Publication date: December 12, 2023
Last updated: April 17, 2024
Access all supervisory policies and guidelines on registration and supervision related to the Retail Payment Activities Act and the Retail Payment Activities Regulations.
On April 17, 2024, the Bank published new supervisory policies related to:
We develop supervisory policies and guidelines to help payment service providers (PSPs) understand their obligations and how we will supervise them under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR).
- Supervisory policies are documents that clarify what we will do to carry out our supervisory role, including registration and enforcement activities.
- Supervisory guidelines are documents that clarify the standards and practices we expect PSPs to incorporate into their business operations to meet risk management requirements. We may conduct consultations on our guidelines to gather input and feedback on these supervisory expectations.
For more terminology about retail payment supervision, refer to the glossary.
Registration
Criteria for registering payment service providers
December 12, 2023
This supervisory policy helps individuals and entities determine if they are subject to the Retail Payment Activities Act and if they should register with the Bank.
To help individuals or entities assess whether they could be subject to the Retail Payment Activities Act, use our self-assessment tool.
Reporting of retail payment activity metrics at registration
February 14, 2024
This supervisory policy outlines the retail payment activity metrics that payment service providers must report at registration.
Registration application fee
December 12, 2023
This supervisory policy explains the one-time fee applicants must pay when submitting an application to register as a payment service provider with the Bank.
How to complete a registration application: A step-by-step guide
February 14, 2024
This supervisory policy aims to help applicants gather the information and documents they need to complete the application form during the initial 15-day registration phase.
Amendments to registration applications
February 14, 2024
This supervisory policy explains how applicants should proceed when making changes to the information they provided as part of their application to become a registered payment service provider.
Supervision
Record keeping
April 17, 2024
This supervisory policy outlines what records payment service providers should keep and retain to comply with their record-keeping obligations under the Retail Payment Activities Act and the Retail Payment Activities Regulations.
Prescribed supervisory information
April 17, 2024
This supervisory policy provides an explanation of the prescribed supervisory information provisions and sets out the Bank of Canada’s expectations for payments service providers’ compliance with non-disclosure requirements related to prescribed supervisory information under subsection 64(1) of the Retail Payment Activities Act and sections 37 to 38 of the Retail Payment Activities Regulations.