who is, or will be, required to have a holding account under section 61 of the Act as a consequence of becoming a participant as referred to in section 187A(2)(b) of the Act; or

5 Regulation 4 amended (Application procedure to open holding accounts)

Replace regulation 4(1A) with:

(1A)

A proposed account holder who does not meet the criteria for an individual or a person that is not an individual (as the case may be) in paragraph (c) or (d) of the definition of qualified person in regulation 3 may open a holding account under subclause (1) only for the purposes for which the proposed account holder must open a holding account—

(a)

under section 56, 57, 181E(2)(a), or 181R(1)(b)(iii) of the Act; or

(b)

as a consequence of becoming a participant as referred to in section 187A(2)(b) of the Act; or

(c)

to hold allocated New Zealand units under subpart 2 of Part 4 of the Act.

6 Regulation 6 amended (Holding accounts may be held jointly)

Replace regulation 6(6)(c) with:

(c)

in the case of a person who wishes to be added as an account holder, the Registrar may add the person as an account holder only if the Registrar has received a declaration signed by the account holder that contains a statement that the account holder authorises that addition.

7 Regulation 12 amended (Application procedure to close holding accounts)

Revoke regulation 12(3).

8 Regulation 14 amended (Qualifications to be primary representative)

Replace regulation 14(2) with:

(2)

However, a primary representative who does not meet the criteria for an individual in paragraph (c) of the definition of qualified person in regulation 3 may be authorised by the account holder to operate the holding account only for the purposes for which the account holder must open a holding account—

(a)

under section 56, 57, 181E(2)(a), or 181R(1)(b)(iii) of the Act; or

(b)

as a consequence of becoming a participant as referred to in section 187A(2)(b) of the Act; or

(c)

to hold allocated New Zealand units under subpart 2 of Part 4 of the Act.

9 Regulation 17 amended (Removal of primary representatives)

Revoke regulation 17(3).

Rachel Hayward,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations but is intended to indicate their general effect.

These regulations, which come into force on 1 January 2026, amend the Climate Change (Unit Register) Regulations 2008 (the principal regulations).

The amendments—

ensure that transferees of certain interests in post-forest land who are required to have a holding account, as a consequence of the Climate Change Response Act 2002 providing that they become participants when the interests are transmitted, are qualified persons (as defined by the principal regulations) and so able to open a holding account; and
update a cross-reference in the definition of qualified person as a consequence of the Climate Change Response (Emissions Trading Reform) Amendment Act 2020; and
remove the requirement for an account holder of a holding account to provide a statutory declaration when removing a joint account holder, closing the account, or removing a primary representative authorised to operate the account on the account holder’s behalf; and
make changes that are a consequence of the amendments described in the bullet points above.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 25 September 2025.

These regulations are administered by the Ministry for the Environment.

Climate Change (Unit Register) Amendment Regulations 2025