Canadian Payments Association By-law No. 10 — RTR (SOR/2026-133)

The Board of Directors of the Canadian Payments Association makes the annexed Canadian Payments Association By-law No. 10 — RTR under subsection 18(1)Footnote ^a of the Canadian Payments ActFootnote ^b.

• Return to footnote ^aS.C. 2024, c. 15, s. 222

• Return to footnote ^bR.S., c. C-21; S.C. 2001, c. 9, s. 218

Ottawa, March 10, 2026

Le président du conseil d’administration de l’Association canadienne des paiements, Garry Foster Chairperson of the Board of Directors of the Canadian Payments Association

The Minister of Finance, under subsection 18(2)Footnote ^a of the Canadian Payments ActFootnote ^b, approves the annexed Canadian Payments Association By-law No. 10 — RTR, made by the Board of Directors of the Canadian Payments Association.

• Return to footnote ^aS.C. 2014, c. 39, s. 342(5)

• Return to footnote ^bR.S., c. C-21; S.C. 2001, c. 9, s. 218

Ottawa, June 8, 2026

Le ministre des Finances, François-Philippe Champagne Minister of Finance

Interpretation

Marginal note:Definitions

• 1 (1) The following definitions apply in this By-law.

  Act

  Act means the Canadian Payments Act. (Loi)

  Bank

  Bank means the Bank of Canada. (Banque)

  direct settlement participant

  direct settlement participant means a participant whose RTR payment obligations are cleared and settled through its settlement account. (participant direct au règlement)

  indirect settlement participant

  indirect settlement participant means a participant whose RTR payment obligations are cleared and settled through the settlement account of a settlement agent. (participant indirect au règlement)

  participant

  participant means a member whose application to participate in the RTR system has been approved under subsection 5(2). (participant)

  participant-to-participant transfer

  participant-to-participant transfer means a transfer of an amount of funds in RTR Clearing and Settlement from one direct settlement participant to another direct settlement participant who is the ultimate beneficiary of the amount. (transfert entre participants)

  payee

  payee means the person to whom the fixed amount set out in a payment message is to be paid or credited, whether or not that person is the ultimate beneficiary of the amount. (bénéficiaire)

  payment exchange

  payment exchange means an electronic system that facilitates the exchange of payment messages. (système d’échange de paiements)

  payment message

  payment message means an electronic message that sets out an RTR payment obligation and is, or is to be, exchanged in a payment exchange. (message de paiement)

  receiving participant

  receiving participant means the direct settlement participant or indirect settlement participant who, in an RTR payment message or in settlement instructions, is identified as the participant who is to receive the fixed amount set out in the RTR payment message or in those instructions. (participant destinataire)

  RTR Clearing and Settlement

  RTR Clearing and Settlement means the electronic system that is a component of the RTR system and in which RTR payment obligations are cleared and settled. (système de compensation et de règlement PTR)

  RTR Exchange

  RTR Exchange means the payment exchange that is a component of the RTR system. (système d’échange PTR)

  RTR payment message

  RTR payment message means a payment message that is, or is to be, exchanged in the RTR Exchange. (message de paiement PTR)

  RTR payment obligation

  RTR payment obligation means the obligation of a participant to pay another participant a fixed amount in RTR Clearing and Settlement. (obligation de paiement PTR)

  RTR system

  RTR system means the real-time exchange, clearing and settlement system, also known as the Real-Time Rail, that is owned and operated by the Association. (système de PTR)

  Rules

  Rules means the rules made by the Board respecting the RTR system. (règles)

  sending participant

  sending participant means a direct settlement participant or indirect settlement participant who, in an RTR payment message or in settlement instructions, is identified as the participant who is to pay the fixed amount set out in the RTR payment message or in those instructions. (participant expéditeur)

  settlement account

  settlement account means an account on the books of the Bank that a direct settlement participant has in RTR Clearing and Settlement and to which the Association makes entries respecting the clearing and settlement of RTR payment obligations. (compte de règlement)

  settlement agent

  settlement agent means a direct settlement participant who is approved under section 16 to clear and settle RTR payment obligations in RTR Clearing and Settlement on behalf of indirect settlement participants. (agent de règlement)

  settlement instructions

  settlement instructions means information that sets out the details necessary for the clearing and settlement of an RTR payment obligation in RTR Clearing and Settlement and

