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

Marginal note:New application — acquisition of control

• 24 (1) If an individual or entity plans to acquire control of a registered payment service provider, the registered payment service provider must, before the acquisition, submit a new application for registration that takes the planned acquisition into account and be so registered.

• Marginal note:New application — other change

  (2) If a registered payment service provider plans to make a prescribed change, the registered payment service provider must, before the change takes effect, submit a new application for registration that takes the planned change into account and be so registered.

• Marginal note:Non-application

  (3) Subsection (1) does not apply in the case of a planned acquisition that would, on the day on which it is planned to take effect, result in this Act no longer applying to the registered payment service provider by virtue of section 9 or 10.