Law360 Canada ( August 17, 2018, 8:47 AM EDT) -- Appeal by the Financial Institutions Commission from a decision setting aside the Commission’s finding that the respondent was carrying on an unauthorized deposit business by the use of registered pre-paid credit cards that could be used with ATM machines. The Commission relied on the definition of deposit business in the Financial Institutions Act. The Commission determined it was not necessary that the funds associated with each card be linked to a separate cardholder account in order to be considered deposit money and concluded the respondent was receiving on deposit or soliciting for deposit money, as the deposit money was repayable on demand or at specified intervals for a specified term. The judge accepted the definition of deposit submitted by the respondent and concluded the components of its Card Programs were not consistent with that definition. In determining the meaning of deposit, the judge held that additional provisions of the Act provide useful guidance on how the term deposit should be interpreted....