Bill C-466

1st Session, 41st Parliament,

60-61 Elizabeth II, 2011-2012

house of commons of canada

BILL C-466

An Act to implement the recommendations of the Task Force for the Payments System Review

Whereas, on June 18, 2010, the Minister of Finance established the Task Force for the Payments System Review to provide the Minister with concrete and actionable advice and recommendations with respect to the modernization of the Canadian payments system;

Whereas, in December 2011, the Task Force for the Payments System Review presented the Minister with its final report, entitled Moving Canada into the Digital Age, in which it recommended that the Government of Canada enact policies that would substantially modern-ize the Canadian payments system by implementing electronic invoicing and payments (EIP) for government transactions, creating a mobile ecosystem in partnership with the private sector and propelling the creation of a digital identification and authentication (DIA) regime to protect the privacy of Canadians;

And whereas the Task Force for the Payments System Review further recommended that the Government of Canada enact legislation to change the governance structure of the Canadian payments system — including that of the Canadian Payments Association — to better meet the needs of consumers and businesses, protect the public interest with a new public oversight body for the payments industry, and encourage collaboration and innovation by all stakeholders through a broad-based, collaborative and self-governing organization;

Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

1. This Act may be cited as the Task Force for the Payments System Review Recommendations Act.

IMPLEMENTATION OF RECOMMENDATIONS

2. The Minister of Finance must immediately take all measures necessary to implement the recommendations of the Task Force for the Payments System Review that are set out in its final report of December 2011 to the Minister of Finance, entitled Moving Canada into the Digital Age.

ANNUAL REPORT

3. At the end of the first fiscal year that begins after the coming into force of this Act, and at the end of each of the following four fiscal years, the Minister of Finance must

(a) prepare a report reviewing the progress made during that fiscal year in fulfilling the obligations referred to in section 2; and

(b) cause the report to be laid before each House of Parliament within 90 days after the end of the fiscal year or, if that House is not then sitting, on any of the first 15 days next thereafter that the House is sitting.