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Can you summarize SOR /2003-346?
Consolidated Regulations > Canadian Payments Association By-law No. 3 Payment Items and Automated Clearing Settlement System
Short Summary
Canadian Payments Association By-law No. 3 Payment Items and Automated Clearing Settlement System is a regulation that governs the payment items and the automated clearing settlement system in Canada. It applies to direct clearers, group clearers, clearing agents, and the Bank of Canada who make entries into the Automated Clearing Settlement System (ACSS). The by-law defines various terms related to the ACSS, such as ACSS cycle, automated clearing settlement system, business day, clearing, clearing agent, clearing balance, direct clearer, exchange, federal credit union, final adjustment time, group, group clearer, indirect clearer, pledge, regional exchange point, and settlement. The by-law also specifies the rules and requirements for the application, clearing, and settlement of payment items, including acceptable classes of payment items, government payment items, international payment items, and payment items in dispute. Additionally, it outlines the roles and responsibilities of direct clearers, group clearers, clearing agents, and the Bank of Canada in the ACSS. No exemptions or penalties are mentioned in the provided document.
Whom does it apply to?
This by-law applies to direct clearers, group clearers, clearing agents, and the Bank of Canada who make entries into the Automated Clearing Settlement System (ACSS).
What does it govern?
Canadian Payments Association By-law No. 3 Payment Items and Automated Clearing Settlement System governs the payment items and the automated clearing settlement system in Canada.
What are exemptions?
No exemptions are mentioned in the provided document.
What are the Penalties?
No penalties are mentioned in the provided document.
Jurisdiction
Canada