Canada: Department Of Finance Launches Review of The Payments Act

On May 25, 2018, the Department of Finance launched a public consultation aiming to review the Canadian Payments Act, which regulates the payment clearing and settlement systems operated by Payments Canada (previously named the Canadian Payments Association).

The initiative follows a review of whether the 2015 legislative amendments are in fact contributing to the achievement of the public policy goals on the domestic payment systems’ safety, soundness, efficiency and adequacy. In addition, the initiative seeks feedback on whether the governance structure of Payments Canada is conducive to meeting these goals.

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