Canadian Payments Association By-law No. 10 — RTR (SOR/2026-133)

Marginal note:Definitions

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  1 (1) The following definitions apply in this By-law.

  Act

  Act means the Canadian Payments Act. (Loi)

  Bank

  Bank means the Bank of Canada. (Banque)

  direct settlement participant

  direct settlement participant means a participant whose RTR payment obligations are cleared and settled through its settlement account. (participant direct au règlement)

  indirect settlement participant

  indirect settlement participant means a participant whose RTR payment obligations are cleared and settled through the settlement account of a settlement agent. (participant indirect au règlement)

  participant

  participant means a member whose application to participate in the RTR system has been approved under subsection 5(2). (participant)

  participant-to-participant transfer

  participant-to-participant transfer means a transfer of an amount of funds in RTR Clearing and Settlement from one direct settlement participant to another direct settlement participant who is the ultimate beneficiary of the amount. (transfert entre participants)

  payee

  payee means the person to whom the fixed amount set out in a payment message is to be paid or credited, whether or not that person is the ultimate beneficiary of the amount. (bénéficiaire)

  payment exchange

  payment exchange means an electronic system that facilitates the exchange of payment messages. (système d’échange de paiements)

  payment message

  payment message means an electronic message that sets out an RTR payment obligation and is, or is to be, exchanged in a payment exchange. (message de paiement)

  receiving participant

  receiving participant means the direct settlement participant or indirect settlement participant who, in an RTR payment message or in settlement instructions, is identified as the participant who is to receive the fixed amount set out in the RTR payment message or in those instructions. (participant destinataire)

  RTR Clearing and Settlement

  RTR Clearing and Settlement means the electronic system that is a component of the RTR system and in which RTR payment obligations are cleared and settled. (système de compensation et de règlement PTR)

  RTR Exchange

  RTR Exchange means the payment exchange that is a component of the RTR system. (système d’échange PTR)

  RTR payment message

  RTR payment message means a payment message that is, or is to be, exchanged in the RTR Exchange. (message de paiement PTR)

  RTR payment obligation

  RTR payment obligation means the obligation of a participant to pay another participant a fixed amount in RTR Clearing and Settlement. (obligation de paiement PTR)

  RTR system

  RTR system means the real-time exchange, clearing and settlement system, also known as the Real-Time Rail, that is owned and operated by the Association. (système de PTR)

  Rules

  Rules means the rules made by the Board respecting the RTR system. (règles)

  sending participant

  sending participant means a direct settlement participant or indirect settlement participant who, in an RTR payment message or in settlement instructions, is identified as the participant who is to pay the fixed amount set out in the RTR payment message or in those instructions. (participant expéditeur)

  settlement account

  settlement account means an account on the books of the Bank that a direct settlement participant has in RTR Clearing and Settlement and to which the Association makes entries respecting the clearing and settlement of RTR payment obligations. (compte de règlement)

  settlement agent

  settlement agent means a direct settlement participant who is approved under section 16 to clear and settle RTR payment obligations in RTR Clearing and Settlement on behalf of indirect settlement participants. (agent de règlement)

  settlement instructions

  settlement instructions means information that sets out the details necessary for the clearing and settlement of an RTR payment obligation in RTR Clearing and Settlement and

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    (a) is generated by a payment exchange and sets out the RTR payment obligation from a payment message; or

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    (b) is generated by RTR Clearing and Settlement for a participant-to-participant transfer and sets out the RTR payment obligation. (instructions de règlement)

  third-party exchange

  third-party exchange means a payment exchange that, under an agreement with the Association, may submit settlement instructions to RTR Clearing and Settlement. (système d’échange externe)

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  Marginal note:Reference to settlement accounts

  (2) For the purposes of paragraph 34(d), section 35, subsection 40(3) and paragraph 41(1)(a), a reference in the provision to the participant’s settlement account is to be read as a reference to the settlement account of its settlement agent if the participant is an indirect settlement participant.

Marginal note:Application

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  2 (1) This By-law applies to the exchange of RTR payment messages and the clearing and settlement of RTR payment obligations in the RTR system.

