GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Retail Payment Activities Regulations — 10
Independent review 10 (1) A payment service provider that has an internal or external auditor must ensure that, at least once every three years, a sufficiently skilled individual who has had no role in establishing, implementing or maintaining the payment service provider’s risk management and incident response framework carries out an independent review of (a) the conformity of each element of the payment service provider’s risk management and incident response framework with the applicable requirements of section 5 ; and (b) the payment service provider’s compliance with each of its obligations under sections 6 to 9 . Record (2) The payment service provider must obtain a record that sets out the independent reviewer’s name — or, if the independent reviewer carried out the review on behalf of an entity other than the payment service provider, that entity’s name — and the date of the review and describes the review’s scope, methodology and findings. Report (3) The payment service provider must report any gaps and vulnerabilities that are identified by the independent review, and any measures being taken to address them, to the senior officer referred to in subparagraph 5 (1)(d)(ii), if any.
Retail Payment Activities Regulations — 11
Notice of incident — Bank 11 (1) The notice that must be given to the Bank under section 18 of the Act must be submitted using the electronic system provided by the Bank for that purpose. Contents (2) The notice must contain (a) the payment service provider’s name, the name of an individual who may be contacted regarding the incident and that individual’s telephone number and email address; (b) a description of the incident and its material impact on the individuals or entities referred to in paragraphs 18(1)(a) to (c) of the Act; and (c) the measures taken by the payment service provider to respond to the incident.
Retail Payment Activities Regulations — 12
Notice of incident — individual or entity 12 (1) The notice that must be given under section 18 of the Act to an individual or entity referred to in any of paragraphs 18(1)(a) to (c) of the Act must be (a) provided to each materially affected individual or entity using the most recent contact information provided by them to the payment service provider; and (b) posted on the payment service provider’s website if contact information is not available for every materially affected individual or entity. Contents (2) The notice must include (a) the payment service provider’s name; (b) a description of the incident, including when it began, and the nature of its material impacts on the individuals or entities; and (c) any corrective measures that could be taken by the individuals or entities.
Retail Payment Activities Regulations — 13
Accounts 13 A payment service provider that holds end-user funds in accordance with paragraph 20(1)(a) or (c) of the Act must ensure that the account in which they are held is provided by an entity that is referred to in one of paragraphs 9(a) to (d) or (f) to (h) of the Act or by a foreign financial institution that is regulated by a regulatory regime that imposes standards in respect of capital, liquidity, governance, supervision and risk management that are comparable to those that apply to those entities.
Retail Payment Activities Regulations — 14
Insurance or guarantee 14 (1) A payment service provider that holds end-user funds in accordance with paragraph 20(1)(c) of the Act must ensure that the insurance or guarantee referred to in that paragraph is provided by an entity that (a) is referred to in one of paragraphs 9(a) to (h) of the Act or is a foreign financial institution that is regulated by a regulatory regime that imposes standards in respect of capital, liquidity, governance, supervision and risk management comparable to those that apply to those entities; and (b) is not affiliated with the payment service provider within the meaning of section 3 of the Act. Conditions (2) The payment service provider must ensure that (a) the proceeds from the insurance or guarantee will not form part of the payment service provider’s estate; (b) the proceeds from the insurance or guarantee will be payable for the benefit of end users as soon as feasible following an event referred to in subsection (3); (c) the insurance or guarantee will survive the payment service provider’s insolvency, as well as any compromise or arrangement with the payment service provider’s creditors and any extinguishment of the payment service provider’s obligations to end users, including those resulting from restructuring; and (d) the Bank is notified at least 30 days before any cancellation or termination of the insurance or guarantee. Events (3) For the purpose of paragraph (2)(b), the events are (a) the bringing by the payment service provider of an insolvency proceeding in respect of itself; (b) the consent by the payment service provider to the bringing of an insolvency proceeding in respect of it; and (c) the passage of 30 days after the day on which an insolvency proceeding is brought in respect of the payment service provider by another individual or entity, unless that insolvency proceeding is discontinued or dismissed in that time. Definition of insolvency proceeding (4) For the purpose of subsection (3), insolvency proceeding means any proceeding, action, application, case or legal process relating to bankruptcy, insolvency, liquidation, dissolution or winding-up that is commenced in respect of a payment service provider under the law of any jurisdiction.
