The instrument rests on a small set of legal and regulatory concepts that structure its operation.

• Exemption targeting. The core concept is a targeted exemption from specified provisions of the Banking Act 1959 (s 7 and s 8), limited to the activities of named funds and their controlling entities. The Schedule identifies specific organisations by name. The exemption is not framed as a general class exclusion but as one applied to the funds listed in the Schedule (Schedule - the class of persons to whom this determination applies).

• Conditionality. The exemption is conditional. A Schedule of conditions prescribes what the exempted fund must be and do to remain outside the reach of the two Banking Act provisions. Conditions are expressed as continuing obligations: the Fund "must be and continue to be" recognised at law for religious and charitable purposes, limited to those purposes and operated not-for-profit (Schedule of conditions, condition 1). Further product and disclosure conditions follow (conditions 2-4). The instrument thus substitutes a regulatory conditional regime for statutory compliance under the Banking Act provisions.

• Regulatory oversight and inspection. APRA is the named regulator in the text (APRA means the Australian Prudential Regulation Authority). The fund constitution must be available for inspection on request by APRA (Schedule of conditions, condition 3). The instrument therefore places APRA in an oversight and verification role with the power to request the constitution.

• Product design constraints. The Schedule prescribes product-level constraints for retail products offered to retail investors: a minimum term or call period of 31 days, and a prohibition (subject to a later condition) on redemption within 31 days of investment (Schedule of conditions, condition 4). It also ties permitted retail product objectives to the fund’s religious and charitable purposes (condition 2). The instrument therefore shapes liquidity and redemption features of products to meet the exemption conditions.

• Definitions tying to other statute. The instrument imports the Corporations Act concept of "retail client" by reference, making "retail investor" a person who would be a retail client under Corporations Act s 761G, but with an explicit carve-out for affiliates (Definitions). It also uses the Acts Interpretation Act 1901 s 2C to define person inclusively. These cross‑references link the instrument to existing regulatory concepts in other statutes and clarify who is or is not within the scope of the retail investor protections and obligations.

• Enforcement and criminal exposure. The instrument is a legislative instrument (note referencing subsection 11(6) of the Act) and the notes identify criminal penalties for contravening a condition to which a determination under section 11 is subject. The notes specify maximum penalties expressed in penalty units and that the offence is indictable and can be a continuing offence (Notes under Interpretation).

These concepts together create a regime where named religious-charitable funds can operate outside the scope of certain Banking Act provisions, provided they configure governance and products to satisfy the conditions and remain subject to APRA inspection and the criminal consequences outlined in the Act.

The instrument identifies three categories of affected parties directly in the text and a number of indirectly affected subjects by implication.

Directly affected parties

• The named funds. The Schedule lists named funds and organisations that are the primary subjects of the determination. The text explicitly applies to those funds by name; for example Anglican Development Fund - Gippsland, Anglican Development Fund (Diocese of Melbourne), Archdiocese of Adelaide - Catholic Development Fund, Baptist Financial Services Australia Limited, Assemblies of God in Australia Ltd, and others (Schedule - the class of persons to whom this determination applies). The instrument affects these funds in relation to the activities of the fund, because it disapplies particular Banking Act provisions to them subject to conditions.

• Controlling entities. The instrument applies to "a person who is a controlling entity of a fund in the list" by exempting such a person from section 7 of the Banking Act 1959 in relation to the activities of the fund. The Schedule defines controlling entity as "a person or body corporate who or which is a trustee of, or otherwise concerned in the management of, a fund" (Definitions). Thus trustees and management bodies for the listed funds are directly affected.

• Funds that are bodies corporate. The instrument explicitly addresses funds that are bodies corporate, and body corporates that are controlling entities of a listed fund, insofar as section 8 of the Banking Act 1959 will not apply to such funds in relation to the fund activities (Schedule - the class of persons to whom this determination applies).

Indirectly affected parties and categories

• Retail investors. The instrument affects persons who would be retail clients under Corporations Act s 761G, as the instrument creates obligations for the funds when they "offer, issue or sell a retail product to a retail investor" (Schedule of conditions, condition 4). The text also defines retail investor by reference to the Corporations Act but excludes affiliates, which affects whether a purchaser of a product is captured by the retail investor protections and conditions here (Definitions).

