Publication date: February 21, 2024
Last updated: May 22, 2024
The consultation regarding our draft supervisory guidelines is now closed. Review the draft supervisory guidelines and learn what the Bank will do with the feedback received.
Under the Retail Payment Activities Act (RPAA), payment service providers registered with the Bank of Canada must demonstrate how they manage their operational risks, respond to incidents, safeguard end-user funds, and notify the Bank of certain incidents and significant changes. This requirement comes into effect on September 8, 2025.
About the consultation
We have drafted supervisory guidelines to help payment service providers understand their obligations. From February 21, 2024 to May 21, 2024, we sought feedback from payment professionals on the standards and practices in the following draft documents:
Next steps
We thank those who participated in the consultations and provided their feedback. Feedback received will help inform the final supervisory guidelines. The guidelines will be published in the second half of 2024, alongside an anonymized summary of the comments received during this consultation.