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ARTICLE · 24 SEPTEMBER 2013

Reprieve from APRA for Religious Charitable Development Funds

Hunt & Hunt
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APRA has released revised proposals on changes to the exemption order for religious charitable development funds.

AustraliaCorporate/Commercial Law
Maria Townsend
Maria Townsend
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The Australian Prudential Regulation Authority (APRA) has today released revised proposals on changes to the exemption order under the Banking Act 1959 (Cth) for religious charitable development funds (RCDFs). These are a response to submissions to APRA's April 2013 discussion paper on this issue which we reported on in our e-alert of 2 May 2013 APRA moves to tighten prudential oversight over financiers and religious and charitable funds operators.

APRA remains of the view that unauthorised entities should not be able to offer deposit products or products with features and characteristics that are clearly associated with product offerings of Authorised Deposit-taking Institutions. However, APRA is now proposing an extension of the exemption order for RCDFs currently exempted, but subject to additional conditions including:

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