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Canadian Payments Association Reporting Requirements Regulations (SOR/2015-130)

Regulations are current to 2020-12-28

Canadian Payments Association Reporting Requirements Regulations

SOR/2015-130

CANADIAN PAYMENTS ACT

Registration 2015-06-05

Canadian Payments Association Reporting Requirements Regulations

P.C. 2015-757 2015-06-04

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 35(1)Footnote a of the Canadian Payments ActFootnote b, makes the annexed Canadian Payments Association Reporting Requirements Regulations.

Interpretation

Marginal note:Definitions

 The following definitions apply in these Regulations.

Act

Act means the Canadian Payments Act. (Loi)

five-year corporate plan

five-year corporate plan means the plan referred to in section 23 of the Act. (plan d’entreprise quinquennal)

Five-Year Corporate Plan

Marginal note:Content

  •  (1) A five-year corporate plan for the Association must contain

    • (a) for the fiscal year for which the plan is submitted, its operating budget and capital expenditures budget;

    • (b) for each of the four fiscal years after the fiscal year referred to in paragraph (a), its operating budget forecast and capital expenditures budget forecast;

    • (c) for the fiscal year before the fiscal year referred to in paragraph (a), its audited financial statements, or, if those statements are not available, its updated operating budget and updated capital expenditures;

    • (d) for the fiscal year before the fiscal year for which information is required under paragraph (c), its audited financial statements;

    • (e) an explanation of any major variance in the amounts provided under paragraphs (a) to (d); and

    • (f) an explanation of any major variance between an amount provided under paragraphs (a) to (d) for a fiscal year and any amount provided in the previous five-year corporate plan for that fiscal year.

  • Marginal note:Approval

    (2) The Board must submit the five-year corporate plan to the Minister for approval no later than three months after the day on which the fiscal year for which the plan is submitted begins.

  • Marginal note:Amendment

    (3) The Board must submit any significant amendment to the approved five-year corporate plan to the Minister for approval.

Annual Report

Marginal note:Timelines

 The report referred to in section 24 of the Act must be prepared — and published on the Association’s Internet site — no later than five months after the day on which the fiscal year ends.

Coming into Force

Marginal note:S.C. 2014, c. 39

Footnote * These Regulations come into force on the day on which subsection 356(1) of the Economic Action Plan 2014 Act, No. 2 comes into force but if they are registered after that day, they come into force on the day on which they are registered.

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