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  Marginal note:Scope

  (2) Each participant must comply with the provisions of this By-law and the Rules.

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  Marginal note:Responsibility for activities and functions

  (3) If a participant enters into an agreement with another person for the performance of an activity or function required by this By-law or the Rules, the participant remains responsible for ensuring that the activity or function is carried out as required by this By-law and the Rules.

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  Marginal note:Locals

  (4) Each participant who exchanges an RTR payment message on behalf of a local referred to in subparagraph 6(1)(a)(ii) of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System must ensure that the local complies with this By-law and the Rules as if it were a participant.

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  Marginal note:Limitation — rights, liabilities, duties and obligations

  (5) Except as otherwise expressly provided in this By-law or the Rules, nothing in this By-law or the Rules

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    (a) affects the rights and liabilities of a person at law; or

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    (b) imposes, or deems to impose, on a participant or the Association a duty, liability or obligation toward another person.

Marginal note:Association responsible for the RTR system

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  3 (1) The Association must manage, operate and maintain the RTR system and ensure that it is capable of performing all activities and functions required by this By-law and the Rules.

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  Marginal note:Association responsible for service providers

  (2) If the Association enters into an agreement with another person for the maintenance of the RTR system or for the performance of an activity or function required by this By-law or the Rules, the Association remains responsible for ensuring that the RTR system is capable of performing all activities and functions as required by this By-law and the Rules.

Marginal note:Association and Bank

4 Neither the Association nor the Bank, including their respective directors, officers and employees, is liable for any loss or damage suffered by a member as a result of anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that are intended or authorized to be executed or performed under this By-law or the Rules.

Marginal note:Application

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  5 (1) A member may, in the form and manner set out in the Rules, make an application to the President to participate in the RTR system as a direct settlement participant or as an indirect settlement participant.

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  Marginal note:Approval criteria

  (2) The President must approve the application if the member demonstrates that

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    (a) in the case of an application made by the Bank to participate as a direct settlement participant, it has established a settlement account;

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    (b) in the case of an application made by a member other than the Bank to participate as a direct settlement participant, it has established a settlement account and entered into agreements with the Bank in respect of that account;

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    (c) in the case of an application to participate as an indirect settlement participant, it has retained at least one settlement agent to act on its behalf;

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    (d) it has met the technical, operational, security, settlement account funding and testing requirements set out in the Rules; and

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    (e) it has paid the applicable fees set out in the by-laws and the Rules.

Marginal note:Participation — direct settlement participant

6 A direct settlement participant who is not subject to a suspension under any of sections 9 to 11 may

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  (a) subject to section 8, send RTR payment messages;

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  (b) direct RTR Clearing and Settlement to generate settlement instructions for a participant-to-participant transfer; and

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  (c) clear and settle RTR payment obligations in RTR Clearing and Settlement through its settlement account.

Marginal note:Participation — indirect settlement participant

7 An indirect settlement participant who is not subject to a suspension under any of sections 9 to 11 may

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  (a) subject to section 8, send RTR payment messages; and

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  (b) clear and settle RTR payment obligations in RTR Clearing and Settlement through the settlement account of a settlement agent it has designated under section 22.

Marginal note:Tests before first RTR payment message

8 Before sending its first RTR payment message, a participant must, by successfully completing the system tests set out in the Rules, demonstrate its ability to send RTR payment messages.

Marginal note:Suspension — access to settlement account

9 The President must suspend a direct settlement participant’s permission to participate in the RTR system if the Bank notifies the President that the participant no longer has access to its settlement account.

Marginal note:Suspension — other

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  10 (1) The President may suspend a participant’s permission to participate in the RTR system if

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    (a) in the case of an indirect settlement participant, it does not have a designated settlement agent who may act on its behalf;

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    (b) it no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules; or

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    (c) it fails to pay an applicable fee set out in a by-law or the Rules.

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  Marginal note:Prior notice to Bank

  (2) Before making a suspension, the President must provide the Bank with notice of the intention to make the suspension.

Marginal note:Suspension — exceptional circumstances

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  11 (1) If an agent of His Majesty in right of Canada, an agent or mandatary of His Majesty in right of a province, a regulator or a supervisory body takes control of a participant or any of its assets or makes a declaration that a participant is considered to be no longer viable or that a participant is unable to meet its liabilities as they become due, the President may, after being advised of such an action having been taken or such a declaration having been made and with the concurrence of the Minister and the Governor of the Bank, suspend the participant’s permission to participate in the RTR system if its further participation could adversely affect the efficiency, safety or soundness of the RTR system.

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  Marginal note:Reinstatement

  (2) The President may reinstate the participant’s permission to participate in the RTR system if, with the concurrence of the Minister and the Governor of the Bank, the President determines that the participant’s further participation in the RTR system will not adversely affect the efficiency, safety or soundness of the RTR system.

Marginal note:Notice to participants

12 After making a suspension under any of sections 9 to 11, the President must

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  (a) without delay, notify the participant that its permission to participate in the RTR system is suspended; and

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  (b) as soon as feasible, notify all other participants of the suspension.

Marginal note:Revocation by Board

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  13 (1) The Board may revoke a member’s approval to be a participant in the RTR system if

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    (a) in the case of a direct settlement participant, the member no longer has access to its settlement account;

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    (b) in the case of an indirect settlement participant, the member does not have a designated settlement agent who may act on its behalf; or

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    (c) the member no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules.

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  Marginal note:Prior notice to Bank

  (2) Before making a revocation, the Board must provide the Bank with notice of the intention to make the revocation.

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  Marginal note:Notice by President

  (3) After the Board makes a revocation, the President must

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    (a) without delay, notify the member of the revocation; and

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    (b) as soon as feasible, notify all participants of the revocation.

Marginal note:Application

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  14 (1) A participant whose permission to participate in the RTR system is suspended under section 9 or 10 or a member whose approval to be a participant in the RTR system is revoked under section 13 may, in the form and manner set out in the Rules, make an application to the President to have that permission or approval reinstated.

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  Marginal note:Reinstatement

  (2) The President must reinstate the permission or approval if the application demonstrates that the circumstances giving rise to the suspension or revocation no longer exist.

Marginal note:Notice of withdrawal

15 A participant may cease to be a participant in the RTR system by providing a notice of withdrawal to the President in the form and manner set out in the Rules.

Marginal note:Application

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  16 (1) A direct settlement participant who is not subject to a suspension under any of sections 9 to 11 may, in the form and manner set out in the Rules, make an application to the President for approval to clear and settle RTR payment obligations in RTR Clearing and Settlement on behalf of indirect settlement participants.

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  Marginal note:Approval criteria

  (2) The President must approve the application if the direct settlement participant demonstrates that

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    (a) it has established a settlement account for use in relation to its activities as a settlement agent and, if the participant is other than the Bank, has entered into agreements with the Bank in respect of that account;

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    (b) it has met the technical, operational, security, settlement account funding and testing requirements set out in the Rules that are applicable to settlement agents; and

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    (c) it has paid the fees applicable to settlement agents set out in the by-laws and the Rules.

Marginal note:Suspension — access to settlement account

17 The President must suspend an approval provided under section 16 if the Bank notifies the President that the direct settlement participant no longer has access to the settlement account referred to in paragraph 16(2)(a).

Marginal note:Suspension — other

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  18 (1) The President may suspend an approval provided under section 16 if the direct settlement participant

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    (a) no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules that are applicable to settlement agents; or

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    (b) fails to pay a fee that is applicable to settlement agents set out in a by-law or the Rules.

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  Marginal note:Prior notice to Bank

  (2) Before making a suspension, the President must provide the Bank with notice of the intention to make the suspension.

Marginal note:Notice to participants

19 After making a suspension under section 17 or 18, the President must

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  (a) without delay, notify the direct settlement participant that its approval under section 16 is suspended; and

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  (b) as soon as feasible, notify all other participants of the suspension.

Marginal note:Revocation by Board

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  20 (1) The Board may revoke an approval provided under section 16 if the direct settlement participant

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    (a) no longer has access to the settlement account used in relation to its activities as a settlement agent;

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    (b) no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules that are applicable to settlement agents; or

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    (c) fails to pay a fee that is applicable to settlement agents set out in a by-law or the Rules.

