PART 11R.S., c. E-20; 2001, c. 33, s. 2(F)EXPORT DEVELOPMENT ACT
Marginal note:1993, c. 26, s. 4(1)
(h) make any investment or enter into any transaction, including any transaction whose object is the management of portfolio risks, that is necessary or desirable for the financial management of the Corporation;
Marginal note:1993, c. 26, s. 6
1832. Section 17 of the Act is replaced by the following:
17. (1) The Corporation may establish offices in and outside Canada, and the Corporation’s head office shall be in the National Capital Region as described in the schedule to the National Capital Act.
(2) The Corporation shall obtain the approval of the Minister and the Minister of Foreign Affairs before establishing any office outside Canada.
(3) The approval may be of a limited duration and may be subject to conditions.
(4) Either the Minister or the Minister of Foreign Affairs may, if he or she considers it appropriate, revoke the approval by giving notice to the Corporation of the revocation and of its effective date.
Marginal note:1993, c. 26, s. 8
1833. Subsection 23(6) of the Act is replaced by the following:
Marginal note:Financial management
(6) The Minister, with the concurrence of the Minister of Finance, may authorize the Corporation to make any investment or enter into any transaction or any class of transactions — including the forgiveness in whole or in part of any debt or obligation — that is necessary or desirable for the management of assets and liabilities arising out of any transaction that may be entered into under this section.
PART 12PAYMENT CARD NETWORKS
Enactment of Payment Card Networks Act
Marginal note:Short title
1. This Act may be cited as the Payment Card Networks Act.
2. The purpose of this Act is to regulate national payment card networks and the commercial practices of payment card network operators.
3. The following definitions apply in this Act.
« acquéreur »
“acquirer” means an entity that enables merchants to accept payments by payment card by providing merchants with access to a payment card network for the transmission or processing of those payments. It does not include that entity’s agent or mandatary.
« entité »
“entity” means a corporation, trust or partnership, or an unincorporated association or organization.
« émetteur »
“issuer” means an entity or provincial Crown corporation that issues payment cards.
« ministre »
“Minister” means the Minister of Finance.
« carte de paiement »
“payment card” means a credit or debit card — or any other prescribed device — used to access a credit or debit account on terms specified by the issuer. It does not include a credit card issued for use only with the merchants identified on the card.
“payment card network”
« réseau de cartes de paiement »
“payment card network” means an electronic payment system — other than a prescribed payment system — used to accept, transmit or process transactions made by payment card for money, goods or services and to transfer information and funds among issuers, acquirers, merchants and payment card users.
“payment card network operator”
« exploitant de réseau de cartes de paiement »
“payment card network operator” means an entity that operates or manages a payment card network, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds.
4. This Act applies to payment card network operators.
FINANCIAL CONSUMER AGENCY OF CANADA
5. (1) The Financial Consumer Agency of Canada, established under section 3 of the Financial Consumer Agency of Canada Act, is responsible for supervising payment card network operators to determine whether they are in compliance with the provisions of this Act and the regulations.
Marginal note:Examination and inquiry
(2) The Commissioner of the Financial Consumer Agency of Canada, appointed under section 4 of the Financial Consumer Agency of Canada Act, must, from time to time but at least once in each year, make or cause to be made any examination and inquiry that the Commissioner considers necessary to determine whether the provisions of this Act and the regulations are being complied with and, after the conclusion of each examination and inquiry, must report on it to the Minister.
Marginal note:Power of Commissioner on inquiry
(3) For the purposes of this section, the Commissioner has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.
Marginal note:Access to records
(4) For the purposes of this section, the Commissioner or a person acting under the Commissioner’s direction
(a) has a right of access to any records, including electronic records, of a payment card network operator; and
(b) may require the directors or officers of a payment card network operator to provide information and explanations, to the extent that they are reasonably able to do so.
Marginal note:Required information
(5) A payment card network operator must provide the Commissioner with any information that the Commissioner may require for the purposes of this section.
Marginal note:Confidential information
(6) Subject to subsection (7), information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions under this section or under subsection 5(1.1) or (2.1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and must be treated accordingly.
Marginal note:Disclosure permitted
(7) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators.
Marginal note:Compliance agreement
(8) The Commissioner may enter into an agreement, called a “compliance agreement”, with a payment card network operator for the purpose of implementing any measure designed to further compliance by it with the provisions of this Act and the regulations.
6. The Governor in Council may, on the recommendation of the Minister, make regulations
(a) respecting payment card networks;
(b) specifying the types of rates that a payment card network operator must disclose and the manner in which the disclosure must be made;
(c) prescribing the time and manner in which a payment card network operator must give notice of any new rates or any changes in its rates or fee schedules, as well as to whom the notice must be given;
(d) prescribing conditions regarding the issuance of payment cards that a payment card network operator must include in any agreement entered into with an issuer;
(e) prescribing conditions that a payment card network operator must include in any agreement entered into with an acquirer;
(f) prescribing anything that by this Act is to be prescribed; and
(g) generally for carrying out the purposes and provisions of this Act.
Marginal note:Enforcing conditions
7. A payment card network operator that is a party to an agreement containing any of the conditions required by regulations made under paragraph 6(d) or (e) must take reasonable measures to enforce those conditions.
8. The Minister may, by order, exempt a payment card network operator from any of the provisions of this Act or the regulations.
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