Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill

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Hon Dr David Clark

Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill

Government Bill

30—1

Contents

Explanatory note
1Title
2Commencement
3Principal Act
4Section 5 amended (Overview)
5Section 6 amended (Interpretation)
6Section 351 amended (Regulations modifying this Part or Part 7 for licensed markets)
7New Part 7A inserted
461NOverview
461OMeaning of climate reporting entity
461PMeaning of large
461QMeaning of large manager
461RMiscellaneous provisions relating to application
461SClimate reporting entities must keep proper CRD records
461TManner in which CRD records to be kept
461UPeriod for which CRD records to be kept
461VInspection of CRD records
461WClimate statements must be prepared
461XGroup climate statements must be prepared
461YClimate statements for large overseas climate reporting entities
461ZClimate statements for separate funds of registered schemes, etc
461ZAExceptions for climate reporting entities not materially affected by climate change
461ZBConditions applying to exceptions
461ZCOffence to knowingly fail to comply with climate standards
461ZDAssurance engagement required for parts of climate statements relating to greenhouse gas emissions
461ZEMeaning of qualified CRD assurance practitioner
461ZFAppointment of partnership for assurance engagement
461ZGAssurance engagement must be carried out in accordance with auditing and assurance standards
461ZHAssurance practitioner’s report
461ZIAssurance engagement may cover other parts of climate statements
461ZJClimate reporting entity must give assurance practitioner access to information
461ZKAssurance practitioner may require information and explanations from director or employee
461ZLOffence for unqualified CRD assurance practitioner to act
461ZMOffence to hold out as qualified CRD assurance practitioner or as approved CRD assurance body
461ZNLodgement of climate statements
461ZOInformation about climate statements of climate reporting entities to be made available in annual report
461ZPFMA may approve CRD assurance bodies
461ZQCancellation or suspension of recognition or approval
461ZREffect of cancellation or suspension of approval on recognition of assurance practitioners
461ZSPart 7A climate-related disclosure provisions
8Section 462 amended (When FMA may make stop orders)
9Section 468 amended (When FMA may make direction orders)
10Section 470 amended (FMA may order that simplified disclosure PDS may not be used)
11 Section 474 amended (FMA may order that exclusion for offers of products of same class as quoted products does not apply)
12Section 485 amended (What are civil liability provisions)
13Section 490 amended (Maximum amount of pecuniary penalty)
14Section 501 amended (Additional disclosure or financial reporting defence for directors who are treated as contravening)
15Section 534 amended (Directors treated as having contravened in case of defective disclosure or financial reporting contravention)
16New section 546A inserted (Regulations for purposes of Part 7A (climate-related disclosures))
546ARegulations for purposes of Part 7A (climate-related disclosures)
17Section 554 amended (Regulations or exemptions may require compliance with generally accepted accounting practice, standards, or FMA frameworks or methodologies)
18Section 556 amended (FMA may grant exemptions)
19Section 561A amended (Financial reporting exemptions)
20Schedule 4 amended
21Principal Act
22Section 3 amended (Purpose)
23Section 4 amended (Overview of financial reporting duties)
24Section 5 amended (Interpretation)
25Section 12 amended (Functions of Board)
26Section 14 amended (Membership of Board)
27Subpart 2 heading in Part 2 replaced
28New sections 19A to 19D and cross-heading inserted
19AGuidance for purposes of non-financial reporting
19BPurpose of climate standards and climate-related disclosures
19CClimate standards
19DRequirements if climate standards require or permit information to be excluded from analysis if immaterial
29Section 27 amended (When standards and authoritative notices take effect)
30Section 44 amended (Purpose)
31New subpart 6 heading in Part 2 inserted
32Section 48 amended (Minister must regularly review amounts to take into account inflation)
33Section 49 amended (Order may amend amounts)
34Section 51 amended (Levies)
35Schedule amended
36Principal Act
37Section 4 amended (Interpretation)
38New section 15B inserted (CRD assurance practitioner for public entities)
15BCRD assurance practitioner for public entities
39New section 34A inserted (Appointment of CRD assurance practitioners)
34AAppointment of CRD assurance practitioners
40Section 35 amended (Delegation of powers)
41Section 41 amended (Protection from liability)
42Section 42 amended (Audit fees)
43Related and consequential amendments

The Parliament of New Zealand enacts as follows: