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On April 30, 2021, the federal government introduced An Act Respecting Retail Payment Activities (short title,  Retail Payment Activities Act) (the “RPAA”). The much-anticipated RPAA comes in response to a consultation paper published by the Department of Finance in 2017, for a “New Retail Payments Oversight Framework” (the “2017 Consultation Paper”). We discuss the 2017 Consultation Paper here. The RPAA signals the government’s continued willingness to regulate new and increasingly complex “retail payment activities” driven by innovative payment methods and technologies...

To print this article, all you need is to be registered or login on Mondaq.com. Payment service providers, outside of banks and other regulated financial institutions, are currently lightly regulated in Canada. Other than laws of more general application, only the federal Proceeds of Crime (Money Laundering) and Anti-Terrorism Act (PCMLTFA) and the Quebec Money Services Businesses Act specifically regulate payment providers who fall under the definition of money services business, and the PCMLTFA's objects are limited to the relatively narrow purposes of intelligence ...

To embed, copy and paste the code into your website or blog: As was expected and announced in Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, on April 30, 2021 the federal government released Bill C-30 containing, among other things, a draft of the long-awaited Retail Payments Activities Act (RPAA). While the devil will be in the detail of the implementing regulations, much can be gleaned from a review of the provisions of the RPAA as drafted. The new regulatory payments regime, to be regulated by the Bank of Canada (Bank), is ground-breaking in that it provides for the first r...