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Can you summarize S.C. 2010, c. 12, s. 1834?
Consolidated Acts > Payment Card Networks Act
Short Summary
The Payment Card Networks Act is an Act that regulates national payment card networks and the commercial practices of payment card network operators. It applies specifically to payment card network operators. The Act aims to ensure the proper functioning and regulation of payment card networks, which are electronic payment systems used for accepting, transmitting, or processing transactions made by payment cards. The Act defines key terms such as acquirer, entity, issuer, Minister, payment card, payment card network, and payment card network operator. It also establishes the Financial Consumer Agency of Canada as the supervisory authority responsible for ensuring compliance with the Act and regulations. The Act grants the Commissioner of the Financial Consumer Agency of Canada the power to conduct examinations and inquiries, access records, and require information from payment card network operators. The Act also allows the Commissioner to enter into compliance agreements with operators to further ensure compliance. The Act empowers the Governor in Council to make regulations regarding payment card networks, disclosure of rates, notice requirements, conditions for agreements with issuers and acquirers, and other matters necessary for carrying out the purposes of the Act.
Whom does it apply to?
Payment card network operators
What does it govern?
Regulate national payment card networks and the commercial practices of payment card network operators
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Canada