Retail Payment Activities Regulations — 15
ramework (6) The payment service provider must review, at the following times, the safeguarding-of-funds framework to ensure the framework’s conformity with subsections (2) to (5) and its effectiveness at meeting the objectives referred to in subsection (1): (a) at least once a year; (b) after any change to the means, among those set out in paragraphs 20(1)(a) to (c) of the Act, by which the payment service provider safeguards end-user funds; and (c) after any of the following changes, if they could reasonably be expected to have a material impact on the manner in which end-user funds are safeguarded: (i) the opening or closure of any account in which the payment service provider holds end-user funds, (ii) a change in the entity that provides any account in which the payment service provider holds end-user funds, (iii) a change to the terms of the account agreement in respect of any account in which the payment service provider holds end-user funds, or (iv) in the case of a payment service provider that holds funds in accordance with paragraph 20(1)(c) of the Act, a change in its insurance or guarantee providers or to the terms of the insurance policy or guarantee. Record (7) The payment service provider must, in respect of each review, keep a record of the date on which it is conducted and its scope, methodology and findings. Report and approval (8) The payment service provider must ensure that the findings of each review are reported to the senior officer referred to in subsection (4), if any, for their approval.
Retail Payment Activities Regulations — 16
Evaluation of insolvency protection 16 (1) A payment service provider referred to in subsection 20(1) of the Act must take measures to ensure the identification of any instance, as soon as feasible after it occurs, in which the end-user funds held by the payment service provider — or equivalent proceeds from any insurance or guarantee referred to in paragraph 20(1)(c) of the Act — would not have been payable to end users had an event referred to in subsection 14 (3) of these Regulations occurred. Obligations (2) The payment service provider must, immediately after identifying such an instance, investigate its root cause and, as soon as feasible, take the necessary measures to prevent similar instances from recurring.
Retail Payment Activities Regulations — 17
Independent review 17 (1) A payment service provider referred to in subsection 20(1) of the Act must ensure that, at least once every three years, a sufficiently skilled individual who has had no role in establishing, implementing or maintaining the safeguarding-of-funds framework, in taking the measures referred to subsection 16 (1) or in identifying the instances referred to in that subsection carries out an independent review of the payment service provider’s compliance with subsection 20(1) of the Act and sections 13 to 16 of these Regulations. Record (2) The payment service provider must obtain a record that sets out the independent reviewer’s name — or, if they carried out the review on behalf of an entity other than the payment service provider, that entity’s name — and the date of the review and describes the review’s scope, methodology and findings. Report (3) The payment service provider must report any gaps and vulnerabilities that are identified by the independent review, and any measures being taken to address them, to the senior officer referred to in subsection 15 (4), if any.
Retail Payment Activities Regulations — 18
Submission 18 (1) For the purpose of section 21 of the Act, a payment service provider that performs retail payment activities in a calendar year must submit the annual report in respect of that year no later than March 31 of the following year. Form and manner (2) The report must be submitted using the electronic system provided for that purpose by the Bank.
Retail Payment Activities Regulations — 19
 in relation to which the payment service provider performed a retail payment activity, and (XII) the total value, broken down by the currency in which the electronic funds transfers are made and expressed in that currency, of all electronic funds transfers in relation to which the payment service provider performed a retail payment activity for end users in Canada, (C) the number of end users and end users in Canada for which the payment service provider performed a retail payment activity during the reporting year, and (D) the number of other payment service providers for which the payment service provider performed a retail payment activity during the reporting year and, of those, the number that have a place of business in Canada, and (ii) if the payment service provider holds end-user funds other than in accordance with subsection 20(1) of the Act, information establishing that those end-user funds are deposits accepted by the payment service provider that are insured or guaranteed under an Act of the province in which they are held; (b) in the case of a payment service provider that does not have a place of business in Canada, information establishing the payment service provider’s ubiquity and interconnectedness in Canada, including the information referred to in (i) subclauses (a)(i)(A)(II) and (B)(II), (IV), (VI), (VIII), (X) and (XII), (ii) clause (a)(i)(C), in relation only to the payment service provider’s end users in Canada, and (iii) clause (a)(i)(D), in relation only to other payment service providers that have a place of business in Canada; (c) a description of any significant change referred to in subsection 22(1) of the Act that was made by the payment service provider during the reporting year and any retail payment activity that the payment service provider began or ceased to perform during that year; (d) a description of any change to the payment service provider’s use of third-party service providers during the reporting year; (e) a description of any change to the payment service provider’s use of agents or mandataries during the reporting year; (f) a description of the payment service provider’s record-keeping practices during the reporting year; and (g) a description of the payment service provider’s financial metrics for the reporting year, including its revenues, gross profits or losses, operating profits or losses, assets, liabilities and equity. Definition of reporting year (5) In this section, reporting year means the calendar year in respect of which an annual report is submitted.
