Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 35(1) a of the Canadian Payments Act b, hereby makes the annexed Canadian Payments Association Membership Requirements Regulations. S.C. 2001, c. 9, s. 243 S.C. 2001, c. 9, s. 218
Membership Requirements
A requirement for membership in the Association that is to be met by a person referred to in paragraph 4(2)(a) of the Canadian Payments Act — other than a central, a trust company or a loan company — is that there are deposits made with it that are insured or guaranteed under a federal or provincial statute.
A requirement for membership in the Association that is to be met by a person referred to in paragraph 4(2)(e) of the Canadian Payments Act is that the person is a member of the Investment Dealers Association of Canada or the Bourse de Montréal.
Coming into Force
These Regulations come into force on November 7, 2001.