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  Marginal note:Prior notice to Bank

  (2) Before making a revocation, the Board must provide the Bank with notice of the intention to make the revocation.

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  Marginal note:Notice by President

  (3) After the Board makes a revocation, the President must

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    (a) without delay, notify the direct settlement participant that its approval under section 16 is revoked; and

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    (b) as soon as feasible, notify all participants of the revocation.

Marginal note:Application

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  21 (1) A direct settlement participant whose approval under section 16 is suspended under section 17 or 18 or revoked under section 20 may, in the form and manner set out in the Rules, make an application to the President to have that approval reinstated.

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  Marginal note:Reinstatement

  (2) The President must reinstate the approval if the application demonstrates that the circumstances giving rise to the suspension or revocation no longer exist.

Marginal note:Designation of settlement agents

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  22 (1) Subject to subsection (6), an indirect settlement participant must, in accordance with the Rules, designate

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    (a) for the RTR Exchange, one settlement agent to act on its behalf in respect of RTR payment obligations set out in RTR payment messages; and

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    (b) for each third-party exchange in which it exchanges payment messages, one settlement agent to act on its behalf in respect of RTR payment obligations set out in those payment messages.

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  Marginal note:Multiple designations

  (2) A settlement agent may be designated in respect of more than one payment exchange referred to in subsection (1).

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  Marginal note:Identification of payment exchange

  (3) The designation must identify each payment exchange in respect of which it is made.

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  Marginal note:Prior notice

  (4) A settlement agent must, for each payment exchange in respect of which the designation is made, provide written notice to the Association, in the form and manner set out in the Rules, before acting for the first time on behalf of the indirect settlement participant in respect of the payment exchange.

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  Marginal note:New designation required

  (5) The indirect settlement participant must designate a new settlement agent for a payment exchange if

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    (a) the current settlement agent for the payment exchange has its designation terminated under section 24 or notice to terminate that designation is provided under subsection 25(1); and

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    (b) the designation is for the RTR Exchange or a third-party exchange in which the indirect settlement participant intends to continue to exchange payment messages.

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  Marginal note:Termination under section 25

  (6) In the case where notice to terminate the current settlement agent’s designation is provided under subsection 25(1) and a new settlement agent must be designated in accordance with subsection (5), designation of the new settlement agent must be made before the day on which the current settlement agent’s designation is terminated.

Marginal note:Identified payment exchanges

23 A settlement agent may only act on behalf of an indirect settlement participant in relation to a payment exchange identified by the indirect settlement participant in its designation made under section 22.

Marginal note:Termination

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  24 (1) All designations made under section 22 in respect of a settlement agent are terminated if the settlement agent is, in its capacity as a direct settlement participant or a settlement agent, subject to

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    (a) a suspension under any of sections 9 to 11, 17 or 18; or

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    (b) a revocation under section 13 or 20.

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  Marginal note:When termination occurs

  (2) The designations are terminated at the time at which the suspension or revocation is made.

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  Marginal note:Settlement agent — effect of termination

  (3) A settlement agent must not act on behalf of an indirect settlement participant after its designations are terminated under this section.

Marginal note:Termination

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  25 (1) An indirect settlement participant or settlement agent who wishes to terminate a designation made under section 22 must, in accordance with the Rules, provide written notice that the designation is to be terminated to the Association and the indirect settlement participant or settlement agent, as the case may be.

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  Marginal note:When termination occurs

  (2) The designation is terminated on the earlier of

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    (a) the day on which the notice period specified in the Rules ends; and

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    (b) one of the following days, as applicable:

    • (i) in the case where a new settlement agent is designated under section 22, the day on which the new settlement agent begins to act on behalf of the indirect settlement participant,

    • (ii) in any other case, the day agreed to by the indirect settlement participant and the current settlement agent.

Marginal note:Settlement agent must continue to act

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  26 (1) Subject to subsections (2) and (3), a settlement agent must continue to act on behalf of the indirect settlement participant until the day on which its designation is terminated under section 25.

