Changes to Our Rules and Standards

The following amendments were approved by the Board and the Department of Finance and come into effect on November 29, 2020:

  • ACSS Rules B1, B2, B9, G9, K4, K5 and Introduction - Amendments to accommodate changes associated with the ACSS Refresh.
  • ACSS Rule G9 -  Consequential amendments to accommodate changes associated with the electronic exchange of Image Captured Government of Canada Paper Instruments. 

The following amendments were approved by the Board and the Department of Finance and come into effect on November 23, 2020:

  • ACSS Rule B1 -  Amendments to remove Delivery Number requirement.
  • ACSS Rule B2 -  Amendments to add Stream V.
  • ACSS Rule B9 -  Amendments to add Stream V.
  • ACSS Rule D2 -  Amendments to add Clearing Agent Notification Form and require notice for changes to clearing arrangements.
  • ACSS Rule F1 - Amendments to add clarity regarding time frames for Error Corrections and amendments to update the definitions of “Severity 1 Contingency Situations” (now “Direct Clearer Incidents”), “Severity 2 Contingency Situations” (now “CSN Incident”) and notification requirements for those incidents to reflect operational practices.
  • ACSS Rule F4 - Amendments to clarify the requirements of notification of a mission or rejected file; amendments to update the definitions of “Severity 1 Contingency Situations” (now “Direct Clearer Incidents”), “Severity 2 Contingency Situations” (now “CSN Incident”) and notification requirements for those incidents to reflect operational practices; and amendments to provide clarity regarding time frames for Error Corrections.
  • ACSS Rule F7 - Amendments to update the procedures for members to provide notification of clearing arrangement changes to the Association.
  • ACSS Rule G4 - Amendments to the process for submitting remittance forms to the CRA.
  • LVTS Rule 1 - Amendment to add new definition "Target Rate".
  • LVTS Rule 14 - Amendment to include an interest component to the compensation for late payments that already existed.

The following amendments were approved by the Board and the Department of Finance and come into effect on November 2, 2020:

  • ACSS Rule L3 -  Amendments to calculate the Multiplier from annually to quarterly.

The following amendments were approved by the Board and the Department of Finance and come into effect on August 17, 2020:

  • ACSS Rule L1 - Amendments to clarify the requirements of CPA members and the treatment of payment items.
  • ACSS Rule L3 - Amendments to accommodate changes to the Interim Credit Risk Model.
  • Standard 15 - Amendments to provide clarification on the ECE institution.

The following amendments were approved by the Board and the Department of Finance and came into effect on August 5, 2020:

  • ACSS Rule D1 -  Amendments to sections 4, 5 and Appendices I and II to remove the 0.5% volume requirement and to include a restriction on participation of affiliates; Amendments to section 7 to outline the procedures applicable in the event that a Direct Clearer or a Group Clearer becomes affiliated with one or more other Direct Clearers.

The following amendments were approved by the Board and the Department of Finance and come into effect on April 27, 2020:

  • Introduction - Amendments to the definitions of Image Printout and Item Dishonored Stamp. 
  • ACSS Rule A1 - Consequential amendments to include Image Printouts as an eligible item for exchange, clearing and settlement. 
  • ACSS Rule A4 - Amendments to section 11(b)(ii) to accommodate changes to the process for returning items negotiated outside of Canada; Amendments to amend the definition of an Image Printout and corresponding consequential amendments. 
  • ACSS Rule A10 - Amendments to include procedures for the forward presentment of an Image Printout and updates to section 42, return using an RRD. 
  • ACSS Rule F1 - Amendments to section 11(b) and 12(a) to clarify the requirements of notification of a missing or rejected AFT file.  
  • ACSS Rule G3 - Amendments to section 15 to include RRD.
  • ACSS Rule H5 - Amendments to section 8(b) to reflect changes to the requirements to the use of pro forma Bond/Coupon envelopes.
  • ACSS Rule K1 - Amendments to alter the requirement for items received outside Canada to be enfaced with a Point-of-Entry Stamp.
  • ACSS Rule K4 -  Amendments to accommodate the requirement for Direct Clearers/Group Clearers to attest to the ACSS/USBE Service Level Description and to sections 4 and 6 of the CPA Services Network (CSN) Service Level Description. 
  • Standard 013 -  Amendments to the definition of Return Replacement Document.
  • Standard 014 - Amendments to the definition of Clearing Replacement Document.  

The following amendments were approved by the Board and the Department of Finance and come into effect on February 13, 2019:

  • ACSS Rule B1 - Amendments to accommodate the requirement for Direct Clearers to attest to the ACSS Service Level Description and to sections 4 and 6 of the CPA Services Network (CSN) Service Level Description.
  • ACSS Rule L3 - Amendment to subsections 4(c) and 7(e) respectively, to reflect change in confidence level from 97% to 99% and in the Business Days for the calculation of the ACSS collateral pool from 255 Business Days to 510 Business Days.
  • LVTS Rule 2 - Amendments to accommodate the changes in operations and functions within financial institutions, as well as to take into account users with access to the LVTS Application outside of Canada.
  • LVTS Rule 3 - Amendments to include the requirement of internal audit sign off on the Management Attestation Statements, commencing in 2021 for the 2020 reporting year. 
  • LVTS Rule 11 - Amendments to remove the Management Attestation Statement forms from the appendix of this rule. The forms instead will be distributed by the CPA to LVTS Participants on an annual basis.

The following amendments were approved by the Board and the Department of Finance and came into effect on January 2, 2019:

  • ACSS Rule D1 -  Amendment to subsection 23(a) to revise the submission due date of the Form D2 – Annual Attestation Form.
  • ACSS Rule D2 -  Amendment to section 10 to revise the submission due date of the Form D2 – Annual Attestation Form.
  • ACSS Rule D3 - Amendments to update heading for section 13 and addition of section 14 requiring Indirect Clearers to collect and report volume and value Exchanged by a Clearing Agent on its behalf.

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.