Canada: Oversight mechanism in Retail Payment Activities Act
Progress
Current status
under deliberation
30 Apr 2021 under deliberation
Scope
Implementers
Canada
Policy Area
Other operating conditions
Policy Instrument
Other operating condition, nes
Regulated Economic Activity
other service provider
Government Branch
legislature
Government Body
parliament
Implementation Level
national
Timeline of events
Introduction of Retail Payment Activities Act including new oversight
The draft Retail Payment Activities Act is first read as division 8 of the Budget Bill C-30. It gives the Bank of Canada the authority to supervise payment service providers, verify their compliance and issue guidelines on the application of the Act.
SourceEvent type
law
Action type
introduction
Government branch
legislature
Government body
parliament