• Affiliates. The definition of affiliate in the Schedule means persons closely connected to the religious organisation (including bodies constituted by the central governing body, trustees, employees, clergy, trainees and bodies of the same denomination) are explicitly excluded from the retail investor definition. Affiliates therefore fall outside the protections and certain product constraints that apply to "retail investors" under this instrument (Definitions).

• APRA. As the named supervisory body, APRA is placed in the operational role of inspection and, implicitly, of enforcement of the conditions because the fund’s constitution must be available for inspection on request by APRA (Schedule of conditions, condition 3). The instrument thereby affects APRA’s responsibilities and workload insofar as it must be able to exercise the inspection role.

• Persons offering retail products. Any person or entity within the listed funds that offers retail products is affected because the Schedule of conditions sets product design and term limits and requires that products have the sole or dominant intention of furthering the fund’s religious and charitable purposes (Schedule of conditions, conditions 2 and 4).

Who does not fall within scope

• General public deposit-takers. The instrument does not purport to create a broad class exemption for all deposit-takers or charities; it is specific to the named funds and controlling entities. No implication in the text creates a general exemption beyond the listed entities.

• Affiliates as retail investors. The definitions exclude affiliates from being considered retail investors under this instrument, so affiliates are not subject to the 31-day minimum term/restriction on redemption that applies when a product is issued to a retail investor (Definitions; Schedule of conditions, condition 4).

In short, the instrument affects the listed funds and their trustees/managers, APRA’s inspection role, retail investors in those funds (subject to the Corporations Act reference), and persons defined as affiliates by removing certain Banking Act obligations for the listed entities and substituting enforceable conditions.

The instrument converts operational and governance features into duties for the funds and their controlling entities, and preserves APRA’s ability to request documents. The duties and rights derivable from the text are as follows.

Duties imposed on the Fund (expressed in the Schedule of conditions)

• Legal form and purpose duty. The fund must be "recognised at law as being formed for religious and charitable purposes stated in a trust deed, ordinance or other foundation document governing the Fund (Fund constitution)" and be limited to the purposes stated in that Fund constitution (Schedule of conditions, condition 1(a) and 1(b)). This is a continuing duty; the text uses "must be and continue to be."

• Not-for-profit duty. The fund must be "operated not-for-profit" (Schedule of conditions, condition 1(c)). That is a substantive operational duty requiring the fund’s activities be conducted on a not-for-profit basis.

• Product-purpose duty. The fund’s retail products "must have the sole or dominant intention of furthering the religious and charitable purposes of the Fund" (Schedule of conditions, condition 2). That duty constrains product design, marketing and application of proceeds.

• Disclosure/inspection duty. The fund must make a copy of the Fund constitution available for inspection on request by APRA (Schedule of conditions, condition 3). That creates a documentary compliance duty and a practical right for APRA to inspect.

• Product term and redemption duty. Where a fund offers a retail product to a retail investor, the retail product must have a minimum term or call period of 31 days, and, subject to Condition 6, the retail investor must not be able to redeem any funds for 31 days from the date they are invested in the retail product (Schedule of conditions, condition 4(a)-(b)). This is a liquidity and product-structure duty; the 31-day requirement is prescriptive.

Duties arising from statutory notes

• Avoid contravention of applicable conditions. The notes under Interpretation state that under subsection 11(3) of the Act, a person is guilty of an offence if the person does or fails to do an act and doing or failing to do that act results in a contravention of a condition to which a determination under section 11 is subject (Notes under Interpretation). Therefore, fund managers and controlling entities have a duty to ensure their acts and omissions do not result in contravention of the Schedule of conditions.

• Continued compliance exposure. The notes also make contravention an indictable offence and create continuing offence exposure for each day on which the contravening circumstances continue (Notes under Interpretation referencing subsections 11(3A) and 11(3B)). This imposes a duty of ongoing compliance, not merely a duty at a single point in time.

Rights and administrative features

• APRA inspection right. APRA has the right to request and inspect the fund constitution (Schedule of conditions, condition 3). That is an explicit administrative right supporting supervision.

