Climate Reporting Entities (CREs)

Use these flowcharts to help determine if your organisation is a Climate Reporting Entity:

These charts are only for guidance. They should not be considered to be, or relied on as, legal advice.
Please ensure you undertake your own due diligence.

• MIS managers
• Licensed insurers
• Banks, credit unions & building societies
• Listed issuers
• Authorised bodies

For more technical questions determining whether your organisation is a CRE, download the "Am I a Climate Reporting Entity?" fact sheet. 

View No action relief for Climate Reporting Entities due to be relieved of mandatory reporting page

The climate-related disclosures legislation gives the External Reporting Board (XRB) a mandate to develop and issue climate standards as part of a climate-related disclosures framework. 

XRB has released its final Climate Standards. View the Climate Standards from XRB.

They are:

• Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1)
• Aotearoa New Zealand Climate Standard 2: Adoption of Aotearoa New Zealand Climate Standards (NZ CS 2)
• Aotearoa New Zealand Climate Standard 3 – General Requirements for Climate-related Disclosures (NZ CS 3)

• Prepare an annual climate statement that discloses information about the effects of climate change on their business or any fund they manage.
• Prepare climate statements in accordance with climate standards issued by the XRB.
• Obtain independent assurance about the part of the climate statements that relates to the disclosure of greenhouse gas (GHG) emissions for reporting years ending on or after 27 October 2024.
• Make the climate statement available to the public.
• Comply with record-keeping requirements.

An exemption has been granted to provide relief for certain overseas entities, subject to a comparable mandatory overseas climate reporting regime, from the climate reporting, assurance, and record-keeping duties they have under Part 7A of the Financial Markets Conduct Act 2013.

Initially, the notice only specifies Australia as an approved jurisdiction, and Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures as an approved foreign climate reporting standard. The FMA intends to add to the notice other countries as approved jurisdictions and other approved foreign climate reporting standards. The FMA will initiate the process to assess other countries and their reporting standards as the need arises. It will conduct a targeted consultation with affected stakeholders as part of any assessment process. Any additions to the notice will be publicly notified.

Finally, the notice includes various conditions – including requirements which have the effect of mandating that exempt Australian entities must file on the New Zealand CRD register a copy of their annual report containing the sustainability report and the auditor’s report on the sustainability report.

The notice came into force on 31 March 2026. The FMA can grant exemptions only for 5 years.  Accordingly, the exemption notice will expire on 30 March 2031.  This may cause issues for entities with a 30 December and 31 March balance date, as they will have been able to rely on the exemption notice during their December 2030/March 2031 financial year, but the exemption will expire before those entities are finally required to file those climate statements. The FMA intends to consult early on the rollover of the exemption to provide some certainty for those affected entities.

The notice does not recognise that the foreign climate statements being produced could cover the exempt entity but be produced by another entity (for example, the exempt entity’s parent company. These cases are small in number and will be considered on an individual basis. Similarly, the notice does not allow a New Zealand-incorporated climate reporting entity to use a broadly equivalent overseas standard to align with its parent’s or subsidiary’s reporting. Nor does the notice allow a New Zealand-incorporated climate reporting entity to dispense with New Zealand climate reporting, where their parent/holding company reports in Australia inclusive of all entities in a group, and instead file that Australian report on the New Zealand register.

View the Financial Markets Conduct (Climate-related Disclosures for Overseas Climate Reporting Entities) Exemption Notice 2026

Financial Markets Conduct (Requirement to Include Climate Statements in Annual Report) Exemption Notice 2025

This notice is now in force.  The notice provides continued relief to listed issuers and registered banks who are Climate Related Entities (CREs) from the requirement to include in their annual report a copy of or link to the climate statement, subject to certain conditions.  All exempted CREs will get three years (i.e. three reporting cycles) of further relief under this renewed exemption. 

View the Financial Markets Conduct (Requirement to Include Climate Statements in Annual Report) Exemption Notice 2025

This plan provides a summary of our approach to monitoring the compliance of CREs with the legislative requirements under the FMC Act and reporting obligations under the CRD framework. It is primarily intended for CREs, their directors and other authorised bodies.

Download the Climate-related Disclosures Monitoring Plan 2023-2026 

The Financial Markets Authority (Levies) Regulations 2012 set out the levies payable by industry. The levies are set by Regulation on the recommendation of the Minister of Commerce and Consumer Affairs. This recommendation is based on advice from the Ministry of Business, Innovation, and Employment.

This document outlines the levies related to the new Climate Related Disclosures regime.

The regulations relate to a climate reporting entities obligations under the Financial Markets Conduct Act 2013 (as amended by the CRD Act), and prescribes –  

1. the manner in which climate-related disclosure records are to be kept;
2. how climate-related disclosure records are to be made available for inspection; and
3. sets infringement fees for non-compliance.

Please note, these regulations come into force on 2 October 2023.

Read the Financial Market Conduct (Climate-related Disclosures) Amendment Regulations 2023 (SL 2023/222)