2:00 pm - 3:00 pm

Retail Payment Activities Act – Preparing for Supervision

Join us for this interactive session with the Bank of Canada about the Retail Payment Activities Act (RPAA).

New technology is enabling innovative and increasingly complex ways to perform retail payment activities. Under the RPAA, the Bank of Canada will register and supervise payment service providers (PSPs), to build confidence in the safety and reliability of their services while protecting end users from specific risks. PSPs registered with the Bank must meet requirements for mitigating operational risks, responding to incidents, and safeguarding end-user funds by September 8, 2025. Failure to comply may result in enforcement action by the Bank.

Many PSPs are seeking legal counsel about the RPAA and the Bank’s supervisory framework. The aim of this session, which includes Q&A, is to provide an introduction to the RPAA and explain the Bank’s supervisory framework, including what PSPs need to know and do, and enforcement tools and actions the Bank may take to promote compliance.

Speakers

Wendy Morgan, Director Enforcement, Bank of Canada
Roger Nasrallah, Director , Retail Payment Supervision , Legal Affairs, Bank of Canada
Annetta Ho, Director, Risk Supervision, Bank of Canada

Moderator:

Laura James, Chair/Présidente of the Business Law section