Our breadth of experience in the payment card industry enables Blakes to understand the business as well as the law. We apply our broad-based knowledge and experience in working with our clients to develop practical solutions to the many complex issues that arise in the payment card industry.
With Canada’s largest financial institution regulatory practice in Canada, we advise clients on the current regulatory framework, as well as on any draft legislation and regulatory proposals that may affect them. We provide advice to those involved in the card industry, including card networks, credit card issuers and merchant acquirers, debit card issuers, gift card issuers, loyalty program providers, stored value card issuers and service providers, including card processors and distributors (ISOs).
Blakes regulatory lawyers are in frequent contact with the Canadian federal and provincial regulatory bodies that govern or affect our payment card clients. We also provide legal support to multiple industry associations in the payment card industry, and this keeps us well informed of the unique challenges facing differing payment card businesses.
We advise in connection with the following:
Compliance with both federal and provincial consumer protection legislation, guidelines and codes of conduct, including advice with respect to cost of credit disclosure, credit reporting, high-cost credit regulation, electronic transactions, privacy, anti-spam, escheatment and collections practices
Drafting and reviewing cardholder agreements, applications, account statements, privacy statements and other required disclosures and customer communications to ensure compliance with the applicable federal and provincial laws and regulations
Regulatory advice on mobile and emerging payments and compliance with laws applicable to mobile wallets, payment apps, mobile and contactless payments, and tokenization
The establishment, acquisition and divestiture of every type of payment card business, including the reorganization work for payment card businesses, program agreements, sponsorship or rent-a-BIN agreements, partnerships, joint ventures alliance, co-brand and distribution agreements, and outsourcing and merchant contracts
National and provincial class actions brought with respect to criminal interest rate allegations, payment and posting-date issues, currency exchange rate claims and alleged violations of consumer disclosure obligations