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Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Overview, application, and interpretation

461T: Application if person’s status changes during accounting period

You could also call this:

"What happens if your climate reporting status changes during the accounting period"

Illustration for Financial Markets Conduct Act 2013

If you stop being a climate reporting entity during an accounting period, you are still treated as one for that period. You have to follow the rules for that period, even though your status has changed. This is for the purposes of the Financial Markets Conduct Act 2013 and other laws.

However, there is an exception if you stopped being a climate reporting entity under section 461O(1) and on the balance date, you are not one under section 461O(1) either. In this case, you do not have to complete climate statements or lodge them for the accounting period. Records you kept up to the date you ceased being a climate reporting entity are considered CRD records for the purposes of sections 461W to 461Y.

If you are the manager of a registered scheme and a climate reporting entity under section 461O(2), the first rule does not limit section 461S(5) or section 461ZD. These sections have their own rules that still apply. You need to follow these rules if they apply to you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS775156.

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Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Overview, application, and interpretation

461TApplication if person’s status changes during accounting period

  1. If a person ceases to be a climate reporting entity during an accounting period, that person is treated as continuing to be a climate reporting entity in relation to that accounting period for the purposes of this Act and every other enactment.

  2. However, subsection (3) applies if the person (A)—

  3. ceased to be a climate reporting entity under section 461O(1); and
    1. on the balance date, is not a climate reporting entity under section 461O(1) (disregarding the rule in subsection (1)).

      1. If this subsection applies,—

      2. A is not required to ensure the completion of climate statements or group climate statements under any of sections 461Z to 461ZB and the lodgement of those climate statements in relation to the accounting period:
        1. records required to be kept by A up to the date that A ceased to be a climate reporting entity under section 461O(1) are CRD records for the purposes of sections 461W to 461Y.

          1. In any case where a person is, or was, the manager of a registered scheme (and a climate reporting entity under section 461O(2) in respect of the scheme), subsection (1) does not limit—

          2. section 461S(5) (which applies if the manager and the scheme have different balance dates); or
            1. section 461ZD (which may apply if the manager of a scheme changes during an accounting period).

              Notes
              • Section 461T: inserted, on , by section 8 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).