Unfortunately, the Financial Markets Conduct Amendment Bill has not been passed by Parliament. With Parliament now adjourned, there is no opportunity for the Bill to progress further before the election. Whether the proposed changes are progressed after the election will depend on the makeup of the next Government.
The Bill was intended to make several changes to the climate-related disclosures (CRD) regime, including:
- Increasing the listed issuer threshold from $60 million to $1 billion for both equity market capitalisation and quoted debt.
- Removing managed investment scheme managers from the CRD regime.
- Reducing director and entity liability settings for climate reporting.
In the meantime, the FMA has extended its ‘no action’ approach to provide interim relief for affected Climate Reporting Entities (CREs). The extension covers the first five 2026/27 reporting periods, with balance dates from 31 March 2027 through to 31 January 2028.
This means the FMA will not take action for breaches of the relevant Part 7A climate reporting requirements for these reporting periods. The FMA says this will provide certainty and avoid unnecessary compliance costs while the future of the policy is considered following the election.
The FMA has indicated that, if the incoming Government progresses the proposed reforms, it will work with affected CREs to provide further relief if needed. If the reforms do not proceed, the FMA will work with CREs on a transition back to reporting.
Author | Bella Leddy
As a Senior Advocacy Advisor, Bella leads the development of policy and advocacy initiatives that reflect the real-world experience of our members.
With a Bachelor of Laws and Politics from Otago University and previous experience as a policy intern at the Department of Internal Affairs, Bella brings both a sharp analytical mind and a genuine passion for public policy. She’s particularly energised by engaging with members to ensure our advocacy is grounded in industry insight and practical solutions.
Extroverted, thoughtful and service-focused, Bella thrives in roles that connect people and ideas. Outside the office, she channels her energy into teaching group fitness classes – including yoga, pilates and spin – and is always up for a good political yarn.