  • (a) is generated by a payment exchange and sets out the RTR payment obligation from a payment message; or

  • (b) is generated by RTR Clearing and Settlement for a participant-to-participant transfer and sets out the RTR payment obligation. (instructions de règlement)

  third-party exchange

  third-party exchange means a payment exchange that, under an agreement with the Association, may submit settlement instructions to RTR Clearing and Settlement. (système d’échange externe)

• Marginal note:Reference to settlement accounts

  (2) For the purposes of paragraph 34(d), section 35, subsection 40(3) and paragraph 41(1)(a), a reference in the provision to the participant’s settlement account is to be read as a reference to the settlement account of its settlement agent if the participant is an indirect settlement participant.

General

Application

Marginal note:Application

• 2 (1) This By-law applies to the exchange of RTR payment messages and the clearing and settlement of RTR payment obligations in the RTR system.

• Marginal note:Scope

  (2) Each participant must comply with the provisions of this By-law and the Rules.

• Marginal note:Responsibility for activities and functions

  (3) If a participant enters into an agreement with another person for the performance of an activity or function required by this By-law or the Rules, the participant remains responsible for ensuring that the activity or function is carried out as required by this By-law and the Rules.

• Marginal note:Locals

  (4) Each participant who exchanges an RTR payment message on behalf of a local referred to in subparagraph 6(1)(a)(ii) of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System must ensure that the local complies with this By-law and the Rules as if it were a participant.

• Marginal note:Limitation — rights, liabilities, duties and obligations

  (5) Except as otherwise expressly provided in this By-law or the Rules, nothing in this By-law or the Rules

  • (a) affects the rights and liabilities of a person at law; or

  • (b) imposes, or deems to impose, on a participant or the Association a duty, liability or obligation toward another person.

Association’s Responsibilities

Marginal note:Association responsible for the RTR system

• 3 (1) The Association must manage, operate and maintain the RTR system and ensure that it is capable of performing all activities and functions required by this By-law and the Rules.

• Marginal note:Association responsible for service providers

  (2) If the Association enters into an agreement with another person for the maintenance of the RTR system or for the performance of an activity or function required by this By-law or the Rules, the Association remains responsible for ensuring that the RTR system is capable of performing all activities and functions as required by this By-law and the Rules.

Exclusion of Liability

Marginal note:Association and Bank

4 Neither the Association nor the Bank, including their respective directors, officers and employees, is liable for any loss or damage suffered by a member as a result of anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that are intended or authorized to be executed or performed under this By-law or the Rules.

Participation in the RTR System

Participants

Marginal note:Application

• 5 (1) A member may, in the form and manner set out in the Rules, make an application to the President to participate in the RTR system as a direct settlement participant or as an indirect settlement participant.

• Marginal note:Approval criteria

  (2) The President must approve the application if the member demonstrates that

  • (a) in the case of an application made by the Bank to participate as a direct settlement participant, it has established a settlement account;

  • (b) in the case of an application made by a member other than the Bank to participate as a direct settlement participant, it has established a settlement account and entered into agreements with the Bank in respect of that account;

  • (c) in the case of an application to participate as an indirect settlement participant, it has retained at least one settlement agent to act on its behalf;

  • (d) it has met the technical, operational, security, settlement account funding and testing requirements set out in the Rules; and

  • (e) it has paid the applicable fees set out in the by-laws and the Rules.

Marginal note:Participation — direct settlement participant

6 A direct settlement participant who is not subject to a suspension under any of sections 9 to 11 may

• (a) subject to section 8, send RTR payment messages;

• (b) direct RTR Clearing and Settlement to generate settlement instructions for a participant-to-participant transfer; and

• (c) clear and settle RTR payment obligations in RTR Clearing and Settlement through its settlement account.

Marginal note:Participation — indirect settlement participant

7 An indirect settlement participant who is not subject to a suspension under any of sections 9 to 11 may

• (a) subject to section 8, send RTR payment messages; and

• (b) clear and settle RTR payment obligations in RTR Clearing and Settlement through the settlement account of a settlement agent it has designated under section 22.

