Voluntary Code of Conduct for the Credit and Debit Card Industry in Canada

On April 16, 2010, having addressed credit card disclosure and credit card practices involving consumers in 2009, the federal Department of Finance released its Code of Conduct for the Credit and Debit Card Industry in Canada. The Code of Conduct is directed primarily at arrangements that exist among merchants, "payment card networks" (VISA® and MasterCard® being the dominant networks) and "acquirors" (e.g., Moneris), also known as "payment processors." A set of ten policy statements, the Code of Conduct addresses merchants' concerns, i.e., it strengthens their position and regulates payment card functions by:

• requiring fuller disclosure of fees and rates in statements that acquirors provide to merchants;