Consultation on an exposure draft for the Financial Markets Conduct (Climate-related Disclosures) Amendment Regulations 2023

The Government previously introduced legislation to make 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.

More information on the CRD regime can be found at: 

Mandatory climate-related disclosures

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:

• record-keeping requirements
• record-inspection requirements
• infringement fees for minor offences. 

The Cabinet paper can be found here. 

Implementing the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 [PDF, 2.2 MB]

These regulations have now been drafted and we have prepared a consultation document which seeks your feedback on this draft. All the associated documents are below.