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  Marginal note:Exceptions

  (2) Subject to subsection 39.15(3.1) of the Canada Deposit Insurance Corporation Act, a settlement agent may immediately cease to act on behalf of an indirect settlement participant if

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    (a) the settlement agent reasonably believes that the indirect settlement participant poses a legal, financial or operational risk to the settlement agent; or

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    (b) the indirect settlement participant has breached a substantial term of an agreement entered into with the settlement agent for the purposes of clearing and settlement.

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  Marginal note:Exception

  (3) A settlement agent must immediately cease to act on behalf of an indirect settlement participant during any period of time that the indirect settlement participant is subject to a suspension under any of sections 9 to 11 or to a revocation under section 13.

Marginal note:Payment items

27 For the purpose of the definition payment item in subsection 2(1) of the Act, the classes of payment items are the following:

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  (a) RTR payment messages;

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  (b) settlement instructions generated by RTR Clearing and Settlement for participant-to-participant transfers; and

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  (c) settlement instructions submitted to RTR Clearing and Settlement by a third-party exchange for payment messages exchanged in the exchange.

Marginal note:Settlement accounts

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  28 (1) The Association must operate, on behalf of the Bank, one settlement account in RTR Clearing and Settlement for each direct settlement participant.

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  Marginal note:Procedures

  (2) Each settlement account must be operated in accordance with the procedures set out in the Rules.

Marginal note:Sending RTR payment messages

29 A participant may send RTR payment messages only in the form and manner set out in the Rules.

Marginal note:Irrevocable

30 An RTR payment message cannot be amended or revoked after it is sent to the RTR Exchange.

Marginal note:Acceptance by RTR Exchange

31 The RTR Exchange must accept an RTR payment message if

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  (a) the message is sent to the exchange in accordance with the Rules;

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  (b) the message is not a duplicate of any other message and does not contain an error specified in the Rules;

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  (c) the amount necessary to settle the RTR payment obligation set out in the message does not exceed the “RTR Exchange value limit” as defined in the Rules; and

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  (d) neither the sending participant nor the receiving participant is subject to a suspension under any of sections 9 to 11 or to a direction made under paragraph 48(b).

Marginal note:Actions required after acceptance

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  32 (1) Immediately after accepting an RTR payment message, the RTR Exchange must

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    (a) on the basis of the RTR payment message, generate settlement instructions and submit them to RTR Clearing and Settlement; and

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    (b) send the RTR payment message to the receiving participant.

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  Marginal note:Ability to receive RTR payment message

  (2) Except in the circumstances specified in the Rules, a participant must always be able to receive a RTR payment message referred to in paragraph (1)(b).

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  Marginal note:Notice to RTR Exchange

  (3) Immediately after receiving the RTR payment message referred to in paragraph (1)(b), the receiving participant must, in accordance with the Rules, send the RTR Exchange a notice indicating whether or not it accepts the payment set out in the message.

Marginal note:Irrevocable

33 Settlement instructions are irrevocable once they are generated by or submitted to RTR Clearing and Settlement.

Marginal note:Acceptance for clearing and settlement

34 Settlement instructions that are submitted to RTR Clearing and Settlement by a payment exchange must be accepted for clearing and settlement if

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  (a) the instructions are submitted in accordance with the Rules;

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  (b) the instructions are not a duplicate of any other instructions and do not contain an error specified in the Rules;

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  (c) the amount necessary to clear and settle the RTR payment obligation set out in the instructions does not exceed the “RTR clearing and settlement value limit” as defined in the Rules;

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  (d) the amount of funds available in the sending participant’s settlement account to settle RTR payment obligations is not less than the amount necessary to clear and settle the RTR payment obligation set out in the instructions;

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  (e) in the case where the sending participant is an indirect settlement participant, clearing and settlement of the RTR payment obligation set out in the instructions would not cause the participant to fall below its “net debit cap” as defined in the Rules; and

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  (f) neither the sending participant nor the receiving participant or their respective settlement agents, if any, are subject to a suspension under any of sections 9 to 11, 17 or 18 or to a direction made under paragraph 48(b).

Marginal note:Reservation of funds

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  35 (1) Immediately after RTR Clearing and Settlement accepts settlement instructions for clearing and settlement, the Association must reserve, in the sending participant’s settlement account, an amount of funds that is equal to the amount necessary to clear and settle the RTR payment obligation if the settlement instructions contain an instruction to reserve the funds.

