Canada's Retail Payment Activities Act came into force last week, requiring approximately 3,000 payment service providers (PSPs) to register with the Bank of Canada before Nov. 15 or risk fines up to $10 million.

In a recent interview with the Financial Post, Parna Sabet-Stephenson, leader of Gowling WLG's Financial Services and Technology (FSxT) Group, highlighted the differing impact the new requirements will have on smaller tech firms versus larger players. She noted that many FinTech companies will be subject to multiple regulatory regimes, potentially creating a compliance burden that may be disproportionately felt by smaller PSPs.

"Let's say you have a reporting requirement under one, which may be the same as under the second one and the third one," said Parna. "Potentially, you may end up filing it three times. It will be interesting to see how things evolve."

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