Canada: Bank of Canada publishes guidance for registration under the Retail Payment Activities Act

As the November 1 – 15, 2024 window for registration of payment services providers (“PSPs”) approaches, the Bank of Canada (the “Bank”) has published guidance for PSPs determining: (i) whether the supervisory regime under the Retail Payment Activities Act (the “RPAA”) will apply to them and (ii) how to prepare for it. Today, the Bank published How to complete a registration application a step by step guide. Other guidance and information can be found on this page which is updated periodically by the Bank.

We continue to monitor legislative and regulatory developments, as well as any 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 or the Regulations, please contact the author of this update or any member of our Financial Services Regulatory Group.