Canadian Payments Association By-law No. 6 — Compliance

Marginal note:Sanctions

• 16 (1) If, after an investigation, the President or compliance panel, as the case may be, decides that a member is in contravention or, in the case of a non-member alleged to be in contravention, that the non-member is in contravention and that its clearing member failed to ensure compliance by the non-member, the President or compliance panel, as the case may be, may take one or more of the following actions:

  • (a) reprimand the member;

  • (b) order the member to do anything that a member is required to do, or to stop doing anything that a member is not allowed to do, under the by-laws or rules;

  • (c) order the member to make restitution to any member that has suffered a loss as a result of the contravention;

  • (d) suspend one or more of the rights of the member, specifying the day on which the rights are automatically reinstated or the conditions that must be met before the rights can be reinstated on application under section 25;

  • (e) order the member to comply with certain conditions when the member exercises one or more of its rights;

  • (f) order the member to pay a penalty not to exceed $250,000 for each contravention.

• Marginal note:Recommendation to remove

  (2) In addition to the sanctions referred to in subsection (1), the President or compliance panel, as the case may be, may notify the Board or any committee on which an officer or employee of the member serves that the member has committed a contravention and recommend that the officer or employee be removed from the Board or committee.