The Government of Canada has tabled the Prepaid Payment Products Regulations. These new regulations establish a framework for practices in respect of prepaid payment products issued by federally regulated financial institutions. They govern the disclosure of information to consumers and fund expiry.
The new regulations will enter into force on May 1, 2014. The Financial Consumer Agency of Canada (FCAC) will be in charge of overseeing their implementation.
Source: Department of Finance Canada
Date: December 3, 2013
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