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  Marginal note:Entries

  (2) For the purpose of subsection (1), the amount is reserved in the sending participant’s settlement account when the Association makes the entries to the account required by the Rules.

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  Marginal note:Use of reserved funds

  (3) Subject to subsection 40(2), funds that are reserved under subsection (1) must only be used to settle the RTR payment obligation, regardless of any claim or interest in — or, in Quebec, any right to — those funds that any person other than the sending participant may have.

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  Marginal note:Notice to payment exchange

  (4) RTR Clearing and Settlement must send to the payment exchange that submitted the settlement instructions a notice indicating whether or not the funds have been reserved.

Marginal note:Payment outcome report

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  36 (1) The RTR Exchange must, in accordance with the Rules, send the sending participant and the receiving participant a payment outcome report that indicates whether or not the RTR payment obligation will be settled.

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  Marginal note:Positive payment outcome report

  (2) If the following conditions are met, the payment outcome report must indicate that the RTR payment obligation will be settled:

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    (a) the RTR Exchange has received, within the time limit set out in the Rules, a notice under subsection 32(3) indicating that the receiving participant will accept the payment; and

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    (b) the RTR Exchange has, within the time limit set out in the Rules, received a notice under subsection 35(4) indicating that the funds have been reserved.

Marginal note:Direction to implement

37 The RTR Exchange must submit a direction to RTR Clearing and Settlement to implement the settlement instructions if the conditions referred to in subsection 36(2) are met.

Marginal note:Direction

38 A direct settlement participant who seeks to effect a participant-to-participant transfer must submit, in accordance with the Rules, a direction to RTR Clearing and Settlement to effect the transfer.

Marginal note:Settlement instructions

39 RTR Clearing and Settlement must generate the settlement instructions for the participant-to-participant transfer directed under section 38 if the direction is submitted in accordance with the Rules.

Marginal note:Settlement required

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  40 (1) The Association must settle an RTR payment obligation if the associated settlement instructions were

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    (a) generated by RTR Clearing and Settlement for a participant-to-participant transfer and

    • (i) the amount of funds available in the sending participant’s settlement account to settle RTR payment obligations is not less than the amount necessary to clear and settle the RTR payment obligation, and

    • (ii) neither the sending participant nor the receiving participant is subject to a suspension under any of sections 9 to 11 or a to direction made under paragraph 48(b);

  • The following provision is not in force.

    (b) generated by the RTR Exchange and a direction to implement them was submitted to RTR Clearing and Settlement in accordance with section 37; or

  • The following provision is not in force.

    (c) generated by a third-party exchange and

    • (i) the instructions were accepted for clearing and settlement under section 34, and

    • (ii) if the instructions contained an instruction to reserve an amount of funds, the funds were reserved under section 35 and a direction to implement the instructions was submitted to RTR Clearing and Settlement by the third-party exchange.

• The following provision is not in force.

  Marginal note:Release of reserved funds

  (2) If the Association is not required to settle the RTR payment obligation under subsection (1), it must release all funds that have been reserved in respect of that payment obligation under section 35.

• The following provision is not in force.

  Marginal note:Entries

  (3) For the purpose of subsection (2), the amount is released in the sending participant’s settlement account when the Association makes the entries to the account required by the Rules.

Marginal note:Settlement effected

• The following provision is not in force.

  41 (1) For the purpose of this By-law, an RTR payment obligation is settled in RTR Clearing and Settlement when the Association

  • The following provision is not in force.

    (a) transfers an amount equal to the amount of the RTR payment obligation from the sending participant’s settlement account to the receiving participant’s settlement account; and

  • The following provision is not in force.

    (b) makes the corresponding entries to those accounts in accordance with the procedures set out in the Rules.

• The following provision is not in force.

  Marginal note:Final and irrevocable

  (2) A transfer that is made in accordance with subsection (1) is final and irrevocable.

• The following provision is not in force.

  Marginal note:Notice of settlement

  (3) If the settlement instructions associated with the RTR payment obligation were generated by the RTR exchange, the Association must, immediately after the obligation is settled, send the sending participant and the receiving participant a notice of settlement.

