BPAY to transact between affiliates of the RCDF. Currently, RCDFs must No submissions raised Proposed to seek to expand ensure that advertising and concerns with this proposal. disclosures to include marketing material of the reference to the Financial RCDF contains clear and Claims Scheme. prominent disclosures to the effect that: neither the • controlling entity or the Fund is prudentially supervised by APRA; contributions to the • RCDF do not obtain the benefit of the depositor protection provisions of the Banking Act; and the Fund is designed • for investors who wish to promote the charitable purposes of the Fund. As part of its review of the RCDF Exemption Order, APRA has noted instances where RCDFs are putting such disclosures in the fine print of documents or in other places where it is
BPAY to transact between affiliates of the RCDF. Currently, RCDFs must ensure that advertising and marketing material of the RCDF contains clear and prominent disclosures to the effect that: • neither the controlling entity or the Fund is prudentially supervised by APRA; • contributions to the RCDF do not obtain the benefit of the depositor protection provisions of the Banking Act; and • the Fund is designed for investors who wish to promote the charitable purposes of the Fund. As part of its review of the RCDF Exemption Order, APRA has noted instances where RCDFs are putting such disclosures in the fine print of documents or in other places where it is No submissions raised concerns with this proposal. Proposed to seek to expand disclosures to include reference to the Financial Claims Scheme.
Religious-Charitable-Development-Funds-RIS.docx