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Facts About Retail Services Inc. Uncovered
On April 30, 2021, the federal government introduced An Act Respecting Retail Payment Activities (brief title, Retail Payment Activities Act) (the "RPAA"). The much-anticipated RPAA is available in reaction to a consultation paper published by the Department of Finance in 2017, for a "New Retail Payments Oversight Structure" (the "2017 Consultation Paper").
The RPAA signals the government's continued willingness to control brand-new and progressively complex "retail payment activities" driven by innovative payment approaches and innovations. The RPAA will serve as the very first regulatory routine for retail payment companies in Canada. Not surprisingly, it comes in the midst of a broader regulatory reaction by a federal government concentrated on securing consumers, fostering competition and promoting development in the digital age.
GOP's proposed HEALS Act would freeze Medicare Part B premium for 2021Who will be managed? As View Details starting point, the RPAA will manage "retail payment activities" that are either: Carried out by a "payment company" ("PSP") that belongs of company in Canada, or Performed for an "end user" in Canada by a PSP that does not belong of company in Canada, however directs retail payment activities at individuals or entities that remain in Canada.
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A PSP is an entity that performs a "payment function" as a service or business activity that is not incidental to another service or business activity. The idea of what makes up "incidental" to another service will likely be the topic of argument at the margins of this legislation. Given regulatory analyses in other areas like the registration of funds transmitters as cash services organizations, the decision will likely focus on excluding companies where the payment function they facilitate is a minor part of their organization model, rather than a main component of it.
The funds payment function is merely a corollary to their real service lending to customers. What activities will be controlled? The subject of policy under the RPAA is "retail payment activity" carried out by a PSP or for an end user and defined as a "payment function that is carried out in relation to an electronic funds transfer that is made in Canadian currency or another country currency or utilizing an unit that fulfills recommended criteria".