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ARTICLE · 21 APRIL 2015

Updated Code Of Conduct For The Credit And Debit Card Industry In Canada

McCarthy Tétrault
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On April 13, 2015, the Department of Finance announced changes to the Code of Conduct for the Credit and Debit Card Industry in Canada

CanadaFinance and Banking
James Archer
James Archer
Ana Badour
Ana Badour
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On April 13, 2015, the Department of Finance announced changes to the Code of Conduct for the Credit and Debit Card Industry in Canada (the "Code"). The Code has been in existence since 2010 and consisted previously of 10 Elements applicable to participants in the debit and credit card industry. The updated Code includes 3 additional Elements which allow merchants to reject contactless payments, require new disclosure requirements for merchant-acquirer agreements and require a dispute resolution process for complaints from merchants. In addition, the updated Code will allow a merchant to cancel their agreement with an acquirer if the reductions in interchange rates announced last November are not passed on in full to merchants, will extend the application of the Code to various aspects of mobile payments and prescribe new branding and disclosure requirements for premium cards, all as discussed in more detail below.

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