Publication date: February 14, 2024
Last updated: October 2, 2024
This supervisory policy explains how applicants should proceed when making changes to the information they provided as part of their application to become a registered payment service provider.
For terminology about retail payment supervision, refer to the glossary.
Obligations for submitting amendments
Under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR) applicants are responsible for notifying the Bank of Canada of any changes during the registration application process.
Applicants must provide updated information to the Bank when they become aware of a change or anticipated change to any of the information submitted in their registration application. This requirement may arise more than once while the Bank is reviewing an application.
During the RPAA’s initial coming-into-force transition period, applicants are still required to submit amendments. However, they will not know their registration status until the RPAA comes fully into force.
The Bank understands that, as the RPAA comes into force, applicants may undergo reorganizations that impact the specific legal entity or entities that must be registered with the Bank. Therefore, applicants may use the amendment process described below during the transition period—from November 1, 2024, to September 7, 2025—to notify the Bank of a change to the legal entity that will be performing retail payment activities within the scope of the RPAA. Applicants should submit the amendment as soon as feasible after making the change. Note that the amendment process may be used for legal entity changes only when an applicant’s business is being transferred to a different legal entity under common ownership. It may not be used when an applicant plans to operate its business through multiple affiliates (in which case each in-scope affiliate must submit its own application).
How to submit amendments
- Log into the PSP Connect.
- Click on Registration Application on the top menu.
- Select Submit an amendment. The registration application amendment form will appear.
- Choose the sections of the registration application to amend.
- Make changes to the chosen sections.
- Click Submit to update the information.
Applicants can provide the Bank with multiple amendments as required. When multiple amendments are required, we encourage applicants to submit amendments in batches rather than making individual submissions. This will make it easier for the Bank to review the amendments and assess the application in a timely manner.
Impacts of amendments on the review of applications
If an applicant submits amended information, the Bank may need additional time to review the application. This may be the case if the new information relates to changes to an applicant’s retail payment activities or if it may impact whether the applicant is within the scope of the Bank’s supervision under the RPAA. For more information on applicability of the RPAA, see the Criteria for registering payment service providers.
Additionally, amendments to certain information may have implications on the decision by the Minister of Finance to review an application for registration for reasons related to national security. The Minister may extend the prescribed period set out in subsection 26(1) of the RPAR to decide whether to conduct a national security review. The Minister may also extend the prescribed period set out in section 27 of the RPAR to conduct the national security review under section 36 of the RPAA.
To minimize the review period for amendments, applicants should ensure that the amended information is sufficiently detailed. If needed, the Bank may request that the applicant provide additional information in accordance with subsection 29(3) of the RPAA. Applicants must respond to a request for additional information under subsection 29(3) within 30 days of the day after which the request is made.
When to submit a new application for registration instead of an amendment
In almost all cases, applicants should submit changes to information during the registration process using an application amendment, rather than submitting a new application for registration.
However, if an applicant intends to perform retail payment activities through a new legal entity before becoming registered (e.g., by becoming part of a newly created legal entity resulting from the amalgamation of two or more PSPs), the new legal entity must submit a new application for registration rather than amending an existing application.
Appendix: Amendments and changes
October 2, 2024
We updated the Bank’s policy regarding amendments relating to the legal entity making the application during the transition period.
Topic(s):
Registration