Canadian Payments Act (R.S.C., 1985, c. C-21)
Full Document:
- HTMLFull Document: Canadian Payments Act (Accessibility Buttons available) |
- XMLFull Document: Canadian Payments Act [139 KB] |
- PDFFull Document: Canadian Payments Act [369 KB]
Act current to 2021-02-15 and last amended on 2019-06-23. Previous Versions
PART 2Designated Payment Systems (continued)
Rules
Marginal note:Copies of rules to be sent to Minister
38 (1) A copy of every rule governing a designated payment system shall be sent by the manager of the designated payment system or, if there is none, by the participants to the Minister
Marginal note:Effective date of rule
(2) A rule, other than a rule referred to in paragraph (1)(a), does not come into force before the thirtieth day after a copy of it is sent to the Minister under subsection (1), but the Minister may declare the rule to be in force at any time before that period expires.
Marginal note:Extension of time
(3) If the Minister is of the opinion that an extension of the period mentioned in subsection (2) is necessary to permit adequate review of a rule, the Minister may within 10 days after its receipt, on written notice to the sender of the rule, extend that period by up to 30 days.
Marginal note:Disallowance
(4) The Minister may disallow the whole or a part of a rule.
Marginal note:Exemption
(5) The Minister may exempt a designated payment system from the application of subsection (2).
- 2001, c. 9, s. 244
Guidelines and Directives
Marginal note:Minister may issue guidelines
39 (1) The Minister may issue guidelines in respect of any matter relating to the administration or enforcement of this Part.
Marginal note:Guidelines public
(2) Guidelines shall be made available to the public and the Minister shall give notice of them in any manner that the Minister considers appropriate.
- 2001, c. 9, s. 244
Marginal note:Minister may issue directive
40 (1) The Minister may issue a written directive to the manager or a participant of a designated payment system in respect of
Marginal note:Consultation
(2) Before giving a directive, the Minister shall consult the person to whom it is to be given, and may consult any interested party, with respect to the content and effect of the directive.
Marginal note:Content
(3) The Minister may specify in a directive that a manager of a designated payment system or a participant shall, within such time as the Minister considers necessary,
Marginal note:Notification of implementation
(4) As soon as is practicable after implementing a directive and completing any actions required to be taken in connection with it, the person to whom it is given shall notify the Minister that the directive has been implemented and the action completed.
Marginal note:Directive not statutory instrument
(5) A directive is not a statutory instrument for the purposes of the Statutory Instruments Act. However, it must be published in the Canada Gazette.
Marginal note:Duty to comply
(6) A directive is binding on the person to whom it is given.
- 2001, c. 9, s. 244
Information Requirements
Marginal note:Information requests
41 (1) If the Minister requires information in order to determine whether a payment system should be designated under subsection 37(1), the Minister may request that the manager of the payment system or a participant provide the Minister with any information and documents regarding the system that the Minister may require.
Marginal note:Ongoing information requests
(2) Every manager of a designated payment system or, if there is none, the participants shall, in respect of the designated payment system, provide the Minister with such information and documents as the Minister may from time to time request.
Marginal note:Compliance with request required
(3) Every person to whom a request is directed shall comply with the request.
- 2001, c. 9, s. 244
Participants
Marginal note:Responsibility if foreign system manager
42 (1) If a designated payment system does not have a Canadian manager, the Canadian participants
(a) shall comply with the obligations imposed under this Part on a manager of a designated payment system, and
(b) have all the rights conferred by this Part on a manager of a designated payment system
in the same manner and to the same extent as if the Canadian participants were the manager of the designated payment system on which those obligations and rights are imposed or conferred and, for that purpose, any action that the Minister may take in respect of the manager of the designated payment system may only be taken in respect of its Canadian participants.
Marginal note:Failure to comply of system manager
(2) If a manager of a designated payment system fails to comply with the obligations imposed on it under this Part in respect of the designated payment system or otherwise contravenes this Part, the participants jointly and severally shall comply with those obligations or are liable for the contravention in the same manner and to the same extent as the manager.
Marginal note:Interpretation
(3) In subsection (1), a manager of a designated payment system or a participant is “Canadian” if the manager or participant is incorporated or formed under the laws of Canada or a province.
- 2001, c. 9, s. 244
PART 3General
Marginal note:Information is confidential
43 (1) Information and documents obtained under this Act are confidential and shall be treated accordingly.
Marginal note:Disclosure permitted
(2) Nothing in subsection (1) prevents the Minister from disclosing any information or documents to
(a) any government agency or regulatory body charged with the regulation of financial institutions, as defined in section 2 of the Bank Act, for purposes related to that regulation,
(b) the Bank of Canada or any officer of the Bank authorized in writing by the Governor of the Bank, and
(c) the Chief Executive Officer of the Canada Deposit Insurance Corporation or any other officer of that Corporation authorized in writing by the Chief Executive Officer,
if the Minister is satisfied that the information or documents will be treated as confidential by the agency, body or person to whom they are disclosed.
- 2001, c. 9, s. 244
- 2016, c. 7, s. 170
Marginal note:No liability if in good faith
44 No action lies against Her Majesty, the Minister, any officer or employee of the Department of Finance or any person acting under the direction of the Minister for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under this Act are intended or authorized to be executed or performed.
- 2001, c. 9, s. 244
Marginal note:Compliance orders
45 If a person fails to comply with a provision of this Act or a directive issued to it by the Minister under subsection 19.3(1) or 40(1) in connection with any matter under this Act, or a person to whom a request referred to in section 41 is directed fails to comply with the request, the Minister may apply to a superior court for an order directing the person to comply with the provision, directive or request and, on the application, the court may so order and make any further order it thinks fit.
- 2001, c. 9, s. 244
- Date modified: