Financial Markets Conduct (Climate-related Disclosures—Overseas Banks and Insurers) Exemption Notice 2024

The Financial Markets Conduct (Climate-related Disclosures—Overseas Banks and Insurers) Exemption Notice 2024 concerns overseas registered banks and overseas licensed insurers that are climate reporting entities under Part 7A of the Financial Markets Conduct Act 2013. Those entities are exempted from the requirement to have their climate statements, or group climate statements, dated and signed by their directors.

The conditions of the exemption provide for:

• the climate statements or group climate statements to be dated and signed by the exempt entity’s New Zealand chief executive officer; and
• certain information to be given to the Registrar of Companies.  

The notice commenced on 29 July 2024 and continues until 3 November 2026.

We are planning a full review of the method of execution of financial statements and climate statements by overseas entities prior to the expiry of this notice for climate statements and the Financial Markets Conduct (Overseas Registered Banks and Licensed Insurers) Exemption Notice 2021 for financial statements, which expires in November 2026

We have also published a Regulatory Impact Statement (RIS) that discusses the exemption relief in the Financial Markets Conduct (Climate-related Disclosures—Overseas Banks and Insurers) Exemption Notice 2024. It summarises the problem we are seeking to address, our objectives, the options and their associated impacts, and the consultation process we undertook before deciding to grant the exemption. 

View the Financial Markets Conduct (Climate-related Disclosures—Overseas Banks and Insurers) Exemption Notice 2024 (SL 2024/138) on the Legislation New Zealand website