Have your say on Climate-related Disclosures regulations

The Ministry of Business, Innovation and Employment (MBIE) is consulting on an exposure draft of regulations to support the Climate-related Disclosures regime. These regulations set our requirements relating to record-keeping and infringement fees.

The Government previously introduced legislation making Climate-related Disclosures mandatory for organisations that qualify as Climate Reporting Entities (CREs). These entities include large financial market institutions such as issuers, banks, insurers, credit unions, building societies and investment scheme managers that meet the specified threshold.

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (CRD Act) introduced high-level obligations in relation to record-keeping into the Financial Markets Conduct Act 2013 (FMC Act), leaving some matters to be prescribed in regulations. Not making regulations would create uncertainty for both the CREs and their regulator (the Financial Markets Authority). In November 2022, Cabinet agreed to make regulations prescribing:

1. record-keeping requirements
2. record-inspection requirements 
3. infringement fees for minor offences.

The consultation will run for 3 weeks from 21 June to 12 July 2023. We are seeking feedback on the proposed regulations to ensure they will work effectively in practice.

For more information and to make a submission, visit the Have Your Say page
Have Your Say