• Exemption right contingent upon compliance. The exempted status,non-application of sections 7 and 8 of the Banking Act 1959,is itself a conditional right afforded to the listed funds and controlling entities, provided the Schedule of conditions are met and maintained (Schedule - the class of persons to whom this determination applies; Schedule of conditions).

Definitions that bear on duties and rights

• Retail investor and affiliate definitions. The instrument defines retail investor by reference to Corporations Act s 761G but excludes affiliates (Definitions). Thus the duties in condition 4 apply when the purchaser is a retail investor by that definition but do not apply to affiliates, giving affiliates different rights (for example, they may not be subject to the 31-day restriction when that exclusion operates).

• Controlling entity. The instrument defines controlling entity as a trustee or person concerned in management of the fund (Definitions). That definition identifies who holds duties under the exemption (e.g., the persons to whom s 7 will not apply).

Operational consequences

• Recordkeeping and governance duties. The product and purpose requirements effectively require funds to maintain records showing the application of product proceeds, governance decisions limiting activities to stated purposes, not-for-profit accounting, and product terms. The APRA inspection right reinforces the need for accessible documentation.

• Criminal exposure. Because contravening a condition attracts criminal penalties and continuing exposure, controlling entities and officers face potential personal and corporate liability for failure to observe the duties set out.

In combination, the instrument replaces compliance with the two specified Banking Act provisions by a focused set of duties concerning legal form, purpose limitation, not-for-profit operation, product objective and liquidity features, enforced through APRA inspection and criminal sanction provisions in the Act.

The instrument explicitly signals criminal enforcement consequences and the regulatory role of APRA. The penalties and enforcement-related features in the text are as follows.

Statutory character and APRA role

• Legislative instrument. The determination is a legislative instrument, as recorded in Note 1 under Interpretation, citing subsection 11(6) of the Act. That characterises it as subordinate legislation carrying legal force under the enabling Act.

• APRA as recipient of inspection requests. The fund constitution "must be available for inspection on request by APRA" (Schedule of conditions, condition 3). APRA thus has a statutory role in oversight by inspection under the terms of the instrument.

Criminal penalties referenced in the notes

• Offence for contravening a condition. Note 2 under Interpretation states that under subsection 11(3) of the Act, "a person is guilty of an offence if the person does or fails to do an act and doing or failing to do that act results in a contravention of a condition to which a determination under section 11 is subject (being a determination that is in force and that applies to the person)." The note therefore identifies a criminal sanction tied to contravention of a condition of the determination.

• Penalty quantum. The note specifies the penalty as "200 penalty units" for persons generally, and in the case of a body corporate, by virtue of subsection 4B(3) of the Crimes Act 1914, a penalty not exceeding "1,000 penalty units." The instrument therefore provides for substantial pecuniary penalties expressed in penalty units.

• Indictable offence. By virtue of subsection 11(3A) of the Act, an offence against subsection 11(3) is an indictable offence (Note 2). That classification carries procedural and criminal-law implications in the federal system.

• Continuing offence exposure. Under subsection 11(3B) of the Act, if a person commits an offence against subsection 11(3), the person is guilty of an offence in respect of the first day on which the offence is committed and each subsequent day on which the circumstances giving rise to the offence continue, including the day of conviction or any later day (Note 2). This creates daily continuing exposure until compliance.

Enforcement mechanics and implications

• Criminal enforcement pathway. The notes point to criminal enforcement under the Act rather than an exclusively civil or administrative route in the instrument. The presence of indictable offence status means enforcement may proceed by indictment rather than summary charges depending on prosecutorial decisions and applicable court jurisdiction.

• Potential administrative enforcement via APRA. While the instrument does not spell out administrative penalty mechanisms, APRA’s inspection right and the conditions suggest APRA would be the regulator monitoring compliance and potentially referring matters for prosecution where contraventions are suspected. The instrument itself does not provide explicit administrative enforcement measures beyond the inspection right.

• Who faces penalties. The notes reference "a person" and distinguish bodies corporate for increased maximum penalties. Given the Acts Interpretation Act 1901 s 2C application (person includes body corporate), individuals and corporate entities may face exposure depending on their actions or omissions that result in contravention.

