Expertise in Retail Payment Activities Act Compliance
Overview
At Substance Law, we offer trustworthy legal knowledge in understanding and implementing the latest “Retail Payment Activities Regulations” under the Retail Payment Activities Act. Effective November 3, 2023, these regulations bring significant changes to Canada’s retail payment sector.
The “Retail Payment Activities Regulations” (SOR/2023-229), effective from November 3, 2023, under the Retail Payment Activities Act, outlines comprehensive regulations for the Canadian retail payment sector. These regulations encompass definitions, exclusions, and detailed requirements for risk management, incident response, safeguarding funds, annual reporting, significant changes, registration processes, and administrative penalties. Key areas include rigorous risk management frameworks, incident response planning, safeguarding end-user funds, and maintaining detailed records. The regulations aim to enhance the security and reliability of retail payment activities, protecting both providers and users in this evolving financial landscape.
Services Offered
- Compliance Guidance: Assistance with understanding and meeting the new regulatory requirements, including risk management, incident response, fund safeguarding, and annual reporting.
- Risk Management Solutions: Expert advice on establishing robust risk management frameworks in line with the regulations.
- Incident Response Planning: Developing comprehensive incident response plans to address potential payment system breaches.
- Fund Safeguarding Strategies: Advising on best practices for safeguarding end-user funds as required by the new regulations.
- Registration and Reporting Assistance: Support in navigating the registration process and adhering to the annual reporting requirements.
- Legal Representation: Representing payment service providers in legal matters related to the Retail Payment Activities Act.
Why Choose Substance Law?
- Deep Industry Knowledge: Our team stays at the forefront of financial regulations to provide you with current and comprehensive legal advice.
- Client-Centric Approach: We tailor our services to meet the unique needs of each client, ensuring optimal compliance and risk mitigation.
- Proven Track Record: A history of successful outcomes for clients navigating complex financial regulations.
Contact Us For detailed assistance with the Retail Payment Activities Regulations, reach out to our team at Substance Law. We are here to help you navigate these new requirements with confidence.