GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 34.1
Calculation of necessary collateral 34.1 (1) The Association shall calculate, in accordance with the rules, the required amount of the ACSS collateral pool and the amount of each direct clearer and group clearer’s collateral pool pledge. The Association shall periodically recalculate these amounts, in accordance with the rules. Pledging collateral (2) Each direct clearer and group clearer shall pledge collateral to the Bank of Canada, in an amount determined by the Association in accordance with the rules, within the time and in the manner set out in the rules. If the amount of the collateral pool pledge increases as a result of a recalculation under subsection (1), the direct clearer or group clearer shall pledge the recalculated amount, within the time and in the manner set out in the rules. Valuation by Bank of Canada (3) Any collateral pledged by a direct clearer or group clearer for ACSS purposes is subject to valuation by the Bank of Canada at the time the pledge is made. Insufficient collateral (4) If, on valuation of the collateral by the Bank of Canada, the value assigned by the Bank of Canada to the collateral pledged is less than the amount that is required to be pledged, the direct clearer or group clearer shall pledge additional collateral. Exceeding collateral requirement (5) If the value of the direct clearer or group clearer’s collateral pledge exceeds the amount that is required to be pledged, the direct clearer or group clearer shall, on request for a release made to the Bank of Canada, obtain a release of the excess collateral from the pledge. SOR/2018-16, s. 3
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 34.2
Restricted purpose 34.2 A direct clearer or group clearer shall not use the collateral pledged under subsection 34.1(2) for any purpose other than securing an advance from the Bank of Canada to enable settlement under section 50. SOR/2018-16, s. 3
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 35
Representation of indirect clearers 35 An indirect clearer shall designate at least one clearing agent. However, for those payment items specified in the rules, an indirect clearer shall be represented at every regional exchange point by the same clearing agent.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 36
Amalgamations 36 (1) If two members amalgamate, for a period of one year following the amalgamation, (a) payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by the member that ceases to exist, may continue to be exchanged; and (b) in the case of an indirect clearer that ceases to exist, it may be represented at a regional exchange point, despite section 35, by more than one clearing agent for the payment items specified in the rules. Extension of period (2) The President may extend the one-year period if it is necessary for the proper conduct of the business of the amalgamating members. SOR/2010-43, s. 62
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 37
Notice 37 (1) Subject to section 41, a clearing agent shall give at least 30 days’ notice to the President prior to acting as clearing agent for an indirect clearer. Obligation of President (2) The President shall inform the direct clearers and group clearers of the notice in accordance with the rules. SOR/2010-43, s. 63
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 38
30 days notice 38 (1) A clearing agent shall give at least 30 days’ notice to an indirect clearer and to the President prior to ceasing to act as clearing agent for the indirect clearer. Obligation of President (2) The President shall inform the direct clearers and group clearers of the notice in accordance with the rules. Exception (3) Despite subsection (1), the clearing agent shall not cease acting for an indirect clearer if another clearing agent is designated to act for the indirect clearer until the other clearing agent has started acting for the indirect clearer. Status revoked (4) Despite subsections (1) and (3), a clearing agent shall cease to act without delay if its status is revoked. SOR/2010-43, s. 64
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 39
Exception — ceasing to act immediately 39 (1) Subject to subsection 39.15(3.1) of the Canada Deposit Insurance Corporation Act , a clearing agent may, despite subsections 38(1) and (3), immediately cease to act for an indirect clearer if (a) the clearing agent reasonably believes that the indirect clearer poses a legal, financial or operational risk to the clearing agent; or (b) the indirect clearer has breached a substantial term of an agreement entered into with the clearing agent for the purposes of clearing and settlement. Notification to other clearing agents (2) The clearing agent shall give notice, before the time set out in the rules and at least one hour prior to ceasing to act, to the other clearing agents acting for the indirect clearer. The other clearing agents may unanimously waive the notice or abridge the time for the notice. Notification to indirect clearers and group clearers (3) The clearing agent shall, immediately on ceasing to act, (a) give written notice to the indirect clearer of its decision to immediately cease to act for the indirect clearer; and (b) give notice of its decision to the President, to its other indirect clearers and to the other clearing agents acting for the indirect clearer and, in so far as is practicable, give notice of its decision to the other direct clearers and group clearers. Notice by the President (4) The President shall give notice to every other direct clearer and group clearer of the clearing agent’s decision to immediately cease to act for the indirect clearer. Notice by direct clearers and group clearers (5) Every other direct clearer or group clearer shall immediately notify every indirect clearer for which it acts as clearing agent or every entity belonging to the group for which it acts as group clearer, as the case may be, of that decision. SOR/2010-43, s. 65; SOR/2015-185, s. 24 SOR/2020-167, s. 7