Limitations and gaps in enforcement detail

• Absence of civil remedies or infringement notices in the text. The instrument does not, in the provided text, prescribe civil penalty provisions or infringement notice regimes; it relies on the Act’s provisions and makes specific reference to criminal penalty units and indictable classification.

• No schedule of administrative procedures for APRA in the text. The instrument requires APRA inspection of the constitution but does not elaborate the administrative processes APRA must follow or the remedies APRA can invoke short of criminal referral.

In summary, enforcement is anchored to criminal liability for contravention of the instrument’s conditions, with significant monetary exposure and continuing offence treatment, while APRA has an explicit inspection role. The text does not specify administrative penalties or detailed enforcement processes beyond those notes.

The instrument explicitly cross-references and modifies the application of several federal statutes and imports concepts from others. The interaction points in the text are as follows.

Banking Act 1959

• Direct modification. The instrument operates by excluding the application of section 7 of the Banking Act 1959 to a person who is a controlling entity of a listed fund in relation to the activities of the fund, and excluding section 8 of the Banking Act 1959 from applying to a fund that is a body corporate, or to a body corporate that is a controlling entity of a listed fund, in relation to the activities of the fund (Schedule - the class of persons to whom this determination applies). The instrument therefore creates a statutory carve-out from those two Banking Act provisions for the named entities and funds, conditional on the Schedule of conditions.

Acts Interpretation Act 1901

• Definition of person. The Interpretation section states that "person in accordance with section 2C of the Acts Interpretation Act 1901, includes a body corporate as well as an individual." This import clarifies how references to "person" in the determination should be read and ties interpretation to the Acts Interpretation Act.

Corporations Act 2001

• Retail client reference. The instrument defines "retail investor" as "a person who would be a retail client under section 761G of the Corporations Act 2001, but excludes affiliates" (Definitions). This means the instrument imports the Corporations Act’s retail client concept for the purposes of imposing product and disclosure conditions on retail products offered to retail investors. Consequently, other regulatory obligations tied to the Corporations Act definition of a retail client may be relevant to determining whether a purchaser is within scope.

Crimes Act 1914

• Corporate penalty ceiling. The note references subsection 4B(3) of the Crimes Act 1914 to state that in the case of a body corporate, the penalty for contravening a condition may not exceed 1,000 penalty units. The instrument therefore uses the Crimes Act to set maximum corporate penalty exposure.

Enabling Act and its subsections

• Section 11 cross-references. The notes refer to subsections 11(3), 11(3A), 11(3B), and 11(6) of the Act (the Act being the enabling statute under which this determination is made). The instrument is therefore operating under powers in that enabling Act and relies on those subsections for criminal penalty and legislative instrument characterisation.

Operational interfaces and compliance overlap

• APRA inspection and prudential supervision frameworks. APRA is named in the instrument and given inspection rights; this interacts with APRA’s broader prudential supervision and enforcement remit, although the instrument itself does not recast APRA’s broader statutory powers. The instrument’s inspection requirement will sit alongside APRA’s other statutory powers under the APRA Act and the Banking Act.

• Corporations Act obligations and consumer protections. By importing the Corporations Act retail client concept, the instrument interfaces with the framework of disclosure and conduct obligations that flow from the Corporations Act and related legislative instruments. The instrument does not alter those statutory obligations, but its product-oriented conditions reference that definitional framework, which may affect how a fund identifies retail investors and meets client categorisation requirements.

Limits on the instrument’s scope of interaction

• No wholesale repeal of other obligations. The text does not state that other Banking Act requirements, Corporations Act obligations, taxation law, fundraising or charity regulation obligations are displaced beyond the specific disapplication of sections 7 and 8 of the Banking Act in relation to the listed funds. The instrument is narrow in language and should be read as a targeted modification rather than a comprehensive substitution of regulatory regimes.

• Definition carve-outs. The instruction that affiliates are excluded from the retail investor definition interacts materially with internal governance and related-party dealings, and may trigger application of different legal regimes to transactions with affiliates.

In short, the instrument modifies how sections 7 and 8 of the Banking Act 1959 apply to named entities, imports interpretive rules from the Acts Interpretation Act and substantive retail client concepts from the Corporations Act, and references penalty ceilings in the Crimes Act. It sits alongside APRA’s supervisory role and does not, within the text provided, purport to displace other statutory obligations outside the specified carve-outs.

