Bank of Canada to become default payments regulator

Central bank will oversee any company not already regulated under proposed law

 Imageset name DO NOT USE Original image

The Bank of Canada will regulate all payments services companies not already regulated by other agencies, under draft legislation introduced by the Canadian federal government.

The retail payments activities act is part of the government’s federal budget for 2021. Chrystia Freeland, the finance minister, introduced the budget on April 19. It is at the second reading stage in Canada’s House of Commons, and will need to pass that and a third reading, and pass the Senate, before becoming law.

If

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.