[1] In 2013, ASIC estimated that there were more than 200 CIFs, with the largest funds being those operated by the Australian Catholic Bishops' Conference.
By an instrument in 2002 under the Corporations Act,[2] Australian Securities and Investments Commission (ASIC) granted certain AFSL exemptions to CIFs including: To obtain the exemptions, the CIF would apply to ASIC and provide an “identification statement” (a much less onerous disclosure statement than for regulated investment schemes).
In 2013, ASIC estimated that more than 200 CIFs were collectively managing more than $7 billion on behalf of wholesale and retail investors.
However, the Australian Prudential Regulation Authority (APRA) has since 2003 exempted from certain requirements of the Banking Act entities formed for religious and charitable purposes, called religious charitable development funds (RCDFs), that take deposits (termed “investments”) from the public, subject to a number of conditions.
[10] RCDFs that have been granted an exemption by APRA are require to disclose to investors that the fund is not a bank and is not prudentially supervised by APRA, and that investors do not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959.