Global fintech and funding innovation ecosystem

Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA)

Bank of Canada | Feb 11, 2023

Unsplash Christiann Koepke Payment - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)

Image: Unsplash/Christiann Koepke

The Department of Finance Canada’s proposed regulations on the Retail Payment Activities Act (RPAA) have been published for public comment in Part I in the Canada Gazette.

  • The public comment period is an important step in the regulatory process. You have until March 28, 2023, to comment on the regulations that will help clarify and support the RPAA. The Department of Finance Canada will consider your comments. This is your opportunity to provide feedback that could help shape the future of payments in Canada. Like the legislation, the regulations will have the force of law.
  • You can review the proposed regulations and follow the instructions outlined on the Canada Gazette website to provide your feedback directly to the government.
    • Final regulations will be published in Part II of the Canada Gazette. We will provide updates in this newsletter as they become available.
  • Get prepared for compliance:  Our supervisory framework explains how we will supervise entities and individuals who are subject to the RPAA.  Learn about our three pillars of supervision: registration, risk monitoring, and enforcement

See:  BoC: New Retail Payment Regulations Coming –> Fintechs Need To Get Ready…

  • Approx impact to Small businesses: 
    • It is estimated that approximately 2 500 businesses would be impacted by this proposal, with 96.4% being small businesses.
    • It is estimated that the total incremental administrative and compliance costs imposed on small businesses would be $4,630,002 (PV) over 10 years, which is equivalent to $1,931 (PV) per small business impacted.
    • Note that costs for each PSP are assumed to reflect their payment values in comparison to the industry as a whole. For example, a PSP with double the payment values would have double the administrative and compliance costs.

Review the proposed payment regulations and submit your feedback --> here


NCFA Jan 2018 resize - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)FF Logo 400 v3 - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)community social impact - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Regulatory Consultation (Feedback by March 28, 2023):  Retail Payment Activities Act (RPAA)




 

Leave a Reply

Your email address will not be published. Required fields are marked *

nineteen − 1 =