Financial institution of Canada: The Newest on Retail Funds Supervision and Survey

Financial institution of Canada (through e-mail) | Aug 8, 2022

The Retail Funds Advisory Committee (RPAC) met on June 16, 2022, for an indication of the digital instruments the Financial institution of Canada is creating as a part of its retail funds supervision (RPS) mandate. These instruments embody:

• the self-assessment questionnaire to assist companies decide whether or not they need to register with the Financial institution as a fee service supplier (PSP) as outlined within the Retail Fee Actions Act
• an internet portal for candidates and PSPs to speak with the Financial institution and to submit data, resembling registration functions and necessary studies

We requested contributors for his or her views on:

• the content material of the self-assessment questionnaire.
• the design and performance of the applying type to register with the Financial institution;
• potential roles of customers inside a PSP and the entry necessities for his or her accounts with the Financial institution; and
• different sensible instruments to supply signatures and pay charges.

The abstract offers perception into the committee’s dialogue and the way the Financial institution will use the suggestions. Learn the abstract

See:  BoC: Retail Funds Supervision Assembly Summaries for registration, governance and charges

Give your suggestions on the self-assessment questionnaire

The Financial institution is looking for suggestions on the RPS self-assessment questionnaire from trade stakeholders who usually are not members of RPAC.  Take a second to look at a brief video demonstration of the questionnaire and reply our survey. We’ll use your suggestions to finalize the questionnaire. Take the survey

Discover out if you happen to might have to register with the Financial institution

We’ve got up to date our web site with data on the registration scope of the RPAA. Be taught extra in regards to the fee capabilities which may be carried out by PSPs.  Be taught extra

Proceed to study extra about Retail Fee Supervision and the Retail Fee Actions Act –> right here

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