Climate change disclosures - the FMA's regulatory response

The Financial Markets Authority (FMA) has published its implementation approach for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill).

Wednesday, November 17th 2021, 1:16PM 2 Comments

The document outlines the FMA’s approach to enforcing and monitoring the CRD regime over a period of approximately four years, through to 2025/26.

It sets out the roles and responsibilities of the various government agencies to help the industry understand which agency is responsible for what.

In developing the implementation approach, the FMA consulted with the Ministry of Business, Innovation and Employment, Ministry for the Environment and External Reporting Board.

The new legislation will require certain entities, to be known as climate reporting entities (CREs), to produce annual climate statements that identify and report on the impact of climate change on their organisations and disclose greenhouse gas emissions.

The Bill received Royal Assent on 27 October 2021.

Tags: Climate Change climate risk reporting FMA regulation

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Comments from our readers

On 17 November 2021 at 2:24 pm Amused said:
The new legislation will require certain entities, to be known as climate reporting entities (CREs), to produce annual climate statements that identify and report on the impact of climate change on their organisations and disclose greenhouse gas emissions.

The FMA can't even police advisers who are not compliant with their new online disclosure requirements since April 2021 and now they are being asked to monitor this.....

Climate Change Minister James "Offshore" Shaw's work no doubt.

Vegan sausage anyone?


On 28 November 2021 at 8:20 am w k said:
so many new regulations, and each time there is a change, every financial institutions and advisers have to discard the thousands and millions of pages of their printed disclosure statement, brochures and application forms, and print new ones to comply.

would be interesting to have the number of trees needed to be chopped down , each time these there is a new regulation to have new brochures, forms, disclosure statements, etc, printed.

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