A call to action for payment service providers: Recent updates to Canada’s Retail Payment Activities Act & Regulations
The publication of final regulations (the “Regulations”) under the Retail Payment Activities Act (the “RPAA”) on November 22, 2023, signified a major advancement in the creation of the Bank of Canada’s supervisory framework for retail payments and payment service providers […]
Canada’s Modern Slavery Act: Ho Ho Ho! – a Christmas gift from Public Safety Canada
On December 20, 2023, Public Safety Canada (“PSC”) published guidance (the “Guidance”) on the application of the Fighting Against Forced Labour and Child Labour in Supply Chain Act (“Canada’s Modern Slavery Act” or “CMSA”) set to come into force on […]
Balancing borders: Regulation of money service businesses in Canada and the United States
In our previous article in our series on money service businesses, we discussed the compliance reporting obligations for MSBs in Canada. In this article, we will explore the key similarities and differences between the MSB regulatory systems in Canada and […]
Point-of-sale financing and buy-now-pay-later plans: A regulatory overview
Developments in technology and the financial services industry have, in recent years, promoted drastic shifts in consumer behaviors. These changes were especially visible throughout the COVID-19 pandemic, during which retail e-commerce sales reached record levels. Accompanying this shift in consumer […]
Securitisation: Canada
Mondaq Comparative Guides
Jason Kroft and Alfred Apps, with contributions from Ahmad Adam, Ron Choudhury, Simon Igelman, Asim Iqbal, Luc-Antoine Manneh, Shaun Parekh and Margaret Shodeinde, author the Canada chapter for Mondaq’s Securitisation Comparative Guide. The guide provides a detailed analysis and comparison […]
British Columbia’s provincial bill regulating money service businesses
Money service businesses (“MSBs”) will now have greater oversight by the British Columbia Financial Services Authority (“BCFSA”). On March 29, 2023, British Columbia put forward Bill 19 – 2023 Money Services Businesses Act (“Bill 19”) which aims to regulate MSBs […]
Anti-money laundering concerns for money service businesses (MSBs)
In our previous article in our series on money service businesses (“MSBs”), we identified the requirements to register as a federal money service business for certain businesses. In this piece, we discuss the compliance reporting obligations for MSBs. Individuals and […]
Regulating money service businesses in Canada: The not so well known money service business regime
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”) and its related regulations govern money service businesses (“MSBs”) in Canada. MSBs are regulated by the Financial Transactions and Reports Analysis Centre (“FINTRAC”). FINTRAC defines an MSB as […]
Ontario’s transition to Emissions Performance Standards (EPS) Program – December 15th pricing deadline fast approaching
Ontario’s Emissions Performance Standards (“EPS“) program began replacing the federal Output-Based Pricing System (“OBPS“) for greenhouse gas (“GHG“) emissions regulation on January 1, 2022. On October 22, 2021, Ontario amended two regulations under the Ontario Environmental Protection Act (“EPA“) in […]
True sale principles from Canadian case law
In many structured finance transactions, the commercial intention among the parties is to effect a transaction resulting in a purchase and sale between a buyer (the party contributing funds) and a seller (the party contributing revenue streams from financial assets). Whether […]
