Media Release
MR No. 2025 – 46
Entities affected by recently announced climate reporting changes will no longer be expected to lodge climate statements ahead of legislation changes.
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has decided to provide interim relief in the form of taking a ‘no action’ approach to affected entities who are expecting their climate reporting obligations to cease once legislation is passed.
FMA Executive Director, Evaluation & Oversight, Liam Mason said: “We recognise that many entities preparing for upcoming climate reporting periods will be impacted by the uncertain timeframe in which the amending legislation might be passed, meaning they do not know whether they will be required to lodge climate statements or not.
“This approach will avoid unnecessary compliance costs and promote the development of fair, efficient and transparent financial markets in the context of pending legislative change that is unlikely to be in place before affected entities are due to lodge upcoming climate statements.
“It also aligns with the intent of the proposed legislative change following the recently announced government decisions.”
For affected Climate Reporting Entities (CREs) with upcoming lodgement dates for the 2025/2026 reporting period, the ‘no action’ approach means that the FMA will not take any action in respect of a failure to prepare or lodge climate statements, or any other obligation under Part 7A of the FMC Act.
This ‘no action’ approach will begin on 1 November 2025. This means that CREs with 30 June 2025 balance dates are still required to lodge their climate statements by 31 October 2025, given their preparations for lodgement will have been well underway when the government decisions were announced on 22 October 2025.
A ‘no action’ approach means that the FMA will not take action against a person for breach of a statutory or regulatory obligation. It is an expression of regulatory intention about how to exercise the FMA’s functions. An FMA ‘no action’ confirmation does not necessarily preclude third parties from taking legal action in relation to the same conduct or conduct of that kind.
Affected entities are not expected to apply for this relief or otherwise inform FMA of their reliance on it.
“We will continue to monitor the progress of the amending legislation,” said Liam.
“If changes are not made by the time affected CREs are due to begin preparing statements for the 2026/2027 reporting period, we will revisit this ‘no action’ approach. As reporting obligations will still be in place, affected CREs would need to begin reporting again in the absence of an FMA ‘no action’ in respect of the 2026/2027 reporting period.
“We recognise that some affected CREs may choose to continue to produce climate statements on a voluntary basis after the amending legislation is enacted and the thresholds for reporting are changed.
“These entities are reminded that the fair dealing provisions in Part 2 of the FMC Act will continue to apply to representations made in voluntary reporting.”
ENDS
View ‘No action’ relief for climate reporting entities due to be relieved of mandatory reporting
Media contact:
Ellie Martel
FMA Senior Adviser, Media Relations
[email protected]
021 241 7868
Non-media queries:
[email protected]
