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Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Civil liability for certain contraventions of this Part

461ZK: Part 7A climate-related disclosure provisions

You could also call this:

"Rules for telling people about climate change impacts on businesses"

Illustration for Financial Markets Conduct Act 2013

If you break certain climate-related disclosure rules, you might have to pay a penalty. You can find these rules in Part 7A of the Financial Markets Conduct Act. These rules say what you must do to report on climate-related matters.

When you do not follow these rules, you can get in trouble. You might have to pay up to $1 million if you are an individual or up to $5 million if you are a company. This is because you must keep proper records, prepare climate statements, and have parts of these statements checked.

There are also rules about how long you must keep these records and what happens if you do not lodge your climate statements. If you break the rule about keeping records for 7 years, you might have to pay up to $200,000 if you are an individual or up to $600,000 if you are a company, as stated in subpart 3 of Part 8. You can find more information about these penalties in subpart 3 of Part 8.

You must follow the rules in section 461V, sections 461Z to 461ZC, section 461ZH, and section 461ZI to avoid getting in trouble. You must also follow the rule in section 461X about keeping records for 7 years.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS775449.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair tradingEnvironment and resources > Climate and energy
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461ZJ: Information about climate statements of climate reporting entities to be made available in annual report, or

"Climate reporting entities must include climate statements in their annual reports."

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Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Civil liability for certain contraventions of this Part

461ZKPart 7A climate-related disclosure provisions

  1. All of the provisions specified in subsections (3) and (4) are Part 7A climate-related disclosure provisions.

  2. A contravention of any of the provisions listed in subsection (3) may give rise to civil liability (see subpart 3 of Part 8), including a pecuniary penalty not exceeding $1 million in the case of an individual or $5 million in any other case.

  3. For the purposes of subsection (2), the provisions are the following:

  4. section 461V (climate reporting entities must keep proper CRD records):
    1. sections 461Z to 461ZC (climate statements and group climate statements must be prepared):
      1. section 461ZH (parts of climate statements must be subject to assurance engagement):
        1. section 461ZI (climate statements must be lodged).

          1. A contravention of section 461X (CRD records to be kept for 7 years) may give rise to civil liability (see subpart 3 of Part 8), including a pecuniary penalty not exceeding $200,000 in the case of an individual or $600,000 in any other case.

          Notes
          • Section 461ZK: inserted, on , by section 8 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
          • Section 461ZK(3)(ba): inserted, on , by section 28 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).