Marginal note:Tests before first RTR payment message

8 Before sending its first RTR payment message, a participant must, by successfully completing the system tests set out in the Rules, demonstrate its ability to send RTR payment messages.

Suspension

Marginal note:Suspension — access to settlement account

9 The President must suspend a direct settlement participant’s permission to participate in the RTR system if the Bank notifies the President that the participant no longer has access to its settlement account.

Marginal note:Suspension — other

• 10 (1) The President may suspend a participant’s permission to participate in the RTR system if

  • (a) in the case of an indirect settlement participant, it does not have a designated settlement agent who may act on its behalf;

  • (b) it no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules; or

  • (c) it fails to pay an applicable fee set out in a by-law or the Rules.

• Marginal note:Prior notice to Bank

  (2) Before making a suspension, the President must provide the Bank with notice of the intention to make the suspension.

Marginal note:Suspension — exceptional circumstances

• 11 (1) If an agent of His Majesty in right of Canada, an agent or mandatary of His Majesty in right of a province, a regulator or a supervisory body takes control of a participant or any of its assets or makes a declaration that a participant is considered to be no longer viable or that a participant is unable to meet its liabilities as they become due, the President may, after being advised of such an action having been taken or such a declaration having been made and with the concurrence of the Minister and the Governor of the Bank, suspend the participant’s permission to participate in the RTR system if its further participation could adversely affect the efficiency, safety or soundness of the RTR system.

• Marginal note:Reinstatement

  (2) The President may reinstate the participant’s permission to participate in the RTR system if, with the concurrence of the Minister and the Governor of the Bank, the President determines that the participant’s further participation in the RTR system will not adversely affect the efficiency, safety or soundness of the RTR system.

Marginal note:Notice to participants

12 After making a suspension under any of sections 9 to 11, the President must

• (a) without delay, notify the participant that its permission to participate in the RTR system is suspended; and

• (b) as soon as feasible, notify all other participants of the suspension.

Revocation

Marginal note:Revocation by Board

• 13 (1) The Board may revoke a member’s approval to be a participant in the RTR system if

  • (a) in the case of a direct settlement participant, the member no longer has access to its settlement account;

  • (b) in the case of an indirect settlement participant, the member does not have a designated settlement agent who may act on its behalf; or

  • (c) the member no longer meets the technical, operational, security, settlement account funding or testing requirements set out in the Rules.

• Marginal note:Prior notice to Bank

  (2) Before making a revocation, the Board must provide the Bank with notice of the intention to make the revocation.

• Marginal note:Notice by President

  (3) After the Board makes a revocation, the President must

  • (a) without delay, notify the member of the revocation; and

  • (b) as soon as feasible, notify all participants of the revocation.

Reinstatement

Marginal note:Application

• 14 (1) A participant whose permission to participate in the RTR system is suspended under section 9 or 10 or a member whose approval to be a participant in the RTR system is revoked under section 13 may, in the form and manner set out in the Rules, make an application to the President to have that permission or approval reinstated.

• Marginal note:Reinstatement

  (2) The President must reinstate the permission or approval if the application demonstrates that the circumstances giving rise to the suspension or revocation no longer exist.

Withdrawal

Marginal note:Notice of withdrawal

15 A participant may cease to be a participant in the RTR system by providing a notice of withdrawal to the President in the form and manner set out in the Rules.

Settlement Agents

Application to be a Settlement Agent

Marginal note:Application

• 16 (1) A direct settlement participant who is not subject to a suspension under any of sections 9 to 11 may, in the form and manner set out in the Rules, make an application to the President for approval to clear and settle RTR payment obligations in RTR Clearing and Settlement on behalf of indirect settlement participants.

• Marginal note:Approval criteria

  (2) The President must approve the application if the direct settlement participant demonstrates that

  • (a) it has established a settlement account for use in relation to its activities as a settlement agent and, if the participant is other than the Bank, has entered into agreements with the Bank in respect of that account;

  • (b) it has met the technical, operational, security, settlement account funding and testing requirements set out in the Rules that are applicable to settlement agents; and

  • (c) it has paid the fees applicable to settlement agents set out in the by-laws and the Rules.