Vol. 144, No. 6 — March 17, 2010

Registration

SOR/2010-44 February 23, 2010

CANADIAN PAYMENTS ACT

Regulations Amending the Canadian Payments Association Election of Directors Regulations

P.C. 2010-213 February 23, 2010

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 35(1) (see footnote a) of the Canadian Payments Act (see footnote b), hereby makes the annexed Regulations Amending the Canadian Payments Association Election of Directors Regulations.

REGULATIONS AMENDING THE CANADIAN PAYMENTS ASSOCIATION ELECTION OF DIRECTORS REGULATIONS

AMENDMENT

1. Subsection 11(1) of the French version of the Canadian Payments Association Election of Directors Regulations (see footnote 1) is replaced by the following:

Composition

11. (1) Le comité de direction se compose de huit membres, dont l’un est le président du conseil.

COMING INTO FORCE

2. These Regulations come into force on the day on which subsection 422(3) of An Act to amend the law governing fina n cial institutions and to provide for related and consequential amendments , chapter 6 of the Statutes of Canada, 2007, comes into force, but if they are registered after that day, they come into force on the day on which they are registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Issue and objectives

In 2007, as part of a larger package of proposed amendments to financial services legislation (Bill C-37), amendments to the Canadian Payments Act were introduced in order to improve the operation and efficiency of the payments system. Consequentially, a technical amendment to a Canadian Payments Association regulation has been formulated to enhance clarity of a provision.

Description and rationale

The Canadian Payments Association Election of Directors Regulations have been amended.

• A modification has been made to reflect terminology amended in the Canadian Payments Act. Bill C-37 included amendments to the Canadian PaymentsAct to replace the title of “General Manager” by “President”/“président.” A clarification is needed to the French title of “Chairperson,” currently also “président,” in order to make a distinction between the two positions. The title of “président” has been replaced by “président du conseil.” This amendment reflects a similar amendment to the Canadian Payments Act.

Consultation

The CPA and the CPA Board of Directors have reviewed and support this amendment. The CPA Board of Directors has sixteen members composing a wide range of stakeholders.

Contact

Leah Anderson
Director
Financial Sector Division
Department of Finance
L’Esplanade Laurier, 20th Floor, East Tower
140 O’Connor
Ottawa, Ontario
K1A 0G5
Email: Leah.Anderson@fin.gc.ca
Telephone: 613-992-6516
Facsimile: 613-943-8436

Footnote a
S.C. 2001, c. 9, s. 243

Footnote b
S.C. c. C-21; S.C. 2001, c. 9, s. 218

Footnote 1
SOR/2002-215

NOTICE:
The format of the electronic version of this issue of the Canada Gazette was modified in order to be compatible with extensible hypertext markup language (XHTML 1.0 Strict).