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Can you summarize SOR /98-129?
Consolidated Regulations > Electronic Payments Regulations
Short Summary
The Electronic Payments Regulations, issued under the Financial Administration Act, apply to every payment made out of the Consolidated Revenue Fund by means of an electronic instruction for payment. The regulations define various terms such as ‘chargeback’, ‘digital signature’, ’electronic instruction for payment’, ‘financial institution’, ‘media’, ‘payee’, and ‘payment date’. They specify that electronic instructions for payment must be issued by or under the direction and control of the Receiver General, and include certain information such as the amount of payment, payment reference number, payee’s details, and payment date. The regulations also require the Receiver General to ensure the security, confidentiality, authenticity, and integrity of the data and media used for electronic instructions for payment. Financial institutions accepting electronic instructions for payment must make the funds available to the payee by the payment date. In case of non-crediting of payment, a replacement payment may be issued after revoking the original instruction and recovering the amount already paid. These regulations came into force on February 23, 1998.
Whom does it apply to?
Every payment made out of the Consolidated Revenue Fund by means of an electronic instruction for payment
What does it govern?
Electronic Payments Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada