Who regulates religious charitable development funds?
The interesting thing about “one size fits all” regulation is attempting to classify organisations which do not easily fall within the definitions. ASIC is still trying to understand mutuals and the latest news from APRA shows that it has had to come to terms with religious charitable development funds (also known as church funds). These funds are typically not corporations or financial institutions but receive significant amounts of money from the public. APRA has introduced a class exemption order (Banking exemption No. 1 of 2006) that standardises the conditions under which religious charitable development funds can be exempted from the requirement to be authorised under the Banking Act 1959. The exemption lists the funds that can apply for exemption if they meet the conditions. To distinguish the funds from regulated retail financial institutions, the conditions preclude funds from offering cheque facilities (except in limited circumstances) or EFTPOS and ATM access; require increa