Marginal note:Scope

42 Sections 43 to 47 apply in respect of the payment of an amount to a payee as a result of the settlement of a RTR payment obligation that was set out in an RTR payment message.

Marginal note:Payment

• The following provision is not in force.

  43 (1) Subject to section 45, the receiving participant must, within the time limit set out in the Rules, make the amount of the payment available to the payee.

• The following provision is not in force.

  Marginal note:Making payment available to payee

  (2) The amount of a payment is made available to a payee when the earliest of the following actions is taken:

  • The following provision is not in force.

    (a) the receiving participant credits the amount to an account of the payee;

  • The following provision is not in force.

    (b) the receiving participant lawfully applies the amount against a debt of the payee; and

  • The following provision is not in force.

    (c) the receiving participant otherwise makes the amount of the payment accessible to the payee.

• The following provision is not in force.

  Marginal note:Final and irrevocable

  (3) Except in the circumstances specified in the Rules, a payment made under subsection (1) is final and irrevocable.

Marginal note:Payee identifier

• The following provision is not in force.

  44 (1) A receiving participant who receives a payment message in the RTR Exchange that identifies the payee both by name and an account number or other identifier specified in the Rules may rely on that account number or other identifier for the purpose of making the amount of the payment available to the payee.

• The following provision is not in force.

  Marginal note:Reliance on payee identifier

  (2) A receiving participant who relies on an account number or other identifier for the purpose of making the amount of the payment available to the payee is deemed to have complied with section 43.

Marginal note:Exceptional circumstances

45 If any of the following exceptional circumstances exist, the receiving participant must comply with the procedures set out in the Rules for those circumstances instead of making the amount of the payment available to the payee:

• The following provision is not in force.

  (a) the payment message received by the receiving participant contains an error or omission specified in the Rules;

• The following provision is not in force.

  (b) the amount of the payment to be made available must be converted into a currency other than Canadian dollars;

• The following provision is not in force.

  (c) the receiving participant has reasonable grounds to believe that the payment message contains “malicious content” or “harmful content” as defined in the Rules;

• The following provision is not in force.

  (d) the receiving participant cannot make the amount of the payment available due to circumstances beyond its control;

• The following provision is not in force.

  (e) the receiving participant cannot make the amount of the payment available because of a restriction it has imposed on the payee or the account to which the payment is to be credited;

• The following provision is not in force.

  (f) in order to comply with a law or an order of a court, the receiving participant cannot make the amount of the payment available to the payee; or

• The following provision is not in force.

  (g) the receiving participant agrees to the payee’s request that the amount of the payment not be made available to them.

Marginal note:Obligations to payee

46 The obligations of a receiving participant under sections 43 and 45 are to the payee and no obligation is owed by the receiving participant to the sending participant or any other person solely because of any of those sections.

Marginal note:Requirements not limited

47 The requirements set out in sections 43 and 45 must not be limited by the Rules or any agreement.

Marginal note:Emergency condition

48 If communications between the RTR system and a participant are interrupted, the ability of the RTR system to receive, send or otherwise process payment messages or to clear and settle RTR payment obligations is impaired, the safe and efficient operation of the RTR system is placed into question or any other emergency affects its operations, the President may, with prior notice to the Bank and in accordance with the procedures set out in the Rules,

• The following provision is not in force.

  (a) direct that, for a specified period of time, settlement instructions from a third-party exchange must not be accepted by RTR Clearing and Settlement;

• The following provision is not in force.

  (b) direct that, for a specified period of time, participants must not

  • (i) send RTR payment messages to the RTR Exchange,

  • (ii) submit settlement instructions to RTR Clearing and Settlement, or

  • (iii) submit directions to RTR Clearing and Settlement to effect participant-to-participant transfers; or

• The following provision is not in force.

  (c) direct the Association or a participant to take any other action necessary to ensure

  • (i) the safe and efficient operation of the RTR system, or

  • (ii) the continued processing of payment messages or clearance and settlement of RTR payment obligations.

49 [Amendments]

50 [Amendments]

51 [Amendments]