The provided text contains no explicit amendment history for the determination. What the source does include, and what that implies about amendment information available in the text, is as follows.

• Legislative instrument status recorded. The Interpretation note explicitly records that "This determination is a legislative instrument (see subsection 11(6) of the Act)." That identifies its statutory basis but does not provide dates of making, commencement, or amendment.

• No dates or versioning in the text supplied. The supplied instrument text does not include a date of enactment, commencement provision, or any marginal notes indicating amendments, revocations, or prior versions. The Schedule lists a number of funds by name but no annotation identifying additions, deletions, or the time at which the list was compiled.

• No amendment clauses. The instrument contains no amending clauses, savings, transitional provisions or sunset clauses in the text supplied. There is no provision indicating the process or conditions under which the Schedule of conditions could be varied, or how a fund might be added to or removed from the Schedule.

• Interaction with enabling Act. The instrument references subsection 11(6) of the Act for its character as a legislative instrument and references subsections 11(3), 11(3A) and 11(3B) for offence consequences. Those cross-references suggest that amendments to the enabling Act or to the relevant subsections could affect the operation or enforcement of the determination, but the text supplied contains no explicit amendment history.

Practical implications for users

• Need to check the official register. Because the instrument text provided here lacks dates and amendment metadata, anyone relying on the instrument for compliance must check the formal register of legislative instruments (for example the Federal Register of Legislation) for the instrument’s current version, commencement date, and any amending instruments or revocations.

• Potential for subsequent changes. The absence of an amendment record in the provided extract means that assessment of current applicability requires verification of whether the Schedule of named funds has been altered since the version provided here.

• Transition and amendment mechanisms not present. The supplied text contains no transitional or amendment mechanics; therefore, understanding how an entity might be added to or removed from the Schedule, or how APRA would manage transitions, requires reference to the instrument’s complete published form and the enabling Act.

Because the instrument text provided omits any amendment history, the reader should treat this extract as incomplete for historical and version-control purposes and consult the consolidated instrument on the government legislation register to determine the instrument’s legislative history, dates and any subsequent amendments.

The text supplied contains no litigation history or references to court decisions about the determination. Specific points arising from the provided material:

• No cases named. The instrument itself does not name any cases, nor does it include any references to judicial interpretation or past litigation concerning its terms.

• No enforcement outcomes recorded. The supplied text contains no account of prosecutions, civil proceedings, administrative determinations, or judgments related to contraventions of the conditions or the exemption.

• Indicative prosecution risk but no recorded actions in the text. The instrument’s notes make clear that contravention of conditions may attract criminal penalties, may be indictable and may be a continuing offence (Notes under Interpretation). While that signals the possibility of litigation or criminal proceedings, the instrument does not record any actual litigation.

Practical consequence for legal research

• Check public records and regulatory releases. Given the absence of litigation material in the instrument text, practitioners should search published court decisions, APRA enforcement notices, and prosecutorial records to determine whether the instrument has given rise to litigation or enforcement action since its making.

• Look for administrative decisions. Administrative or regulatory outcomes, such as APRA enforcement action or private litigation involving the named funds, may be recorded outside the instrument text and would need to be researched in agency releases, court databases and legal reporting services.

Because the supplied document provides no litigation history, an assessment of how the instrument has been interpreted or enforced in the courts must be carried out separately using external legal databases and APRA publications.

The instrument contains several specific features and textual gaps that create practical risks, interpretation uncertainty and compliance traps. The following points summarise concrete "gotchas" grounded in the source text.

1. Criminal exposure for acts and omissions that result in contravention. The notes state that a person is guilty of an offence if they "do or fail to do an act and doing or failing to do that act results in a contravention of a condition to which a determination under section 11 is subject" (Notes under Interpretation). This wording captures both positive acts and omissions. The implication is that a failure to take a compliance step can be criminally culpable if it produces a contravention. Controlling entities must therefore ensure ongoing compliance, not only a one-off corrective effort.

