Summer’s Over – It’s Time to Consider Your RPAA Registration

Not only has the summer flown by, but Halloween is six weeks away. That means payment service providers (PSPs) have six weeks to prepare for the November 1st opening of the two-week window for registration under the Retail Payment Activities Act (RPAA).  

Fortunately, the Bank of Canada did not take the summer off. The Bank has posted further guidance and supervisory policies, including new case scenarios and updated criteria for those determining whether the RPAA applies to their business, as well as a video overview of the process.  Here is the link to the Bank’s website for Retail payments supervision.

The Bank is also hosting a free, live webinar on the registration process on October 3rd – see here for details: Preparing for registration.

Goodmans monitors legislative and regulatory developments, including guidance from the Bank, concerning the RPAA and we are available to assist our clients in navigating the new supervisory regime. See our earlier Update, The Retail Payment Activities Act: The Countdown to Registration Has Begun, for an overview of the RPAA and key dates for PSPs. 

  

For more information, please contact the author of this Update or any member of our Financial Services Regulatory Group.