Last updated: November 23, 2023
Get an overview of what to expect as we prepare for the implementation of the Retail Payment Activities Act.
The Retail Payment Activities Act (RPAA) establishes the legal framework for us to supervise payment service providers (PSPs), including its scope and powers. It was approved by Parliament on June 29, 2021, and is expected to come into force in stages, as described below.
Regulations to help clarify the details of the legislation to support the RPAA. Regulations, like legislation, have the force of law.
- Drafting: While the Department of Finance Canada drafted regulations, we engaged with stakeholders and provided technical expertise and advice as required.
- Approving: The Department of Finance Canada submitted the regulations to the Treasury Board—the committee of ministers that oversees the Government of Canada’s spending and operations—for approval.
- Publishing: Proposed regulations were published for public comment in Part I of the Canada Gazette.
- Reviewing and republishing: The Government of Canada reviewed comments on the proposed regulations. A final version of the regulations is published in Part II of the Canada Gazette.
Supervisory policies and guidelines
Once regulations are published in Part II of the Canada Gazette, we will start to issue supervisory policies and guidelines on specific topics related to the RPAA and the final regulations.
These documents clarify what we will do to carry out our supervisory role, including registration and enforcement activities.
In addition, we will issue guidelines on the legislation and final regulations. These will clarify the standards and practices we expect PSPs to incorporate into their business operations to meet requirements on:
- managing operational risks
- safeguarding end-user funds
- reporting on incidents
We will test our registration process and identify areas of improvement before provisions of the RPAA come into force.
Coming into force
PSPs will be required to register with us before they are subject to the requirements for operational risk management and safeguarding end-user funds.
The federal Cabinet will decide how and when each provision of the RPAA will come into force.