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Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

Country/Territory
New Zealand
Document type
Legislation
Date
2021
Source
FAO, FAOLEX
Subject
Air & atmosphere, Environment gen.
Keyword
Business/industry/corporations Data collection/reporting Monitoring Climate change Fiscal and market measures
Geographical area
Asia and the Pacific, Australia and New Zealand, Oceania, South Pacific
Abstract

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (the Act) amends the Financial Markets Conduct Act 2013 (the FMC Act), the Financial Reporting Act 2013 and the Public Audit Act 2001. The Act inserts a new Part 7A to the FMC Act which provides a framework to make climate-related disclosure mandatory for certain entities considered to have "higher level of public accountability" under section 461K of the FMC Act. These entities, defined climate reporting entities (CREs), are substantially publicly listed companies and large insurers, banks, non-bank deposit takers and investment managers, and are obliged to comply with certain record-keeping requirements and produce annual climate statements. The Act also establishes offences and liabilities.

Full text
English
Website
www.legislation.govt.nz