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ARTICLE · 22 NOVEMBER 2021

Bank Of Canada Issues Discussion Guides On Retail Payments Activities Act

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The RPAC is a forum established by the BoC to gather industry expertise about the retail payments landscape and the RPAA.

CanadaTechnology
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Shauvik Shah
Shauvik Shah
Omair Jafrani
Omair Jafrani
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Background

The Bank of Canada ("BoC") has released minutes of the September and October meetings of the Retail Payments Advisory Committee ("RPAC"), and related discussion materials for these meetings and the November meeting, including discussion guides on (1) the registration scope, (2) the registration process, (3) record-keeping requirements, (4) reporting requirements and (5) approach to fees. These guides include information of interest to entities in the payment space, particularly those that may become subject to BoC oversight pursuant to the Retail Payment Activities Act ("RPPA" or the "Act"), which received Royal Assent on June 29, 2021. Further details on the RPAA are discussed in our previous blog post.

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