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

Marginal note:Court enforcement

• The following provision is not in force.

  95 (1) If an individual or entity is contravening or has contravened a provision of this Act, the regulations or an order made under subsection 94(1) or (4), the Governor may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the individual or entity to cease the contravention or to comply with the provision.

• The following provision is not in force.

  Marginal note:Powers of court

  (2) The court may make the order and may make any other order the court thinks fit.

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  Marginal note:Appeal

  (3) An appeal from an order made under subsection (2) lies in the same manner and to the same court as an appeal from any other order of the court.

Marginal note:National security order

• The following provision is not in force.

  96 (1) The Minister may, by order, direct a payment service provider that performs retail payment activities to take or to refrain from taking any measures related to the performance of retail payment activities if the Minister is of the opinion that it is necessary to do so for reasons related to national security.

• The following provision is not in force.

  Marginal note:Opportunity for representations

  (2) Subject to subsection (3), no order is to be made under subsection (1) unless the payment service provider is provided with a opportunity to make representations in respect of the matter.

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  Marginal note:Temporary order

  (3) If, in the Minister’s opinion, the length of time required for representations to be made might be prejudicial to the public interest, the Minister may make a temporary order that has the same effect as an order made under subsection (1). The temporary order ceases to have effect 30 days after the day on which it is made or after the expiration of a shorter period that is specified in the order.

• The following provision is not in force.

  Marginal note:Continued effect

  (4) The temporary order continues to have effect after the expiration of the 30-day or the shorter period if no representations are made to the Minister within that period or, if representations are made, the Minister notifies the payment service provider that the Minister is not satisfied that there are sufficient grounds for revoking the order.

Marginal note:Copy to Bank

97 The Minister must provide the Bank with a copy of each order the Minister makes under subsection 96(1) or (3) and the Bank must, as soon as feasible, provide a copy to the individual or entity in question.

Marginal note:Court enforcement

• The following provision is not in force.

  98 (1) If an individual or entity is not complying with an undertaking provided in accordance with section 42, a condition imposed under section 43 or an order made under section 96, the Minister may, in addition to any other action that may be taken under this Act, apply to a superior court for an order requiring the individual or entity to comply with the undertaking, condition or order.

• The following provision is not in force.

  Marginal note:Powers of court

  (2) The court may make the order and may make any other order the court thinks fit.

• The following provision is not in force.

  Marginal note:Appeal

  (3) An appeal from an order made under subsection (2) lies in the same manner and to the same court as an appeal from any other order of the court.

Marginal note:Bank to ascertain expenses

• The following provision is not in force.

  99 (1) The Bank must, before September 30 in each year, ascertain the total amount of expenses incurred by it during the immediately preceding calendar year for or in connection with the administration of this Act and deduct from that amount any registration fees paid to it in that preceding calendar year.

• The following provision is not in force.

  Marginal note:Amount conclusive

  (2) The amount ascertained is final and conclusive for the purposes of this section.

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  Marginal note:Assessment

  (3) As soon as feasible after ascertaining the amount, the Bank must, in the prescribed manner and to the prescribed extent, assess a portion of the total amount of expenses against each registered payment service provider.

• The following provision is not in force.

  Marginal note:Interim assessment

  (4) The Bank may, during each calendar year, prepare an interim assessment against any registered payment service provider.

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  Marginal note:Assessment is binding

  (5) Every assessment and interim assessment is final and conclusive and binding on the registered payment service provider against which it is made.

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  Marginal note:Recovery

  (6) Every assessment and interim assessment constitutes a debt due to the Bank, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

• The following provision is not in force.

  Marginal note:Interest

  (7) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to 2% plus the rate in effect that is prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act.

Marginal note:Information request

• The following provision is not in force.

  100 (1) The Bank may request, in writing, a registered payment service provider to provide, within the prescribed period, the Bank with any information that the Bank considers necessary for the purposes of subsection 99(3) or (4).

• The following provision is not in force.

  Marginal note:Compliance with request

  (2) The payment service provider must comply with the request.

Marginal note:Regulations

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  101 (1) The Governor in Council may, on the recommendation of the Minister, make regulations for the purposes of this Act, including regulations

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    (a) respecting risk management and incident response frameworks;

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    (b) respecting any account referred to in paragraph 20(1)(a) or (c) and the insurance or guarantee referred to in paragraph 20(1)(c);

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    (c) respecting the holding of end-user funds by a payment service provider referred to in subsection 20(1) and the measures to be taken by the payment service provider to ensure that end-user funds or proceeds from any insurance or guarantee referred to in paragraph 20(1)(c) are payable to end users in the event of an insolvency or other specified event;

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    (d) respecting the provision of information in relation to the holding of end-user funds with the Canada Deposit Insurance Corporation or a member institution as in section 2 of the Canada Deposit Insurance Corporation Act;

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    (e) respecting the acquisition of control for the purposes of section 24;

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    (f) respecting the circumstances in which information referred to in subsection 64(1) may be used as evidence;

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    (g) prohibiting, limiting or restricting the disclosure by payment service providers of information referred to in subsection 64(1);

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    (h) designating, as a violation that may be proceeded with under Part 5, the contravention of a specified provision of this Act or the regulations;

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    (i) classifying each violation as a minor violation, a serious violation or a very serious violation, classifying a series of minor violations as a serious violation or a very serious violation or classifying a series of serious violations as a very serious violation;

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    (j) designating, as a violation that may be proceeded with under Part 5, the non-compliance with an agreement entered into under section 71;

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    (k) establishing a penalty or a range of penalties in respect of a violation up to a maximum of $10,000,000;

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    (l) if a range of penalties is established by regulations made under paragraph (k), setting out the method of establishing the amount payable as the penalty for the violation, including the criteria to be taken into account;

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    (m) specifying the additional penalty referred to in paragraph 82(1)(b);

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    (n) respecting the service of documents under Part 5, including the manner and proof of service and the circumstances under which documents are deemed to be served;

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    (o) respecting the keeping and retention of records; and

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    (p) prescribing anything that by this Act is to be prescribed.

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  Marginal note:Registration fee

  (2) A registration fee is prescribed for the purposes of subsection 29(2) if a method for determining the amount of the registration fee is prescribed.

Marginal note:Statutory Instruments Act

102 The Statutory Instruments Act does not apply in respect of

• The following provision is not in force.

  (a) an order made under section 19;

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  (b) a directive issued under section 40;

• The following provision is not in force.

  (c) an order made under section 42 or 43;

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  (d) a notice issued under section 45;

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  (e) a directive issued under subsection 46(2) or section 47;

• The following provision is not in force.

  (f) a notice issued under section 52;

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  (g) an order made under subsection 94(1) or (4); or

• The following provision is not in force.

  (h) an order made under subsection 96(1) or (3).

Marginal note:Definition of transition period

103 In this Part, transition period means the period that begins on the day on which section 29 comes into force and ends on the day before the day on which subsection 25(1) comes into force.

Marginal note:Application required

104 A payment service provider that performs or plans to perform retail payment activities during the transition period must, within the prescribed period that begins on the day on which section 29 comes into force, apply to the Bank for registration in accordance with that section.