The definitive version of the regulation under the Act Respecting Retail Payment Activities (the “ARPA”) is set for publication in the Canada Gazette on November 22, 2023 (the “Regulation”). This follows the publication of the draft regulation (the “draft regulation”) in February 2023.
The Bank of Canada has conducted a consultation with industry stakeholders in order to garner feedback on the Regulation’s content. It’s worth noting that while there have been some amendments since the publication of the draft regulation, the specific details of these changes remain undisclosed.
This regulation and its imminent publication is significant for law firms and corporations dealing with retail payment activities. It represents a concrete step that follows on the consultation process initiated by the Bank of Canada.
It is crucial for these businesses to stay updated on these regulations, as this development may have an impact on the operational and compliance requirements for companies involved in retail payment activities. All entities involved in this sector should review the Regulation once published for potential changes in their obligations.
For more detailed information on the Regulation under the Act Respecting Retail Payment Activities, we advise readers to look into the original article published by Blake, Cassels & Graydon LLP.