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ARTICLE · 24 AUGUST 2013

Religious charitable development funds (CDFs): possible changes on the way?

Carroll & O'Dea
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At present, charitable development funds enjoy certain exemptions from the usual regulations imposed by ASIC and APRA.

AustraliaCorporate/Commercial Law
Josephine Heesh
Josephine Heesh
Patricia Monemvasitis
Patricia Monemvasitis
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Religious Charitable Development Funds are a category of Charitable Fund Raisers, outside the banking regime. They are regulated by the Australian Securities & Investment Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA).

Charitable Development Funds (CDFs) operated by Diocese throughout Australia fall into this category. They collect deposits from stakeholders and lend back for the work of those Diocese for the purpose of funding projects for church buildings, parish facilities, school buildings, hospitals and retirement villages and nursing homes.

The CDFs enjoy certain exemptions from the usual regulations imposed by ASIC and APRA.

In May ASIC issued a consultation paper for response by CDFs 15 July 2013. The consultation paper can be found here.

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