Changes to Our Rules and Standards

The following amendments that were approved by Payments Canada's Board of Directors and the Department of Finance, will come into effect on March 12, 2018:

  • New ACSS Rule L3 - Collateral - The new Rule will provide for the procedures and methodologies for:
    • The initial establishment of a collateral pool and collateral pool pledge of each direct clearer, and the monthly recalibrations of the collateral pool size and collateral pool pledges to account for changes to value being cleared and settled through ACSS;
    • The recalculation of the collateral pool pledge of each direct clearer upon a default or the withdrawal of a direct clearer; and
    • The calculation of the collateral pool pledge of a new direct clearer.
  • ACSS Rule L1 amendments to provide for:
    • The methodology for calculating default and additional contributions of surviving direct clearers;
    • The process for making such contributions.     
  •  ACSS Rule B1 - amendments to incorporate into the Rules the current time at which settlement will be effected (note that there is no change to the current settlement time).

 The following amendments that were approved by the Board and the Department of Finance, will come into effect on September 17, 2018:

  • ACSS Rule F1 - rule amendments to accommodate Phase 1 of the AFT Enhancements for Modernization to reflect an additional daily exchange, changes to serviceability code and funds availability requirements for same day credits.
  • ACSS Rule F4 - rule amendments to accommodate Phase 1 of the AFT Enhancements for Modernization to reflect an additional daily exchange, changes to serviceability code and funds availability requirements for same day credits.
  • ACSS Rule F7 - rule amendments to accommodate Phase 1 of the AFT Enhancements for Modernization to reflect a change in the time in which new versions of the FIF File become effective for AFT Transactions.
  • ACSS Rule K8 – rule amendments to accommodate Phase 1 of the AFT Enhancements for Modernization to reflect changes to serviceability code requirements and exchange times for US dollar AFT transactions.
  • ACSS Rule G12 - rule amendments to accommodate Phase 1 AFT Modernization Enhancements to reflect increased frequency of exchange of AFT Files, new funds availability timeframes and minor changes to the settlement process for Government direct deposits.

The following amendments were approved by the Board and are pending approval from Finance:

  • LVTS Rule 12 –  minor amendments to update the LVTS infrastructure references to align them with the enhancements being implemented as part of Payments Canada’s Disaster Recovery Enhancements (DRE) project. The effective date is June 5, 2017.

The following changes have been approved by the Board and the Department of Finance: 

  • LVTS Rule 12 –  minor amendments to update the LVTS infrastructure references to align them with the enhancements being implemented as part of Payments Canada’s Disaster Recovery Enhancements (DRE) project. The effective date is June 5, 2017.
  • ACSS Rule A4 – amendments to Section 9(c) Use of Inter-member Debit for ICP.  The amendments to Rule A4 provide for the use of an Inter-Member Debit (IMD) with a corresponding worksheet that details each returned item, rather than the single-item return process, where both the Drawee Financial Institution and the Negotiating Institution agree.
  • Standard 006 – amendment to Section 5.2 – Void Pantographs on ICP Items.  The amendments to Standard 006 allow Financial Institutions to return an item that has a displayed ‘VOID’ pantograph resulting from desktop cheque scanners. Additional wording is included as a caution that an item with ‘void’ marked on it may come through the clearings and could be returned next day.
  • Standard 014 – amendment to Section 5.1.5 – Position 33-43: Transit Number Field.  The amendments to Standard 014 allow the printing of an ABA routing   number  when creating a Clearing Replacement Document (CRD) for items in US funds bearing a US MICR.
  • NEW Standard 018 – Payment Item Information Security Standard to the ACSS Rules Manual
    • Repeal of Standard 012 – Image Security Standard
    • consequential amendments to ACSS Rules E3, F1, F4 and A10 to include references to Standard 018 as the minimum security standard for electronic payments.
  • ACSS Rules F1 and F4 to include reasons for which members will allow an originator of AFT transactions to correct an error or reverse a Transaction.
  • LVTS Rule 12 – various minor amendments to reflect updates and clarifications based on current practice.