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Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Preparation of climate statements - Climate statements relating to registered schemes

461ZD: Application if manager of registered scheme changes and new manager is not large manager

You could also call this:

"What happens if a new manager takes over a scheme and isn't a large manager"

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If you are the manager of a registered scheme and you change during an accounting period, this section might apply to you. You would have been a climate reporting entity at the start of the period, but the new manager is not a large manager as defined in section 461S. The new manager does not have to complete climate statements under section 461ZC(2) for that period.

The old manager's records up to the date they stopped being the manager are considered CRD records for the purposes of sections 461W to 461Y. This means the new manager does not have to worry about keeping those records.

If this section applies, the new manager is not responsible for lodging climate statements for the accounting period.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS775346.

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Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Preparation of climate statements: Climate statements relating to registered schemes

461ZDApplication if manager of registered scheme changes and new manager is not large manager

  1. This section applies if—

  2. the manager of a registered scheme changes during an accounting period of the scheme; and
    1. the person who was the manager of the scheme at the start of the accounting period (the old manager) was a climate reporting entity in respect of the scheme; and
      1. the person who is the manager of the scheme at the end of the accounting period (the new manager) is not a large manager (within the meaning of section 461S).

        1. If this section applies, the new manager is not required to ensure the completion of climate statements under section 461ZC(2) and the lodgement of those climate statements in relation to the accounting period.

        2. Records kept by the old manager up to the date that the old manager ceased to hold office as manager of the scheme are CRD records for the purposes of sections 461W to 461Y.

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