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ARTICLE · 28 JUNE 2021

Who Is Caught By Canada's New Retail Payment Systems Regulation?

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The federal government introduced legislation to regulate retail payment providers in Canada.

CanadaGovernment, Public Sector
Shahen Mirakian
Shahen Mirakian
Ahmed Kisserli
Ahmed Kisserli
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The Retail Payment Activities Act

The federal government introduced legislation to regulate retail payment providers in Canada. The much-anticipated draft of An Act Respecting Retail Payment Activities (the "RPAA") is part of the 2021 budget implementation bill (Bill C-30), which passed second reading on May 27, 2021. The RPAA aims to implement the retail payments oversight framework, which was originally announced in 2017 by the Department of Finance in a consultation paper, A New Retail Payments Oversight Framework (the "2017 Consultation Paper"). The RPAA sets out the general framework for the regulation of retail payments activities in Canada, while the details of the regime will be set out in regulations (the "Regulations") enacted by the Department of Finance and guidelines (the "Guidelines") developed by the Bank of Canada (the "BOC") which will be the designated supervisory authority under the RPAA.

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