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 40
Obligation to accept payment items 40 A clearing agent that ceases to act for an indirect clearer shall accept payment items, including those not giving rise to clearing through the ACSS, that are drawn on or payable by the indirect clearer and either effect clearing and settlement or make entries into the ACSS until the final exchange on the business day on which the clearing agent ceases to act.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 41
Designation of new clearing agent 41 (1) An indirect clearer may, immediately on receiving the notice referred to in subsection 38(1) or 39(3), designate a new clearing agent from among the direct clearers and group clearers appointed by the Board to act as clearing agent. When designation takes effect (2) The designation takes effect at the time agreed on by the indirect clearer and the new clearing agent.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 42
Duty to cooperate 42 The former and the new clearing agent shall cooperate to ensure an orderly change in representation.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 43
Notice 43 A group clearer shall, at least 30 days prior to its effective date, give notice to the President of its decision to cease acting as a group clearer for an entity belonging to the group or of the withdrawal of an entity from the group for which it acts as a group clearer. SOR/2010-43, s. 66
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 43.1
Exception — immediately ceasing to act 43.1 (1) Despite section 43, a group clearer may immediately cease to act for an entity belonging to the group if (a) the group clearer reasonably believes that the entity poses a legal, financial or operational risk to the group clearer; or (b) the entity has breached a substantial term of an agreement entered into with the group clearer for the purposes of clearing and settlement. Notice (2) The group clearer shall, immediately on ceasing to act, (a) give written notice to the entity of its decision to immediately cease to act for that entity; (b) give notice of its decision to the President; (c) give notice of its decision to the other entities belonging to the group for which it is a group clearer or to every indirect clearer for which it acts as clearing agent, as the case may be; and (d) in so far as is practicable, to give notice of its decision to the direct clearers and other group clearers. Notice by the President (3) The President shall give notice to the direct clearers and other group clearers of the group clearer’s decision to immediately cease to act for the entity. Notice by direct clearers and group clearers (4) The direct clearers and other group clearers shall immediately notify every indirect clearer for which they act as a clearing agent or every entity belonging to the group for which they act as a group clearer of that decision. SOR/2012-161, s. 10; SOR/2015-185, s. 25
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 44
Obligation to accept payment items 44 The group clearer shall accept payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by an entity for which it is ceasing to act or an entity that withdraws from the group for which it acts as group clearer and either effect clearing and settlement or make entries into the ACSS until the final exchange on the business day on which the group clearer ceases to act or on which the entity withdraws.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 45
Reception of payment items 45 (1) A direct clearer, group clearer and clearing agent shall receive payment items at every regional exchange point. Use of representative (2) A direct clearer, group clearer, clearing agent or the Bank of Canada may exchange payment items through a direct clearer or group clearer, acting on its behalf. Responsibility (3) The direct clearer, group clearer or clearing agent or the Bank of Canada shall remain responsible to ensure that the payment items are exchanged in accordance with the by-laws and the rules.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 46
Suspension of exchanges 46 (1) If it becomes impractical to exchange any class of payment items at a particular regional exchange point on a given day, the President may, after consulting the direct clearers, group clearers and the Bank of Canada, suspend the exchange of the class of payment items or of all payment items for the regional exchange point for the current ACSS cycle. Measures (2) Immediately on suspension, the President shall, after consulting the direct clearers, group clearers and the Bank of Canada, take any measures that are necessary in the circumstances. Notification of measures taken (3) The President shall notify the direct clearers, group clearers and the Bank of Canada of the measures taken. SOR/2010-43, s. 67
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 47
Entries 47 (1) Direct clearers, group clearers, clearing agents and the Bank of Canada shall make entries into the ACSS, in accordance with the rules, for the purpose of clearing. Manual clearing (2) In case of a national failure of the ACSS within the meaning of the rules, direct clearers, group clearers, clearing agents and the Bank of Canada shall effect manual clearing in accordance with the rules.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 48
