Canada: The Bank of Canada Opens Consultation for Supervisory Guidelines

Published on Feb 26, 2024

The Bank of Canada continues preparations for its supervision of payment service providers (PSPs) under the Retail Payment Activities Act (RPAA). The Bank has published draft supervisory guidelines for the four key requirements PSPs will have to report on commencing September 8, 2025:

  • managing operational risks and responding to incidents
  • notification of incidents
  • safeguarding end-user funds
  • notifying the Bank of significant changes or new activity

The Bank is inviting comments from PSPs on these guidelines by May 21, 2024. The four draft guidelines and more information about the consultation process may be found here.

We monitor legislative and regulatory developments, including guidance from the Bank, concerning the RPAA and are available to assist our clients in navigating the implications of the new supervisory regime. For more information related to the RPAA, its regulations or the Bank’s guidance, please contact the author of this update or any member of our Financial Services Regulatory Group