Retail Payment Activities Regulations (SOR/2023-229)

Marginal note:Registration fee

• The following provision is not in force.

  25 (1) The prescribed registration fee for the purpose of subsection 29(2) of the Act is the amount determined by the formula

  $2,500 × (A ÷ B)

  where

  A

  is the September All-items Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act, for the calendar year immediately before the year in which the application is submitted; and

  B

  is the September All-items Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act, for the calendar year in which this section comes into force.

• The following provision is not in force.

  Marginal note:Exception

  (2) Despite subsection (1), the fee to be included with an application for registration that is submitted in the calendar year in which this section comes into force is $2,500.

• The following provision is not in force.

  Marginal note:No decrease

  (3) Despite subsection (1), if a fee determined under that subsection is less than the fee that was required to be included with an application submitted in the previous calendar year, the fee is instead equal to the fee applicable in that previous year.

Marginal note:Decision to review — prescribed period

• The following provision is not in force.

  26 (1) The prescribed period for the purpose of subsection 34(1) of the Act is 60 days beginning on the day after the day on which the Minister is provided with a copy of the application for registration.

• The following provision is not in force.

  Marginal note:Extension

  (2) The prescribed period for the purpose of subsection 34(2) of the Act is 60 days.

Marginal note:Conduct of review — prescribed period

27 The prescribed period for the purpose of section 36 of the Act is 180 days beginning on the day after the day on which the Minister decides to review the application for registration.

Marginal note:Request for review of directive — prescribed period

28 The prescribed period for the purpose of subsection 41(1) of the Act is 30 days beginning on the day after the day on which the applicant is notified of the refusal to register.

Marginal note:Request for review of notice — prescribed period

29 The prescribed period for the purpose of subsection 46(1) of the Act is 30 days beginning on the day after the day on which the payment service provider is notified of the issuance of the notice of intent.

Marginal note:Refusal to register — prescribed period and reasons

30 For the purpose of subsection 48(1) of the Act,

• The following provision is not in force.

  (a) the prescribed period within which the Bank may refuse to register an applicant is

  • (i) in the case of a refusal for the reason referred to in paragraph 48(1)(a) of the Act, 45 days beginning on the day after the day on which the period referred to in subsection 29(3) of the Act expires, and

  • (ii) in the case of a refusal for any other reason, 45 days beginning on the day after the day on which the Bank considers the application to be complete; and

• The following provision is not in force.

  (b) the following are prescribed reasons for which the Bank may refuse to register an applicant:

  • (i) the applicant has failed to pay an assessment or interim assessment that was made against them under section 99 of the Act when they were a registered payment service provider, and

  • (ii) the Act does not apply to the applicant or in respect of any payment functions that they perform or plan to perform.

Marginal note:Review of refusal to register — prescribed period

• The following provision is not in force.

  31 (1) The prescribed period for the purpose of subsection 50(1) of the Act is 30 days beginning on the day after the day on which the applicant is notified of the refusal to register.

• The following provision is not in force.

  Marginal note:Decision

  (2) The prescribed period for the purpose of subsection 50(3) of the Act is 90 days beginning on the day after the day on which the applicant requests the review.

Marginal note:Notice of intent to revoke registration — prescribed reasons

32 The following are prescribed reasons for the purpose of section 52 of the Act:

• The following provision is not in force.

  (a) the payment service provider has failed to pay an assessment or interim assessment made against it under section 99 of the Act; or

• The following provision is not in force.

  (b) the Act no longer applies to the payment service provider or in respect of any payment functions that it performs or plans to perform.

Marginal note:Review of notice of intent — prescribed period

• The following provision is not in force.

  33 (1) The prescribed period for the purposes of subsection 53(1) and section 54 of the Act is 30 days beginning on the day after the day on which the payment service provider is notified of the intent to revoke its registration.

• The following provision is not in force.

  Marginal note:Decision

  (2) The prescribed period for the purpose of subsection 53(3) of the Act is 90 days beginning on the day after the day on which the payment service provider has completed making its representations or, if it does not make any, the day after the day on which its opportunity to do so ends.

Marginal note:Appeal — prescribed period

34 The prescribed period for the purpose of subsection 58(1) of the Act is 30 days beginning on the day after the day on which the applicant or payment service provider is notified of the decision under subsection 50(3) or 53(3) of the Act.

Marginal note:Notice of change in information — prescribed period

35 For the purpose of subsection 59(1) of the Act,

• The following provision is not in force.

  (a) the prescribed period is 30 days beginning on the day after the day on which the change occurs; and

• The following provision is not in force.

  (b) the notice must be given using the electronic system provided by the Bank for that purpose.

Marginal note:Notice of change in prescribed information

• The following provision is not in force.

  36 (1) The prescribed information for the purpose of subsection 60(1) of the Act is the information referred to in subsection 24(9) of these Regulations, other than that referred to in subparagraphs 24(9)(p)(i) and (q)(i).

• The following provision is not in force.

  Marginal note:Prescribed period

  (2) The prescribed period for the purpose of subsection 60(2) of the Act is

  • The following provision is not in force.

