the RPA Act regulates retail payment service providers ("PSPs") and became law in 2022. None of the operative provisions of the RPA Act had been in effect until the Federal Government's announcement on November 3, 2023.

Following this announcement, on November 22, 2023, the final Retail Payment Activities Regulations (the "Regulations") were published in the Canada Gazette. The final Regulations differ materially from the previously published draft regulations discussed in our previous article.

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