Retail Payment Activities Regulations — 20
Notice to Bank 20 (1) The notice referred to in subsection 22(1) of the Act must (a) be given to the Bank at least five business days before the day on which the payment service provider makes a significant change in the way it performs a retail payment activity or the day on which it performs a new retail payment activity; (b) be submitted using the electronic system provided for that purpose by the Bank; and (c) include (i) the payment service provider’s name, (ii) the name, phone number and email address of an individual who may be contacted regarding the significant change or new activity, (iii) a description of the change or new activity to be performed, (iv) the reason for the change or new activity, (v) the date on which the change is to be made or the new activity is first to be performed, (vi) the payment service provider’s assessment of the effect that the change or new activity will have on its operational risks and on the manner in which end-user funds are safeguarded, both during and following implementation of the change or new activity, (vii) a list and summary of all of the payment service provider’s documentation, including in relation to its risk management and incident response framework, that has been amended or created to reflect the change or new activity, and (viii) if the payment service provider has senior officers, an indication that the change or new activity has been approved by a senior officer. Definition of business day (2) For the purpose of paragraph (1)(a), business day means a business day of the Bank.
Retail Payment Activities Regulations — 21
New application — acquisition of control 21 For the purpose of subsection 24(1) of the Act, an individual or entity acquires control of (a) a corporation once they, alone or in combination with any entities with which they are affiliated within the meaning of section 3 of the Act, (i) hold — or have held for their benefit — directly or indirectly, otherwise than by way of security only, securities to which are attached one third or more of the votes that may be cast to elect directors of the corporation, or (ii) acquire control of an entity that controls the corporation; (b) a limited partnership once they become a general partner in it; and (c) an entity other than a corporation or limited partnership once they, alone or in combination with any entities with which they are affiliated within the meaning of section 3 of the Act, (i) hold — or have held for their benefit — directly or indirectly, an interest in the entity that entitles them to receive one third or more of the entity’s profits or one third or more of its assets on dissolution, or (ii) acquire control of an entity that controls the entity.
Retail Payment Activities Regulations — 22
New application — other change 22 The acquisition of any of the following by a state-owned enterprise , as defined in section 3 of the Investment Canada Act , is a prescribed change for the purpose of subsection 24(2) of the Act: (a) a power to appoint the Chief Executive Officer or other senior management officers of the payment service provider or members of its board of directors or a similar body; (b) if the payment service provider is a corporation, voting rights in respect of the election of its directors; or (c) if the payment service provider is an entity other than a corporation, ownership interests in the payment service provider.
Retail Payment Activities Regulations — 23
Registry 23 The following is prescribed information for the purpose of section 26 of the Act: (a) any trade names of the payment service provider; (b) the date on which the payment service provider was registered; (c) the payment service provider’s civic address — or that of their head office, if applicable — and their primary mailing address; (d) the payment service provider’s telephone number; (e) the payment service provider’s email address; (f) the payment service provider’s website address, if any; (g) the payment functions performed by the payment service provider; and (h) the names of all agents and mandataries that perform functions on behalf of the payment service provider.
Retail Payment Activities Regulations — 24
 name of any other payment service provider that has a place of business in Canada and for which the applicant performed a retail payment activity in the previous two years, and (ii) the name of any other payment service provider that has a place of business in Canada and for which the applicant plans to perform a retail payment activity in the next two years.
Retail Payment Activities Regulations — 25
Registration fee 25 (1) The prescribed registration fee for the purpose of subsection 29(2) of the Act is the amount determined by the formula $2,500 × (A ÷ B) where A is the September All-items Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act , for the calendar year immediately before the year in which the application is submitted; and B is the September All-items Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act , for the calendar year in which this section comes into force. Exception (2) Despite subsection (1), the fee to be included with an application for registration that is submitted in the calendar year in which this section comes into force is $2,500. No decrease (3) Despite subsection (1), if a fee determined under that subsection is less than the fee that was required to be included with an application submitted in the previous calendar year, the fee is instead equal to the fee applicable in that previous year.
Retail Payment Activities Regulations — 26
Decision to review — prescribed period 26 (1) The prescribed period for the purpose of subsection 34(1) of the Act is 60 days beginning on the day after the day on which the Minister is provided with a copy of the application for registration. Extension (2) The prescribed period for the purpose of subsection 34(2) of the Act is 60 days.
