Under Banking exemption No. 4 of 2014 the Australian Prudential Regulation Authority (APRA) has extended the religious charitable development funds (RCDF) Exemption Order from 1 January 2015 until 31 December 2015, unless earlier revoked or varied.
UPDATE: Banking exemption No. 2 of 2015 extends the exemption for a further 12 months from 1 January 2016 until 31 December 2016.
RCDFs are funds that have been set up to borrow and use money for religious and charitable purposes.
RCDFs will continue to be able to raise funds from retail investors, but not on an at-call basis, to minimise the risk that investors in RCDFs confuse their investments with products provided by ADIs.
APRA is still considering responses to its 2013 consultation paper.
