Retail Payment Activities Act (S.C. 2021, c. 23, s. 177)

Marginal note:Statutory Instruments Act

102 The Statutory Instruments Act does not apply in respect of

• (a) an order made under section 19;

• (b) a directive issued under section 40;

• (c) an order made under section 42 or 43;

• (d) a notice issued under section 45;

• (e) a directive issued under subsection 46(2) or section 47;

• (f) a notice issued under section 52;

• (g) an order made under subsection 94(1) or (4); or

• (h) an order made under subsection 96(1) or (3).

PART 8Transitional Provisions

Marginal note:Definition of transition period

103 In this Part, transition period means the period that begins on the day on which section 29 comes into force and ends on the day before the day on which subsection 25(1) comes into force.

Marginal note:Application required

104 A payment service provider that performs or plans to perform retail payment activities during the transition period must, within the prescribed period that begins on the day on which section 29 comes into force, apply to the Bank for registration in accordance with that section.

Marginal note:Prescribed periods

• 105 (1) For greater certainty, a regulation that prescribes a period within which something is to be done or may be done under this Act in relation to an application for registration may distinguish between applications that are submitted during the transition period and applications that are submitted after the end of that period.

• Marginal note:Period suspended for Centre

  (2) If subsection 53.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as enacted by section 181 of the Budget Implementation Act, 2021, No. 1, comes into force before or during the transition period, the 30-day period referred to in that subsection is, in relation to an application for registration that is submitted during the transition period, suspended until the end of the transition period.

Marginal note:Prohibition on disclosure of outcome of application

106 During the transition period, the Bank must not disclose the outcome or likely outcome of an application to the applicant unless a directive in relation to the applicant is issued to the Bank under section 40.

Marginal note:Exception to subsection 62(1)

107 Despite subsection 62(1), the Bank may publish the names of applicants that submit applications during the transition period as well as any prescribed information in relation to those applications.

Marginal note:Non-application of section 23

108 Starting on the day on which section 23 comes into force, that section does not apply to a payment service provider who submits an application during the transition period until the earlier of

• (a) the day on which the Bank notifies the payment service provider under subsection 25(2) that it has been registered; and

• (b) the day on which the Bank notifies the payment service provider under subsection 48(3) or section 49 of a refusal to register.