Retail Payment Activities Regulations — 27
Conduct of review — prescribed period 27 The prescribed period for the purpose of section 36 of the Act is 180 days beginning on the day after the day on which the Minister decides to review the application for registration.
Retail Payment Activities Regulations — 28
Request for review of directive — prescribed period 28 The prescribed period for the purpose of subsection 41(1) of the Act is 30 days beginning on the day after the day on which the applicant is notified of the refusal to register.
Retail Payment Activities Regulations — 29
Request for review of notice — prescribed period 29 The prescribed period for the purpose of subsection 46(1) of the Act is 30 days beginning on the day after the day on which the payment service provider is notified of the issuance of the notice of intent.
Retail Payment Activities Regulations — 30
Refusal to register — prescribed period and reasons 30 For the purpose of subsection 48(1) of the Act, (a) the prescribed period within which the Bank may refuse to register an applicant is (i) in the case of a refusal for the reason referred to in paragraph 48(1)(a) of the Act, 45 days beginning on the day after the day on which the period referred to in subsection 29(3) of the Act expires, and (ii) in the case of a refusal for any other reason, 45 days beginning on the day after the day on which the Bank considers the application to be complete; and (b) the following are prescribed reasons for which the Bank may refuse to register an applicant: (i) the applicant has failed to pay an assessment or interim assessment that was made against them under section 99 of the Act when they were a registered payment service provider, and (ii) the Act does not apply to the applicant or in respect of any payment functions that they perform or plan to perform.
Retail Payment Activities Regulations — 31
Review of refusal to register — prescribed period 31 (1) The prescribed period for the purpose of subsection 50(1) of the Act is 30 days beginning on the day after the day on which the applicant is notified of the refusal to register. Decision (2) The prescribed period for the purpose of subsection 50(3) of the Act is 90 days beginning on the day after the day on which the applicant requests the review.
Retail Payment Activities Regulations — 32
Notice of intent to revoke registration — prescribed reasons 32 The following are prescribed reasons for the purpose of section 52 of the Act: (a) the payment service provider has failed to pay an assessment or interim assessment made against it under section 99 of the Act; or (b) the Act no longer applies to the payment service provider or in respect of any payment functions that it performs or plans to perform.
Retail Payment Activities Regulations — 33
Review of notice of intent — prescribed period 33 (1) The prescribed period for the purposes of subsection 53(1) and section 54 of the Act is 30 days beginning on the day after the day on which the payment service provider is notified of the intent to revoke its registration. Decision (2) The prescribed period for the purpose of subsection 53(3) of the Act is 90 days beginning on the day after the day on which the payment service provider has completed making its representations or, if it does not make any, the day after the day on which its opportunity to do so ends.
Retail Payment Activities Regulations — 34
Appeal — prescribed period 34 The prescribed period for the purpose of subsection 58(1) of the Act is 30 days beginning on the day after the day on which the applicant or payment service provider is notified of the decision under subsection 50(3) or 53(3) of the Act.
Retail Payment Activities Regulations — 35
Notice of change in information — prescribed period 35 For the purpose of subsection 59(1) of the Act, (a) the prescribed period is 30 days beginning on the day after the day on which the change occurs; and (b) the notice must be given using the electronic system provided by the Bank for that purpose.
Retail Payment Activities Regulations — 36
Notice of change in prescribed information 36 (1) The prescribed information for the purpose of subsection 60(1) of the Act is the information referred to in subsection 24 (9) of these Regulations, other than that referred to in subparagraphs 24 (9)(p)(i) and (q)(i). Prescribed period (2) The prescribed period for the purpose of subsection 60(2) of the Act is (a) in respect of the following changes, as soon as feasible after the payment service provider becomes aware of the change, even if the change has already taken effect: (i) a change to the information referred to in any of paragraphs 24 (9)(a) to (c) and (e) to (j) or in subparagraph 24 (9)(p)(ii) or (q)(ii), (ii) a change to a mailing address, telephone number or email address referred to in paragraph 24 (9)(o), and (iii) a change to the information referred to in paragraph 24 (9)(k) or (l) of these Regulations; (b) in respect of the following changes, at least 30 days before the day on which the change takes effect: (i) a change to the information referred to in paragraph 24 (9)(d) or (m), and (ii) a change to the information referred to in paragraph 24 (9)(o), other than the information referred to in subparagraph (a)(ii); and (c) in respect of a change to the information referred to in paragraph 24 (9)(n), at least 60 days before the day on which the change takes effect.