2. Continuing offence liability. The notes specify that the offence can be pleaded as a continuing offence with daily liability for each day the contravening circumstances continue (Notes under Interpretation referencing subsection 11(3B)). That creates exposure for multi-day breaches and underlines the need for rapid remediation where a contravention is identified.

3. High maximum penalties in penalty units. The notes set out a maximum of 200 penalty units for individuals and up to 1,000 penalty units for bodies corporate (via the Crimes Act). Because penalty units can represent a substantial monetary amount, the instrument creates significant pecuniary exposure. The text does not convert penalty units into dollar figures; practitioners should compute current dollar equivalents from the relevant penalty unit schedule in federal law.

4. Incomplete text in condition 5. The Schedule of conditions as provided breaks off at condition 5 with the heading "When money held in a retail product that is issued or sold by a Fund to a retail investor reaches its 31 day maturity, the Fund must:" and then the instrument text does not provide the remainder of that condition. This is a material textual gap because condition 5 appears to set rules that govern what happens at maturity (for example, rollover, payment, reinvestment or notice), but the supplied extract does not state them. Practitioners must not assume the missing rule; reliance on the instrument requires examination of the full instrument text.

5. Condition 4 subject to Condition 6. Condition 4(b) states the redemption prohibition is "subject to Condition 6," yet Condition 6 is not present in the supplied extract. That makes it impossible from the provided text to know what exceptions apply to the 31-day redemption rule. The absence of Condition 6 is a compliance risk because an exception may materially alter investor rights and fund obligations.

6. Retail investor definition excludes affiliates. The instrument excludes affiliates from the retail investor definition by explicit text (Definitions). Affiliates, as defined, include bodies constituted by the central governing body of a related religious organisation, trustees for the use or benefit of the related religious organisation, employees and clergy, and trainees (Definitions). This exclusion means a person closely connected to the religious body may be outside the protective scope of the retail investor rules in the instrument, and funds must correctly classify purchasers to apply the 31-day and other retail product rules.

7. Narrow scope of the exemption. The instrument disapplies only sections 7 and 8 of the Banking Act "in relation to the activities of the fund" for the listed entities (Schedule - the class of persons to whom this determination applies). The determination does not on its face exempt funds from other Banking Act obligations or from other statutory regimes such as taxation law, fundraising or charity regulation. Mistakenly treating this as a broad exemption could result in unexpected non-compliance.

8. Reliance on external statutory definitions. The instrument imports the Corporations Act retail client concept by reference. Changes to Corporations Act s 761G or different interpretations of that provision may affect whether an investor is a "retail investor" for the purposes of this instrument. Funds need to track the interaction between the two statutes.

9. APRA inspection right but unspecified process. The instrument gives APRA the right to request inspection of the constitution but does not set out timing, confidentiality protections or procedural steps for inspection in the provided text. Funds must be prepared to produce constitutions on request and to manage associated confidentiality or governance sensitivities.

10. Ambiguity over effect of non-compliance on exemption. The instrument makes the exemption conditional but does not state in the provided text the immediate legal effect of falling out of compliance (for example whether the Banking Act provisions automatically reassert, or whether APRA must take administrative steps). Given the criminal penalties, the operational effect of non-compliance is a significant practical uncertainty that requires checking the enabling Act and APRA practice.

Each of these "gotchas" flows directly from the text as provided. They create compliance and legal risk that practitioners should address by reviewing the complete instrument text, relevant enabling Act provisions, the Corporations Act, and by engaging with APRA where necessary.

Compliance with this determination requires discrete governance, product-design and documentation steps tied to the conditions and definitions in the instrument. The following checklist-like actions are derived from the instrument text and identify who must act and what behaviour changes are necessary.

1. Verify categorical applicability

• Confirm whether the fund or controlling entity is named in the Schedule. The exemption and associated conditions apply only to funds and controlling entities listed in the Schedule. Do not assume broader application.

• Confirm controlling entity status. Use the Schedule’s definition of controlling entity , "a person or body corporate who or which is a trustee of, or otherwise concerned in the management of, a Fund" , to determine whether the entity is covered.

2. Formalise and maintain Fund constitution and legal recognition

• Ensure the Fund constitution or foundation document clearly states that the fund is formed for religious and charitable purposes and limits activities to those purposes. Condition 1 requires that the Fund be "recognised at law" and limited to the stated purposes.

