Notes

Excitement About non-retail service Definition - Law Insider


<h1 style="clear:both" id="content-section-0">About FINANCE CODE CHAPTER 345RETAIL INSTALLMENT<br></h1>
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<p class="p__0">On April 30, 2021, the federal government introduced An Act Respecting Retail Payment Activities (brief title, Retail Payment Activities Act) (the "RPAA"). The much-anticipated RPAA comes in action to an assessment paper published by the Department of Finance in 2017, for a "New Retail Payments Oversight Framework" (the "2017 Consultation Paper").</p>
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<p class="p__1">The RPAA signals the federal government's continued willingness to control new and progressively complex "retail payment activities" driven by innovative payment approaches and technologies. The RPAA will work as the first regulatory regime for retail payment providers in Canada. Full Article , it is available in the middle of a broader regulative action by a federal government concentrated on protecting customers, fostering competition and promoting innovation in the digital age.</p>
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<img width="329" src="https://www.morrisdickson.com/wp-content/uploads/2016/02/retail-pharmacies2.jpg">
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://media-exp1.licdn.com/dms/image/C4E12AQHcQ83kmilDmw/article-cover_image-shrink_600_2000/0/1520131768160?e=1652918400&amp;v=beta&amp;t=uSyovKb0D5tq8_dCu7OTTr4rGFvLGa6rdfxTBTcOOvU" alt="Consumer Products - ACT Capital Advisors"><span style="display:none" itemprop="caption">Program for Retail Employee - ASICS Global - The Official Corporate Website for ASICS and Its Affiliates</span>
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<p class="p__2">Who will be managed? As a beginning point, the RPAA will regulate "retail payment activities" that are either: Carried out by a "payment provider" ("PSP") that has a location of service in Canada, or Carried out for an "end user" in Canada by a PSP that does not have a place of organization in Canada, however directs retail payment activities at people or entities that are in Canada.</p>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://www.noln.net/ext/resources/2021/09/21/vioc.jpg?t=1632238768&amp;width=1080" alt="The omnichannel banking imperative - McKinsey"><span style="display:none" itemprop="caption">37,257 Students from Title 1 Schools Experience Arts Field Trips Through Act One - Act One</span>
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<h1 style="clear:both" id="content-section-1">DOL Removes Industry List, More Employers May Qualify for for Dummies<br></h1>
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<p class="p__3">A PSP is an entity that carries out a "payment function" as a service or service activity that is not incidental to another service or organization activity. The idea of what constitutes "incidental" to another service will likely be the subject of debate at the margins of this legislation. Offered regulatory analyses in other areas like the registration of funds transmitters as cash services businesses, the decision will likely focus on excluding companies where the payment function they assist in is a small component of their company design, rather than a central element of it.</p>
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<p class="p__4">The funds payment function is merely a corollary to their true service loaning to consumers. What activities will be regulated? The topic of regulation under the RPAA is "retail payment activity" performed by a PSP or for an end user and specified as a "payment function that is carried out in relation to an electronic funds transfer that is made in Canadian currency or another nation currency or utilizing an unit that meets prescribed requirements".</p>
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