Bank of Canada gains authority to charge assessment fees to payment service providers, stablecoin issuers, and open-banking participants

Plain-language summary · AI-assisted · not legal advice

Amendments not yet in force add a new fee-assessment framework to the Bank of Canada Act. The Bank will be able to recover its supervisory costs—related to administering the Retail Payment Activities Act, Consumer-Driven Banking Act, Payment Clearing and Settlement Act, and Stablecoin Act—by levying annual and interim assessments against a defined group called 'entities subject to assessment fees.' That group includes registered payment service providers, accredited third-party service providers (open banking), clearing houses, external complaints bodies, and stablecoin issuers. Assessed amounts are final, binding, and immediately payable as a debt to the Bank, with interest accruing on unpaid balances. Affected entities may also be required to provide information to the Bank to support the assessment process. These provisions are listed as amendments not yet in force, so organizations in the affected categories should monitor when they are brought into effect.

Who this affects: registered payment service providers · stablecoin issuers · open-banking accredited third-party service providers · clearing houses · external complaints bodies under the Consumer-Driven Banking Act