Regulations Amending the Canadian Payments Association Election of Directors Regulations

This regulation has no direct cost or compliance impact on businesses — the RIAS explicitly confirms it imposes no new administrative burden or costs on businesses, consumers, or the government. The changes affect Payments Canada's internal governance by allowing employees, directors, and senior officers of payment service providers and other entities that are eligible for Payments Canada membership (but haven't joined) to now serve as independent Board directors, as long as their employer isn't majority-owned or controlled by a Payments Canada member. Additionally, the waiting period for former employees, consultants, or directors of Payments Canada or its members to qualify as independent directors drops from three years to one year, making it easier for recently active payments industry professionals to participate in Board governance.