Those entities are exempted, subject to conditions, from the requirement to have their climate statements, or group climate statements, dated and signed by their directors.
In addition, NZ GVT published a Statement of reasons regarding the exemption notice.
The conditions of the exemption provide for the climate statements or group climate statements to be dated and signed by the exempt entity’s New Zealand Chief Executive Officer (NZ CEO); as well as certain information to be given to the Registrar.
NZFiMA considers it appropriate to grant exemption for various reasons, including that some large overseas banks as well as insurers face particular difficulties.
Namely, in arranging for 2 directors to sign climate statements where board supervises multiple countries’ branches and would ordinarily for good governance devolve responsibility for the execution of similar documents to local senior management.
It can be logistically challenging to get overseas directors of these entities to sign climate statements specifically for NZ purposes, particularly within act’s time frames.
It would take a significant amount of time to provide sufficiently detailed explanations to overseas directors to the degree required to sign the climate statements.
Plus, additional advice as well as education in order to brief the overseas directors on all of the detail set out within Pt 7A of the act and local compliance requirements.
Effectiveness
This exemption notice comes into force on Jul. 29, 2024, and is revoked Nov. 3, 2026.
In Mar. 2025, NZFiMA planned to consult on expiring legislative notices, see #248522.
Oct. 2026 Exemption Extended
On Oct. 21, 2026, NZ GVT gazetted Financial Markets Conduct (Climate-related Disclosures-Overseas Banks and Insurers) Exemption Amendment Notice 2026.
This amendment notice is made by NZFiMA to the exemption notice above.
The notice extends the exemption for a further 2 years; the principal notice will be revoked on the close of Nov. 3, 2028, and is otherwise unchanged.
The amendment notice comes into force on Nov. 1, 2026.
Regulators
NZ GVT
Entity Types
Bank; BHC; Ins
Reference
OG, Nt SL 2026/327, 10/21/2026; OG 2024/138, Nt 7/26/2024; ESG; Citation: Financial markets conduct act; Financial markets conduct (climate-related disclosures-overseas banks and insurers) exemption notice 2024;
