Canadian Payments Act

Marginal note:Minister may issue directive

• 40 (1) The Minister may issue a written directive to the manager or a participant of a designated payment system in respect of

  • (a) the conditions an entity must meet to become a participant in the designated payment system;

  • (b) the operation of the designated payment system;

  • (c) the interaction of the designated payment system with other payment systems; or

  • (d) the relationship of the designated payment system with users.

• Marginal note:Consultation

  (2) Before giving a directive, the Minister shall consult the person to whom it is to be given, and may consult any interested party, with respect to the content and effect of the directive.

• Marginal note:Content

  (3) The Minister may specify in a directive that a manager of a designated payment system or a participant shall, within such time as the Minister considers necessary,

  • (a) cease or refrain from engaging in an act or course of conduct;

  • (b) perform such acts as in the opinion of the Minister are necessary in the public interest; or

  • (c) make, amend or repeal a rule.

• Marginal note:Notification of implementation

  (4) As soon as is practicable after implementing a directive and completing any actions required to be taken in connection with it, the person to whom it is given shall notify the Minister that the directive has been implemented and the action completed.

• Marginal note:Directive not statutory instrument

  (5) A directive is not a statutory instrument for the purposes of the Statutory Instruments Act. However, it must be published in the Canada Gazette.

• Marginal note:Duty to comply

  (6) A directive is binding on the person to whom it is given.