This notice, which comes into force on 31 March 2026, amends the Financial Markets Conduct (Climate-related Disclosures—Assurance Engagement) Exemption Notice 2025 (the principal notice).

The principal notice concerns disclosure requirements for climate statements, or group climate statements, that climate reporting entities are required to prepare under Part 7A of the Financial Markets Conduct Act 2013 (the Act). Under section 461ZH(1) of the Act, climate reporting entities must ensure that the statements are, to the extent that the statements are required to disclose greenhouse gas emissions, the subject of an assurance engagement. The principal notice exempts climate reporting entities from that assurance duty in relation to the disclosure of information about scope 3 greenhouse gas emissions, which are a category of emissions identified and defined in Aotearoa New Zealand Climate Standard 1—Climate-related Disclosures.

This notice amends the principal notice by extending it for a further 2 years. As amended, the principal notice applies to accounting periods ending before 31 December 2027, and will be revoked on 30 April 2028. In all other respects, the exemption in the principal notice is unchanged.

The exemption in the principal notice complements the temporary relief that the External Reporting Board (XRB) granted in November 2024, in particular the inclusion of adoption provision 8 in Aotearoa New Zealand Climate Standard 2—Adoption of Aotearoa New Zealand Climate Standards to provide an optional delay of 1 year in assurance of scope 3 greenhouse gas emissions disclosures.

In November 2025, the XRB extended adoption provision 8 for an additional 2 reporting periods. Accordingly, the amendments made by this notice match the effect of the decision of the XRB.

The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 557 of the Act, considers it appropriate to amend the principal notice because—

• the policy reasons for granting the exemption in the principal notice remain valid and relevant; and

• the 2-year extension acknowledges that scope 3 greenhouse gas emissions disclosures and assurance are new requirements and entities need more time to develop their capability, methodology, and datasets. The extension complements extended XRB relief and also aligns with international developments; and

• the extended exemption is not broader than reasonably necessary to address the matters that gave rise to it because—

  • the relief applies only to assurance of scope 3 greenhouse gas emissions disclosures (and not to the other categories of greenhouse gas emissions, specifically, scope 1 and scope 2); and

  • the relief applies only for 3 reporting periods to provide flexibility for those climate reporting entities and their assurance providers who have been facing challenges or complexities in obtaining sufficiently reliable information to support assurance of scope 3 greenhouse gas emissions disclosures.