    (a) in respect of the following changes, as soon as feasible after the payment service provider becomes aware of the change, even if the change has already taken effect:

    • (i) a change to the information referred to in any of paragraphs 24(9)(a) to (c) and (e) to (j) or in subparagraph 24(9)(p)(ii) or (q)(ii),

    • (ii) a change to a mailing address, telephone number or email address referred to in paragraph 24(9)(o), and

    • (iii) a change to the information referred to in paragraph 24(9)(k) or (l) of these Regulations;

  • The following provision is not in force.

    (b) in respect of the following changes, at least 30 days before the day on which the change takes effect:

    • (i) a change to the information referred to in paragraph 24(9)(d) or (m), and

    • (ii) a change to the information referred to in paragraph 24(9)(o), other than the information referred to in subparagraph (a)(ii); and

  • The following provision is not in force.

    (c) in respect of a change to the information referred to in paragraph 24(9)(n), at least 60 days before the day on which the change takes effect.

Marginal note:Prescribed information

37 The following is prescribed information for the purpose of subsection 64(1) of the Act:

• The following provision is not in force.

  (a) any direction, notice, letter, plan, report or recommendation issued or prepared by the Bank in connection with its supervision of a payment service provider, including as a result of any assessment, testing, audit or investigation that it carries out in respect of the payment service provider;

• The following provision is not in force.

  (b) a notice of refusal given under subsection 48(3) of the Act;

• The following provision is not in force.

  (c) a notice of intent to revoke issued under section 52 of the Act;

• The following provision is not in force.

  (d) a notice of decision given under subsection 53(3) of the Act;

• The following provision is not in force.

  (e) a notice of revocation given under subsection 55(2) of the Act;

• The following provision is not in force.

  (f) a compliance agreement referred to in section 71 of the Act;

• The following provision is not in force.

  (g) a notice of violation issued under subsection 76(2) of the Act;

• The following provision is not in force.

  (h) a compliance agreement referred to in paragraph 76(2)(b) of the Act;

• The following provision is not in force.

  (i) a notice of decision issued under subsection 78(4) of the Act;

• The following provision is not in force.

  (j) a notice of compliance served under section 81 of the Act;

• The following provision is not in force.

  (k) a notice of default issued under section 82 of the Act;

• The following provision is not in force.

  (l) an order made under subsection 94(1) or (4) of the Act; and

• The following provision is not in force.

  (m) any correspondence to or from the applicant or payment service provider that relates to any of the items referred to in paragraphs (a) to (l).

Marginal note:Non-disclosure by payment service provider

• The following provision is not in force.

  38 (1) Subject to subsections (2) and (3), a payment service provider must not, directly or indirectly, disclose any information referred to in section 37.

• The following provision is not in force.

  Marginal note:Exception

  (2) A payment service provider may disclose information referred to in section 37 to the following individuals and entities if it ensures that, subject to subsection (3), those individuals and entities do not further disclose the information to others:

  • The following provision is not in force.

    (a) an individual or entity with which the payment service provider is affiliated within the meaning of section 3 of the Act; and

  • The following provision is not in force.

    (b) the directors, officers, employees, auditors, securities underwriters or legal advisors of

    • (i) the payment service provider, or

    • (ii) an individual or entity referred to in paragraph (a).

• The following provision is not in force.

  Marginal note:Exception — securities laws

  (3) A payment service provider may disclose information referred to in section 37, and need not ensure its further non-disclosure, to the extent that the disclosure is required by the securities laws of any jurisdiction.

Marginal note:Use of information

• The following provision is not in force.

  39 (1) For the purpose of subsection 64(3) of the Act, the Minister, the Governor, the Bank and the Attorney General of Canada may use the information referred to in section 37 of these Regulations as evidence in any proceeding.

• The following provision is not in force.

  Marginal note:Certain Acts

  (2) For the purpose of subsection 64(4) of the Act, the payment service provider may use the information referred to in section 37 of these Regulations as evidence in any proceeding referred to in that subsection.

Marginal note:Records

40 A payment service provider must keep, in a form that is intelligible to the Bank, sufficient records to demonstrate its compliance with the Act and these Regulations and, subject to any undertaking provided for the purpose of section 42 of the Act or any condition imposed under section 43 of the Act, must retain the records until the day that is five years after the day on which the payment service provider’s current compliance with the Act and Regulations ceases to be demonstrated by the records.

Marginal note:Protective measures

41 A payment service provider must take reasonable measures, with respect to all records that it is required to keep under the Act and these Regulations, to

• The following provision is not in force.

  (a) prevent their loss or destruction;

• The following provision is not in force.

  (b) prevent their falsification;

• The following provision is not in force.

  (c) detect and correct any inaccuracies contained in them; and

• The following provision is not in force.

  (d) prevent unauthorized persons from accessing or using the information contained in them.

Marginal note:Agents, mandataries and third-party service providers

42 A payment service provider must ensure that

• The following provision is not in force.

  (a) any record that is kept by an agent or mandatary or a third-party service provider that is relevant to the payment service provider’s compliance with the Act or these Regulations is

  • (i) accessible to the payment service provider, and

  • (ii) kept and retained in accordance with section 40; and

• The following provision is not in force.

  (b) the measures referred to in section 41 are taken in respect of that record.