One of the most frequently asked questions of 2017 in the UC Invest office has been “what is happening with UC Invest getting an Australian Financial Services Licence?”
The process of responding to the regulatory changes relating to Religious Charitable Development Funds has been complex and time consuming. After significant research and discernment, it was agreed that the best path forward was to amend our corporate structure and apply for an Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission (ASIC).
In July 2017 our new company Uniting Church SA Investment Fund Limited was incorporated and we applied for an AFSL.
Our long standing special conditions provided by ASIC for Religious Charitable Development Funds, were due to expire on 31 December 2017. While we wait for the final approval of our AFSL application, and to provide us with a suitable transition period, ASIC have approved special conditions which will allow us to continue operating until 31 March 2018. It is expected that by 31 March 2018 the activities and operations of UC Invest will be transferred to our new company.
ASIC have requested that we notify our retail investors that for the period 1 January 2018 to 31 March 2018, a new Identification Statement has been lodged and accepted by them. Our Identification Statement contains legal information about the fund, our charitable purpose and the services that we provide. Click here to view our new Identification Statement.
So what is happening between now and 31 March 2018?
Please note: these steps will not affect any Uniting Church SA congregations or organisations.
If you have any questions, please feel free to contact us on 1300 274 151.
Important information for all investors
UC Invest is an activity of The Uniting Church in Australia Property Trust (S.A.) ABN 25 068 897 781 (‘the Fund’), the legal entity of the Uniting Church SA. Until 31 December 2017 the Fund is exempt from the requirement to hold an Australian Financial Services licence (AFSL) in order to provide financial services, under ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813. From 1 January 2018 to 31 March 2018 it will be exempt from that requirement under ASIC Instrument 17-1133. It is intended that by 31 March 2018 the relevant activities of the Fund will be transferred to Uniting Church SA Investment Fund Ltd ACN 620 095 472, which expects to hold an AFSL. For more information, see the Charitable Investment Fundraiser Identification Statement on our website.