Financial Markets Conduct (Climate-related Disclosures – Australia and New Zealand Banking Group Limited) Exemption Notice 2024

The Financial Markets Conduct (Climate-related Disclosures – Australia and New Zealand Banking Group Limited) Exemption Notice 2024 exempts Australia and New Zealand Banking Group Limited (ANZBGL)  from its climate reporting obligations under Part 7A of the Financial Markets Conduct Act 2012.

The vast majority of ANZBGL’s New Zealand business sits in ANZ Bank New Zealand Limited (ANZ Bank) and its subsidiaries. ANZ Bank is itself a large registered bank, and is therefore a climate reporting entity in its own right and is required to produce climate statements under section 461ZA of the Act. The balance of ANZBGL’s New Zealand business is limited in scope and nature, and the only potential additional “primary users” of disclosures in relation to that business would be intragroup entities, and noteholders of ANZ Holdings (New Zealand) Limited which are effectively primary users of ANZ Bank’s climate statements.

The exemption is subject to a range of conditions, the effect of which is that:

• ANZBGL must ensure that ANZ Bank complies with its reporting obligations under Part 7A;
• Annual climate reporting that comprises ANZBGL’s profile continues overseas on an annual basis;
• Material changes do not occur to ANZBGL’s New Zealand business, such that it would become a climate reporting entity for another reason, or the growth of its assets would mean it would qualify as a large bank, without including ANZ Bank’s assets;
• ANZBGL must disclose the reliance of the exemption and a summary of the exemption in its annual reports and lodge the information with the Registrar.

Download Financial Markets Conduct (Climate-related Disclosures – Australia and New Zealand Banking Group Limited) Exemption Notice 2024 [PDF 295KB]