• Keep the constitution up to date and ensure governing documents (trust deeds, ordinances) unambiguously reflect purpose and not-for-profit operation.

3. Adopt and evidence not-for-profit operation

• Implement accounting, budgeting and governance processes that show the fund is operated on a not-for-profit basis in practice and not merely by label. Condition 1(c) requires the fund "be operated not-for-profit."

• Maintain minutes, financial statements, and board resolutions reflecting reinvestment of surplus into the fund’s charitable objectives rather than distribution as profit.

4. Design retail products to further religious/charitable purposes

• Ensure retail products have the "sole or dominant intention of furthering the religious and charitable purposes of the Fund" (condition 2). Maintain records demonstrating how proceeds are applied to those purposes.

• For investment and deposit-like products, prepare product documentation that articulates how product features, fees and use of proceeds align with the purpose requirement.

5. Apply the retail investor definition and affiliate carve-out

• Implement client categorisation procedures that identify whether a purchaser is a "retail investor" for the purposes of the instrument by reference to Corporations Act s 761G, while excluding "affiliates" as defined in the Schedule (Definitions).

• Keep contemporaneous evidence of categorisation decisions, and use it to determine whether the 31-day term and redemption constraints apply.

6. Meet the 31-day minimum term and redemption rules

• For offers of a retail product to a retail investor, ensure product terms include a minimum term or call period of 31 days (condition 4(a)) and prevent redemption for 31 days from the date of investment, subject to Condition 6 (condition 4(b)). Because Condition 6 is not present in the provided text, consult the full instrument to identify any exceptions.

• Document the investor communications, product terms, and IT/accounting systems that enforce the 31-day lock-up and track maturity dates.

7. Prepare for maturity processes (complete Condition 5)

• The supplied text omits the substantive content of Condition 5. Obtain the full instrument and implement whatever maturity procedures Condition 5 prescribes (for example, notice requirements, rollover options, payment obligations). Do not assume outcomes for matured funds until the complete text is obtained.

8. Make the Fund constitution available to APRA

• Design an APRA-response process so the Fund constitution can be produced promptly upon request by APRA (condition 3). Assign responsibility for responding to APRA, maintain an indexed and accessible constitution file, and plan for secure transmission.

9. Recordkeeping and audit trail

• Maintain a compliance file that tracks product offerings, investor types, use-of-proceeds, board resolutions, and the availability of the constitution to produce evidence in the event of an APRA inspection or enforcement action.

• Produce a schedule of affiliates and related parties so purchases by affiliates are recorded under a separate route and not misclassified as retail investors.

10. Legal review and escalation

• Obtain a legal review to confirm that the fund’s products, constitution, and operating arrangements meet the Schedule of conditions in full and to assess overlapping regulatory obligations under the Banking Act, Corporations Act and charity regulation.

• Where there is doubt about whether a practice could contravene a condition, take prompt remedial steps, and consider proactive engagement with APRA to clarify expectations.

11. Senior officer responsibility and training

• Ensure senior officers and trustees understand that acts and omissions can be criminally culpable under the Act if they result in contravention of a condition. Training and formal delegation of responsibilities should be documented.

12. Monitor the full instrument text and changes

• Because the supplied extract omits certain conditions and provides no amendment history, regularly check the consolidated legislative instrument and the Federal Register of Legislation for amendments, commencements and any APRA guidance relevant to the determination.

13. Contingency planning for loss of exemption

• Prepare for the operational implications if the fund falls out of compliance. Given the instrument does not specify, in the supplied extract, the immediate legal effect of loss of the exemption, establish contingency plans to address the re-application of the Banking Act provisions, and seek legal advice if non‑compliance is identified.

Applying these steps will help a listed fund and its controlling entity align governance, product design and documentation with the instrument’s conditions. Because contravening a condition is criminalised and may be indicted as a continuing offence, funds should treat compliance as ongoing and document remedial steps promptly if any divergence from the Schedule of conditions occurs. Finally, because the extract provided here omits material parts of the Schedule (notably Condition 5 and Condition 6), practitioners must obtain and rely on the complete consolidated instrument before finalising compliance measures.