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

Marginal note:Requirement to notify

• 18 (1) If a payment service provider that performs retail payment activities becomes aware of an incident that has a material impact on any of the following individuals or entities, the payment service provider must, without delay, notify that individual or entity and the Bank of the incident:

  • (a) an end user;

  • (b) a payment service provider that performs retail payment activities, whether or not this Act applies to the payment service provider; and

  • (c) a clearing house of a clearing and settlement system, as those expressions are defined in section 2 of the Payment Clearing and Settlement Act, that is designated under subsection 4(1) of that Act.

• Marginal note:Form, manner and content of notice

  (2) The notice must be given in the prescribed form and manner and contain the prescribed information.