Establishment of clearing balances 48 The Association shall ensure that clearing is effected by the ACSS and clearing balances are made available to the Bank of Canada.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 49
Errors in clearing balances 49 Direct clearers, group clearers and the Bank of Canada shall correct errors in their clearing balances prior to the final adjustment time and in accordance with the rules.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 50
Settlement 50 (1) Subject to subsection (2), once the clearing balances have been established by the ACSS and corrected, if necessary, the Bank of Canada shall effect settlement by making the appropriate debit or credit entry into each direct clearer’s or group clearer’s settlement account. Default (2) In the case of a default by a direct clearer or group clearer under paragraph 53(1)(a), the Bank of Canada shall only effect settlement once the contributions by the other direct clearers, group clearers or the Bank of Canada have been made under subsection 57(2) or 57.01(2). SOR/2018-16, s. 4
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 51
Notification of settlement 51 The Bank of Canada shall notify a direct clearer or group clearer on settlement.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 52
Settlement is final 52 Settlement at the Bank of Canada is final and shall not be reversed under any circumstances.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 53
Default of direct clearer or group clearer 53 (1) A direct clearer or group clearer is in default for the purposes of this By-law if (a) its settlement account at the Bank of Canada has a shortfall that would preclude settlement and it does not obtain an advance from the Bank of Canada sufficient for that settlement; or (b) it is not able to meet its collateral pool pledge requirement as established by section 34.1. Notice (2) The Bank of Canada shall immediately notify the President of a default and, in the case of a default under paragraph (1)(a), of the amount of the shortfall. The President shall then notify all other direct clearers and group clearers of the default. SOR/2010-43, s. 68; SOR/2018-16, s. 5
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 57
Allocation of shortfall 57 (1) Subject to subsection (3), upon receiving notice from the Bank of Canada of a default by a direct clearer or group clearer under paragraph 53(1)(a) and of the amount of the shortfall, the Association shall allocate the shortfall between the direct clearers and group clearers that are not in default by calculating, in accordance with the rules, the default contribution to be made by each of them. Default contribution (2) The direct clearers and group clearers that are not in default shall make a default contribution to the settlement account of the direct clearer or group clearer in default in the amount determined under subsection (1) within the time and in the manner specified by the rules. Limit of contribution (3) The total amount of default contributions under subsection (2) from the direct clearers and group clearers that are not in default shall not exceed the amount of the ACSS collateral pool calculated in subsection 34.1(1), less the amount pledged as collateral by the defaulting direct clearer or group clearer. SOR/2010-43, s. 69(F); SOR/2012-161, s. 12; SOR/2018-16, s. 6
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 57.01
Calculation of additional contribution 57.01 (1) In the event that the default contributions made under section 57 are not sufficient to enable the Bank of Canada to effect settlement, the Association shall calculate, in accordance with the rules, an additional contribution to be made by direct clearers and group clearers that are not in default and by the Bank of Canada to effect settlement. Additional contribution (2) The direct clearers and group clearers that are not in default and the Bank of Canada shall make the additional contribution, in the amount determined under subsection (1), to the account of the direct clearer or group clearer in default within the time and in the manner specified in the rules. SOR/2018-16, s. 6
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 57.02
Reimbursement with interest 57.02 A direct clearer or group clearer shall reimburse each direct clearer, group clearer, or the Bank of Canada for any amount received as a contribution under subsection 57(2) or 57.01(2), plus interest at the rate specified in the rules, and those amounts constitute a debt that survives irrespective of the status of the defaulting direct clearer or group clearer. SOR/2018-16, s. 6
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 57.1
Prohibition — entries into ACSS 57.1 A direct clearer or group clearer that is in default shall not make entries into the ACSS unless the direct clearer or group clearer or its assets are under the control or ownership of a federal or provincial regulator or supervisory body or any agent of Her Majesty in right of Canada or agent or mandatary of Her Majesty in right of a province. SOR/2016-284, s. 1
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 58
Default of indirect clearer 58 An indirect clearer is in default in respect of its clearing agent for the purposes of this By-law if (a) the settlement account of the indirect clearer with its clearing agent has a shortfall that would preclude settlement; and (b) the indirect clearer does not obtain an advance sufficient for settlement.
Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System — 64
Coming into force 64 This By-law comes into force on the day on which it is registered.
Canadian Payments Association By-law No. 6 — Compliance — a
The Board of Directors of the Canadian Payments Association, pursuant to subsection 18(1) a of the Canadian Payments Act b , hereby makes the annexed Canadian Payments Association By-law No. 6 — Compliance . a S.C. 2001, c. 9, s. 233 b S.C. 2001, c. 9, s. 218
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
Whereas the annexed Canadian Payments Association By-law No. 6 — Compliance , made by the Board of Directors of the Canadian Payments Association, has been approved, in accordance with subsection 18(3) of the Canadian Payments Act b , by the members of the Association at a meeting of members;
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 18(2) of the Canadian Payments Act b , hereby approves the annexed Canadian Payments Association By-law No. 6 — Compliance , made by the Board of Directors of the Canadian Payments Association.
Canadian Payments Association By-law No. 6 — Compliance — 1
Definitions 1 (1) The following definitions apply in this By-law. By-law No. 3 means Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System . ( Règlement administratif n° 3 ) clearing member means a member that, on behalf of a non-member, exchanges payment items and effects clearing or makes entries into the Automated Clearing Settlement System within the meaning of By-law No. 3. ( membre de compensation ) committee means a committee established by the Board or a subcommittee of that committee. ( comité ) document includes data stored by electronic means. ( document ) item in dispute means an item in dispute as defined in Canadian Payments Association Rule A6 . ( effet contesté ) non-member means a local referred to in subparagraph 6(1)(a)(ii) of Bylaw No. 3. ( non-membre ) party means a party to an investigation under section 10. ( partie ) secretary means the secretary of the Association appointed by the Board. ( secrétaire ) Contravention by member (2) For the purposes of this By-law, a member commits a contravention when the member fails to comply with a provision of the by-laws or rules that imposes a duty on the member. Contravention by non-member (3) For the purposes of this By-law, a non-member commits a contravention when the non-member fails to comply with a provision of the by-laws or rules in respect of which a clearing member is responsible for ensuring compliance by the non-member under By-law No. 3. SOR/2010-43, s. 70; SOR/2015-185, s. 26
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
By-law No. 3 means Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System . ( Règlement administratif n° 3 )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
clearing member means a member that, on behalf of a non-member, exchanges payment items and effects clearing or makes entries into the Automated Clearing Settlement System within the meaning of By-law No. 3. ( membre de compensation )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
committee means a committee established by the Board or a subcommittee of that committee. ( comité )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
document includes data stored by electronic means. ( document )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
item in dispute means an item in dispute as defined in Canadian Payments Association Rule A6 . ( effet contesté )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
non-member means a local referred to in subparagraph 6(1)(a)(ii) of Bylaw No. 3. ( non-membre )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
party means a party to an investigation under section 10. ( partie )
Canadian Payments Association By-law No. 6 — Compliance — Canadian Payments Association By-law No. 6 — Compliance
secretary means the secretary of the Association appointed by the Board. ( secrétaire )
Canadian Payments Association By-law No. 6 — Compliance — 2
Initiated by President 2 (1) The President may, at any time, if the President reasonably believes that a member or a non-member has committed a contravention, refer the matter to a committee that has relevant expertise for the purposes of an investigation. Requirements (2) The President shall provide the following when referring the matter to a committee: (a) the name of the member or non-member involved; (b) a description of the alleged contravention and the relevant facts; (c) any documentary evidence supporting the allegation; and (d) any other relevant information or arguments. Notice (3) Immediately after the President refers a matter to a committee, the President shall give written notice to the parties that the President has referred the matter to a committee for the purposes of an investigation. The notice shall contain a description of the alleged contravention. SOR/2010-43, s. 72