Marginal note:Definitions

36. The definitions in this section apply in this Part.

“designated payment system”

« système de paiement désigné »

“designated payment system” means a payment system designated under subsection 37(1).

“participant”

« participant »

“participant” means a party to an arrangement in respect of a payment system.

“payment system”

« système de paiement »

“payment system” means a system or arrangement for the exchange of messages effecting, ordering, enabling or facilitating the making of payments or transfers of value.

“rule”

« règles »

“rule” means a rule, by whatever name called, that governs a designated payment system. It includes an amendment to or a repeal of a rule.

Marginal note:Application

36.1 This Part does not apply to the Association.

Marginal note:Designation by Minister

• 37. (1) The Minister may, if he or she considers that it is in the public interest to do so, designate a payment system that in the opinion of the Minister

  • (a) is national or substantially national in its scope; or

  • (b) plays a major role in supporting transactions in Canadian financial markets or the Canadian economy.

• Marginal note:Factors

  (2) The following factors shall be considered in a determination of whether it is in the public interest to designate a payment system:

  • (a) the level of financial safety provided by the payment system to the participants and users;

  • (b) the efficiency and competitiveness of payment systems in Canada; and

  • (c) the best interests of the financial system in Canada.

• Marginal note:Consultation

  (3) Before a payment system is designated, the Minister shall consult the manager and the participants of the payment system and may consult interested parties, with respect to the effect of the designation.

• Marginal note:Notice

  (4) The Minister shall notify the manager and the participants of a designated payment system in any manner that the Minister considers appropriate.

• Marginal note:Designation not statutory instrument

  (5) A designation is not a statutory instrument for the purposes of the Statutory Instruments Act. However, it must be published in the Canada Gazette.