I don't know which act it is, but it's under a provincial act.
Some credit card issuing companies, including the best known ones, have no-liability policies. Consumer liability is nil. That's a deliberate gesture by those institutions to promote their corporate image and to inspire consumer trust.
Furthermore, to the extent that we want to develop a code that can apply to all parties, including those not federally regulated, a voluntary approach makes it possible to include everyone, whereas, if we wanted to legislate, that would only cover part of the system, not the rest, and would not necessarily produce the best results. And we're seeing that some are voluntarily going beyond the statutory requirements.