Financial Markets Conduct (Climate-related Disclosures) Amendment Regulations 2023
2023/222
Financial Markets Conduct (Climate-related Disclosures) Amendment Regulations 2023
Cindy Kiro, Governor-General
Order in Council
At Wellington this 28th day of August 2023
Present:
Her Excellency the Governor-General in Council
These regulations are made under section 548 of the Financial Markets Conduct Act 2013—
(a)
on the advice and with the consent of the Executive Council; and
(b)
on the recommendation of the Minister of Commerce and Consumer Affairs made in accordance with section 549 of that Act.
Contents
Regulations
1 Title
These regulations are the Financial Markets Conduct (Climate-related Disclosures) Amendment Regulations 2023.
2 Commencement
These regulations come into force on 2 October 2023.
3 Principal regulations
These regulations amend the Financial Markets Conduct Regulations 2014.
4 New Part 7A inserted
After Part 7, insert:
Part 7A Climate-related disclosures for certain FMC reporting entities with higher level of public accountability
252A CRD records must be readily identifiable and comprehensible
For the purposes of section 461W of the Act, a climate reporting entity must keep its CRD records in a way that—
(a)
ensures that they can be identified and made available for inspection within the time required by regulation 252C; and
(b)
reasonably enables a person inspecting the records in accordance with section 461Y of the Act to ascertain whether the records comply with section 461V of the Act.
252B CRD records must be kept in English or te reo Māori
For the purposes of section 461W of the Act, a climate reporting entity must keep its CRD records—
(a)
in written form in English or te reo Māori; or
(b)
in a form or manner in which they are easily accessible and convertible into written form in English or te reo Māori.
252C Manner in which CRD records must be made available for inspection
(1)
For the purposes of section 461Y of the Act, a climate reporting entity that receives a written notice of intention to inspect its CRD records from a person specified in that section must make the records available for inspection by the person by sending the records to the person’s electronic address as soon as practicable but, in any event, within 5 working days after it receives the notice.
(2)
Despite subclause (1), a climate reporting entity and a person specified in section 461Y of the Act may agree another time within which, or another manner in which, the CRD records are to be made available for inspection by the person, in which case the records must be made available in accordance with the agreement.
(3)
In this regulation, electronic address, of a person (A), means—
(a)
the electronic address specified by A for the relevant purpose; or
(b)
the actual or last known electronic address for A, if—
(i)
paragraph (a) does not apply; or
(ii)
the climate reporting entity knows that the address referred to in paragraph (a) is not correct.
5 Schedule 22 amended
In Schedule 22, after the item relating to section 461H, insert:
| s 461W | Manner in which CRD records to be kept |
7,500 | ||
| s 461Y | Inspection of CRD records |
12,500 | ||
| s 461ZI | Lodgement of climate statements |
7,500 | ||
| s 461ZJ | Information about climate statements of climate reporting entities to be made available in annual report |
5,000 |
Rachel Hayward,
Clerk of the Executive Council.
Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 2 October 2023, amend the Financial Markets Conduct Regulations 2014 (the principal regulations).
These regulations prescribe matters for the purposes of Part 7A of the Financial Markets Conduct Act 2013 (the Act). That Part provides for climate-related disclosure obligations.
These regulations insert new Part 7A into the principal regulations. The new Part relates to CRD records. CRD records enable a climate reporting entity to ensure that its climate statements comply with a climate-related disclosure framework (see section 461V of the Act).
In particular, new Part 7A—
requires CRD records to be kept in a way that enables them to be identified and will reasonably enable a person to ascertain whether they comply with the Act; and
requires CRD records to be kept in English or te reo Māori; and
provides for how CRD records may be inspected.
In addition, these regulations prescribe infringement fees for infringement offences under Part 7A of the Act.
Regulatory impact statement
The Ministry of Business, Innovation, and Employment produced a regulatory impact statement on 21 October 2022 to help inform the decisions taken by the Government relating to the contents of this instrument.
A copy of this regulatory impact statement can be found at—
Date of notification in Gazette: 31 August 2023.
These regulations are administered by the Ministry of Business, Innovation, and Employment.