Payment Card Networks Act
5 (1) The Financial Consumer Agency of Canada, established under section 3 of the Financial Consumer Agency of Canada Act, is responsible for supervising payment card network operators to determine whether they are in compliance with the provisions of this Act and the regulations.
Marginal note:Examination and inquiry
(2) The Commissioner of the Financial Consumer Agency of Canada, appointed under section 4 of the Financial Consumer Agency of Canada Act, must, from time to time but at least once in each year, make or cause to be made any examination and inquiry that the Commissioner considers necessary to determine whether the provisions of this Act and the regulations are being complied with and, after the conclusion of each examination and inquiry, must report on it to the Minister.
Marginal note:Power of Commissioner on inquiry
(3) For the purposes of this section, the Commissioner has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.
Marginal note:Access to records
(4) For the purposes of this section, the Commissioner or a person acting under the Commissioner’s direction
(a) has a right of access to any records, including electronic records, of a payment card network operator; and
(b) may require the directors or officers of a payment card network operator to provide information and explanations, to the extent that they are reasonably able to do so.
Marginal note:Required information
(5) A payment card network operator must provide the Commissioner with any information that the Commissioner may require for the purposes of this section.
Marginal note:Confidential information
(6) Subject to subsection (7), information regarding the business or affairs of a payment card network operator, or regarding persons dealing with one, that is obtained by the Commissioner or by a person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions under this section or under subsection 5(1.1) or (2.1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and must be treated accordingly.
Marginal note:Disclosure permitted
(7) If the Commissioner is satisfied that the information will be treated as confidential by the person to whom it is disclosed, the Commissioner may disclose it to
(a) the Deputy Minister of Finance, or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance, for the purpose of policy analysis related to the regulation of payment card network operators; or
(b) the Governor of the Bank of Canada, or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to a provision of that Act that is not in force, for the purpose of planning to carry out those objects.
Marginal note:Compliance agreement
(8) The Commissioner may enter into an agreement, called a “compliance agreement”, with a payment card network operator for the purpose of implementing any measure designed to further compliance by it with the provisions of this Act and the regulations.
- 2010, c. 12, s. 1834 “5”
- 2021, c. 23, s. 184
- Date modified: