Jobs and Economic Growth Act (S.C. 2010, c. 12)

Assented to 2010-07-12

2001, c. 9Related Amendments to the Financial Consumer Agency of Canada Act

 Section 2 of the Financial Consumer Agency of Canada Act is amended by adding the following in alphabetical order:

“payment card network operator”

« exploitant de réseau de cartes de paiement »

“payment card network operator” means an entity, as defined in section 3 of the Payment Card Networks Act, that operates or manages a payment card network, as defined in that section, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds.

 Section 3 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Objects — payment card network operators

    (3) The objects of the Agency are also to

    • (a) supervise payment card network operators to determine whether they are in compliance with the provisions of the Payment Card Networks Act and its regulations;

    • (b) promote the adoption by payment card network operators of policies and procedures designed to implement the provisions of the Payment Card Networks Act and its regulations;

    • (c) monitor the implementation of voluntary codes of conduct that have been adopted by payment card network operators and that are publicly available, and to monitor any public commitments made by them regarding their commercial practices in relation to payment card networks; and

    • (d) promote public awareness about the obligations of payment card network operators under a voluntary code of conduct or under the Payment Card Networks Act.

  •  (1) Section 5 of the Act is amended by adding the following after subsection (1):

    • Marginal note:Functions — Payment Card Networks Act

      (1.1) The Commissioner shall also examine and inquire into, and report to the Minister from time to time on, all matters connected with the administration of the Payment Card Networks Act and its regulations.

  • (2) Section 5 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Personal information

      (2.1) The Commissioner may also collect any personal information that he or she considers necessary in furtherance of the objects described in subsection 3(3).

  • (3) Section 5 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Review

      (3.1) If a payment card network operator has adopted a voluntary code of conduct or made a public commitment referred to in paragraph 3(3)(c), the Commissioner may make or cause to be made any review that he or she considers necessary to monitor compliance with the code or the commitment, as the case may be.

  • (4) Section 5 of the Act is amended by adding the following after subsection (5):

    • Marginal note:Activities

      (6) The Commissioner may also carry on any activity that he or she considers necessary in furtherance of the objects described in subsection 3(3).