(April 19, 2010) After five months of discussion, the Canadian government is out with the final draft of its Code of Conduct for the payments industry. The merchant-friendly code is supposedly voluntary, but proposed legislation could force it upon payments companies that don’t adopt it on their own by May 17.
“Payment card networks, credit and debit card issuers, and payment processors are now being invited to adopt this code,” Finance Minister Jim Flaherty said in a release Friday. “We are confident that they will do so voluntarily. Our government has, however, taken steps in Budget 2010 to ensure that we have the legislative authority to regulate the industry if necessary.”