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Can you summarize SOR /2003-347?
Consolidated Regulations > Canadian Payments Association By-law No. 6 Compliance
Short Summary
Canadian Payments Association By-law No. 6 Compliance is a regulatory document that outlines the compliance procedures and processes within the Canadian Payments Association. It applies to both members and non-members who are subject to compliance investigations. The by-law defines key terms and concepts related to compliance, such as contraventions by members and non-members. It establishes the authority of the President to initiate investigations based on reasonable belief of contraventions and outlines the requirements for filing complaints. The by-law also sets out the procedures for investigations, including the establishment of compliance panels, the rights of parties involved, and the powers of the President. Sanctions and penalties for contraventions are specified, including reprimands, orders to comply, restitution payments, suspension of rights, and penalties not exceeding $250,000 per contravention. The by-law also addresses the preparation of compliance reports, enforcement and collection of penalties, and the indemnification of compliance panel members. Overall, the by-law aims to ensure compliance with the rules and by-laws of the Canadian Payments Association.
Whom does it apply to?
This by-law applies to members and non-members of the Canadian Payments Association who are subject to compliance investigations.
What does it govern?
Canadian Payments Association By-law No. 6 Compliance governs the compliance procedures and processes within the Canadian Payments Association.
What are exemptions?
No exemptions are mentioned in the document.
What are the Penalties?
The by-law allows for various sanctions and penalties, including reprimands, orders to comply with specific requirements, restitution payments, suspension of rights, and penalties not exceeding $250,000 per contravention.
Jurisdiction
Canada