• Proposed Voluntary Code of Conduct Will Materially Affect Canada's Payments Systems If Adopted
  • December 16, 2009 | Authors: Rebecca C.W. Chan; Stephen J. Redican
  • Law Firm: Borden Ladner Gervais LLP - Toronto Office
  • On November 19, 2009, the Honourable Jim Flaherty, Minister of Finance, announced the latest action the federal government will take to regulate Canada's credit and debit industry and released for public consultation a draft voluntary "Code of Conduct for the Credit and Debit Card Industry in Canada" (the "Code"). If adopted by payment card networks, the Code's "Recommended Policy Elements" will need to be incorporated in payment card networks' governing rules, regulations and contracts and will materially affect the business practices and costs of payment card networks and their participants, including card issuers and merchant acquirers and processors.