Legislation & by-laws

The Canadian Â鶹ÊÓƵ Association (CPA) operates under the brand name of Â鶹ÊÓƵ. For legal purposes we continue to use CPA (or the Association) in all information related to rules, by-laws and standards.

The sets out the legal framework for the CPA, including its mandate, the types of organizations eligible for membership, the role of the Board of Directors, and oversight responsibilities of the Minister of Finance.

Under the Act, CPA by-laws that relate to the administration of the CPA may be approved by the Board. All other CPA by-laws are subject to approval by the Minister of Finance, who also has the authority to review new rules or amendments to existing rules and, if appropriate, disallow the whole or part of a rule. The Minister also has the power to issue a directive including a directive to make, amend or repeal a by-law, rule or standard. If a directive relates to the operation of a designated system, the Minister must consult with the Governor of the Bank of Canada before issuing the directive.

The assigns the Bank of Canada responsibility for overseeing clearing and settlement systems for the purpose of controlling systemic risk or payment system risk. Lynx — Canada’s high-value payment system — has been designated as systemically important under this Act and the Automated Clearing Settlement System (ACSS) has been designated a prominent payment system, so we’re also subject to oversight from the Governor of the Bank of Canada for the Lynx and ACSS. 


Our regulators

The  sets out our mandate and the legal framework that governs our existence. The Act also designates oversight responsibilities to the Minister of Finance who has the authority to review and disallow new or amended payment rules, and issue directives to make, amend or repeal by-laws, rules or standards.

The  assigns the Bank of Canada responsibility for overseeing automated clearing and settlement systems for the purpose of controlling systemic risk or payment system risk. This means the Bank of Canada has oversight responsibilities for Lynx, Canada's high-value payment system, and the ACSS, the Automated Clearing Settlement System.

The CPA has MOUs with both the Department of Finance and the Bank of Canada to ensure that all parties are meeting their respective statutory responsibilities.


By-laws

Under the Canadian Â鶹ÊÓƵ Act, the authority to make by-laws is delegated to Â鶹ÊÓƵ’s Board of Directors in fulfillment of Â鶹ÊÓƵ’s mandate. Other regulations on certain topics may also be made by the executive branch of government (Governor in Council). 

By-laws and regulations made under the CP Act:

By-laws specific to Canada’s payment systems can also be found with Rules & documentation.