Retail Payment Activities Act (S.C. 2021, c. 23, s. 177)

Marginal note:Conditions

43 The Minister may, by order, impose conditions on any individual or entity in relation to an application for registration or in relation to any registered payment service provider if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

Marginal note:Copy to Bank

44 The Minister must provide the Bank with a copy of each order the Minister makes under section 42 or 43 and the Bank must, as soon as feasible, provide a copy to the individual or entity in question.

Marginal note:Notice of intent to issue directive to revoke registration

• The following provision is not in force.

  45 (1) The Minister may, for any of the following reasons, issue to the Bank a notice of intent to issue a directive to the Bank to revoke a payment service provider’s registration:

  • The following provision is not in force.

    (a) there are reasons related to national security

  • The following provision is not in force.

    (b) the payment service provider has failed to provide additional information in accordance with section 39;

  • The following provision is not in force.

    (c) an order made under section 42 or an undertaking provided in accordance with that section that is in relation to the payment service provider has not been complied with;

  • The following provision is not in force.

    (d) a condition imposed under section 43 in relation to the payment service provider has not been complied with;

  • The following provision is not in force.

    (e) the payment service provider has provided false or misleading information; and

  • The following provision is not in force.

    (f) the payment service provider has not complied with an order under section 96.

• The following provision is not in force.

  Marginal note:Notice to payment service provider

  (2) The Bank must, as soon as feasible, notify the payment service provider in writing of the issuance of the Minister’s notice of intent.

Marginal note:Review of notice of intent

• The following provision is not in force.

  46 (1) A registered payment service provider that has been notified under subsection 45(2) may, within the prescribed period, make a request to the Minister for a review of the notice of intent.

• The following provision is not in force.

  Marginal note:Decision

  (2) On completion of the review, the Minister must, after giving the payment service provider an opportunity to make representations, either withdraw the notice of intent or issue a directive to the Bank to revoke the registration.

• The following provision is not in force.

  Marginal note:Notices to Bank and payment service provider

  (3) The Minister must notify the Bank of a decision to withdraw the notice of intent and the Bank must, as soon as feasible, notify the payment service provider of the withdrawal.

Marginal note:Review not requested

47 If a registered payment service provider that has been notified under subsection 45(2) does not make a request to the Minister for a review of the notice of intent within the prescribed period, the Minister may issue a directive to the Bank to revoke the payment service provider’s registration.

Marginal note:Refusal to register

• The following provision is not in force.

  48 (1) The Bank may, within the prescribed period, refuse to register an applicant for a prescribed reason or for any of the following reasons:

  • The following provision is not in force.

    (a) the applicant has failed to provide additional information in accordance with subsection 29(3);

  • The following provision is not in force.

    (b) the applicant has provided false or misleading information;

  • The following provision is not in force.

    (c) the applicant has been found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act;

  • The following provision is not in force.

    (d) during the five-year period before the day on which the application was submitted, the Director of the Centre, under subsection 73.15(4) of that Act, caused a notice of a decision or of an imposed penalty to be issued and served on the applicant in respect of a violation that was classified as a serious violation or very serious violation under that Act;

  • The following provision is not in force.

    (e) the applicant is not registered in accordance with section 11.1 of that Act;

  • The following provision is not in force.

    (f) the applicant has ceased to perform or no longer plans to perform retail payment activities; and

  • The following provision is not in force.

    (g) the applicant has committed or has been deemed to have committed a violation under this Act.

• The following provision is not in force.

  Marginal note:Unpaid penalties

  (2) If an applicant that does not have a place of business in Canada has committed a violation under this Act and is liable to pay a penalty for it, and if 30 days have elapsed after the day on which all proceedings in respect of the violation are ended and the penalty has not been paid, the Bank must refuse to register the applicant until the penalty is paid.

• The following provision is not in force.

  Marginal note:Notice to applicant

  (3) If the Bank refuses to register an applicant under subsection (1), the Bank must, as soon as feasible, notify the applicant of the refusal in writing. The notice must include the reason for the refusal.

Marginal note:Directive to refuse to register

49 The Bank must refuse to register an applicant if the Minister issues a directive to that effect under section 40. In that case, the Bank must, as soon as feasible, notify the applicant in writing of the refusal.

Marginal note:Review by Governor

• The following provision is not in force.

  50 (1) An applicant that has been notified under subsection 48(3) may, within the prescribed period, make a request to the Governor for a review of the refusal to register.

• The following provision is not in force.

  Marginal note:Decision

  (2) On completion of the review, the Governor must confirm the refusal or direct the Bank to register the applicant.

• The following provision is not in force.

  Marginal note:Form and manner of decision

  (3) The Governor must, within the prescribed period, make a decision and must, as soon as feasible, notify the applicant in writing of the decision.

Marginal note:Notice to Centre

51 The Bank must, as soon as feasible, notify the Centre in writing of any refusal to register an applicant.

Marginal note:Notice of intent to revoke registration

52 The Bank may, for a prescribed reason or for any of the following reasons, issue to a registered payment service provider a notice of intent to revoke the payment service provider’s registration that sets out the reason for the intention to revoke:

• The following provision is not in force.

  (a) the payment service provider has provided false or misleading information;

• The following provision is not in force.

  (b) the payment service provider has been found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act;

• The following provision is not in force.

  (c) the Director of the Centre, under subsection 73.15(4) of that Act, has caused a notice of a decision or of an imposed penalty to be issued and served on the payment service provider in respect of a violation that was classified as a serious or very serious violation under that Act;

• The following provision is not in force.

  (d) the payment service provider is not registered in accordance with section 11.1 of that Act;

• The following provision is not in force.

  (e) the payment service provider has ceased to perform retail payment activities;

• The following provision is not in force.

  (f) an individual or entity that applied for registration under section 24 has acquired control of the payment service provider; and

• The following provision is not in force.

  (g) the payment service provider has committed or has been deemed to have committed a violation under this Act.

Marginal note:Review of notice of intent

• The following provision is not in force.

  53 (1) A registered payment service provider that has been notified under section 52 may, within the prescribed period, make a request to the Governor for a review of the notice of intent.

• The following provision is not in force.

  Marginal note:Decision

  (2) On completion of the review, the Governor must, after giving the payment service provider an opportunity to make representations, direct the Bank to either withdraw the notice of intent or revoke the payment service provider’s registration.

• The following provision is not in force.

  Marginal note:Form and manner of decision

  (3) The Governor must, within the prescribed period, make a decision and must, as soon as feasible, notify the payment service provider in writing of the decision.

Marginal note:Review not requested

54 If a registered payment service provider that has been notified under section 52 does not make a request to the Governor for a review of the notice of intent within the prescribed period, the Governor may direct the Bank to revoke the payment service provider’s registration.

Marginal note:Revocation of registration for non-payment of penalty

• The following provision is not in force.

  55 (1) The Bank must revoke the registration of a registered payment service provider if the payment service provider does not have a place of business in Canada, has committed a violation under this Act and is liable to pay a penalty for it, and the penalty has not been paid within 30 days after the day on which all proceedings in respected of the violation are ended.

• The following provision is not in force.

  Marginal note:Notice to payment service provider

  (2) The Bank must, as soon as feasible, notify the payment service provider in writing of the revocation under subsection (1).

Marginal note:Directed revocation of registration

• The following provision is not in force.

  56 (1) The Bank must revoke the registration of a registered payment service provider if the Minister directs the Bank to do so under subsection 46(2) or section 47.

• The following provision is not in force.

  Marginal note:Notice to payment service provider

  (2) The Bank must, as soon as feasible, notify the payment service provider in writing of the revocation under subsection (1).