1R3. The services referred to in section 1R2 and provided in respect of an instrument by any of the following persons are not prescribed services:
(1) a person at risk;
(2) a person that is a member of a closely related group of which a person at risk is also a member, if the recipient of the service is not the person at risk or another person that is a member of the closely related group;
(3) a broker, mandatary or salesperson who arranges for the issuance, renewal or variation, or the transfer of ownership, of the instrument for a person at risk or a person that is a member of a closely related group of which the person at risk is also a member.
For the purposes of the first paragraph, the expression:
“instrument” means money, an account, a financial instrument or a credit card or debit card voucher;
“person at risk”, in respect of an instrument in relation to which a service referred to in section 1R2 is provided, means a person who is financially at risk by virtue of the acquisition, issuance or ownership by that person of the instrument or by virtue of an acceptance, a guarantee or an indemnity in respect of the instrument, but does not include a person who becomes so at risk in the course of, and only by virtue of, authorizing a transaction, or supplying a clearing or settlement service, in respect of the instrument.
O.C. 1607-92, s. 1R3; O.C. 1635-96, s. 6; O.C. 1463-2001, s. 3; O.C. 229-2014, s. 1.