Payment Card Networks Must Adopt Code of Conduct or Face Regulation


The Canadian federal government was poised to regulate the commercial practices of credit and debit card networks if they did not adopt the "Code of Conduct for the Credit and Debit Card Industry in Canada" (the "Code") voluntarily by May 17, 2010. As a result all major crdit and debtio card issuers, acquirers and payment networks adopted the Code. The final form of the Code was announced by Canada's Minister of Finance, Jim Flaherty on April 16, 2010 together with a warning that regulation would follow if necessary.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Antitrust & Trade Regulation Updates, General Business Updates, Finance & Banking Updates, Science, Computers & Technology Updates, Consumer Protection Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Stephen Redican | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »