The final regulations to the Retail Payments Activities Act (RPAA) were released. The regulations revealed the details of a new retail payment supervisory regime for payment service providers (PSPs) operating in Canada, such as payment processors, digital wallets and card networks.
Representatives from Gowling WLG's Financial Services and Technology Team as well as special guest representatives from the Canadian payments ecosystem including Payments Canada, Fintechs Canada and Peoples Group as offered their reactions to the regulations.
Designed to protect Canadian consumers, businesses and the financial system from certain risks, the regulations include a requirement for PSPs to register with the Bank of Canada by November 16, 2024, and set out standards and procedures for managing operational risk, safeguarding end-user funds, reporting, and administering fines and penalties. This session explored practical strategies for compliance, and answer key questions, including:
- Why was the RPAA created?
- Who is affected?
- What are the requirements and obligations for registration?
- What is the timeline for compliance?
- What should businesses dealing with PSPs consider?
The Dawn of a New Era for Payment Service Providers: Navigating the Retail Payment Activities Act Regime
Please note that this webinar was presented in English only.
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