Preparer and Approver Roles

Separation of Duties for conducting transactions in the NZEUR

Previously, holding accounts could have up to five primary representatives all of whom have the same level of authority and can carry out transactions on their own.

The Registry now offers all account holders the option of adding an extra level of protection when conducting transactions. Account holders now have the option of separating the duties of their primary representatives. This means you can appoint some representatives as ‘preparers’ and appoint other representatives as ‘approvers’, and that two people will then be involved in all transactions.

How will this separation of duties work?

If you choose to separate duties, it means that two people will be required to be involved in all transactions – all transactions will have to be prepared by a preparer and approved by an approver. This provides you with an extra level of protection.

1. Any preparer can initiate a transaction, which will then send an email to all primary representatives notifying that a transaction is ‘ready for review’
2. Any approver will then be able to approve or decline that transaction
3. The ‘transaction details’ will display the name of the preparer and the approver for each transaction, so the account holder will have full transparency of each transaction.

All primary representatives can only be either a preparer or an approver on any one account. Where a person is a primary representative on more than one account, they can perform different roles in relation to each account, e.g. they can be a preparer on one account and an approver on another account.

What do I need to do?

I have applied online for a holding account but I haven’t opened it yet

You must complete and return the Account Holder Declaration form in order for your account to be opened and for primary representatives to be able to operate your account.

Separation of duties is optional. If you do not wish to separate duties, indicate in Part B of the Account Holder Declaration form that you do not wish to assign roles to primary representatives – all primary representatives will be able to carry out transactions on their own.

To separate duties, indicate in Part B of the Account Holder Declaration form the names of the primary representatives you wish to appoint and the roles you wish to assign to them. In order to separate duties you must have at least two primary representatives on your account.

Therefore if you only appointed one primary representative in your online application, you must appoint at least one more, and you can appoint up to five.

If you appointed more than one primary representative in your online application, you can appoint different persons to those named in your online application.

The primary representatives listed on the form must also be registered users of the NZEUR – make sure all primary representatives listed have obtained their own username and password to access your account. If they do not have their own username and password, they can apply for one here.

Please return your completed Account Holder Declaration form to the Registrar of the Unit Register either by fax to +64 4 978 3661, or by scanning and emailing to climatechange@med.govt.nz, or post to the Registrar, Level 2, New Zealand Emission Unit Register, PO Box 1473, Wellington. The Registry will then notify you by email when your account has been opened and these roles have been assigned to your account.

Please note that the Account Holder Declaration form was updated in June 2010 – please make sure you fill in the latest version. If you are unsure whether you have the correct form, contact the registry.

I have an open holding account

Separation of duties is optional. If you decide not to separate duties, you don’t need to do anything – all transactions will continue to be carried out in the same way that they are now.

If you wish to separate duties of your primary representatives, please complete the Primary Representative Appointment and Removal Declaration form, listing the names of your primary representatives and the roles you wish them to perform. You can access the form by logging on to the NZEUR and selecting Account Management Declaration forms.

If you currently have only one primary representative you will have to appoint at least one more primary representative and you can have up to five.

If you currently have more than one primary representative you can also make changes to your existing primary representatives using this form.

Please return your completed Primary Representative Appointment and Removal Declaration form to the Registrar of the Unit Register either by fax to +64 4 978 3661, or by scanning and emailing to climatechange@med.govt.nz, or post to the Registrar, Level 2, New Zealand Emission Unit Register, PO Box 1473, Wellington. The Registry will then notify you by email when these roles have been assigned to your account.

Questions and Answers

Who is being offered the option to separate duties of account representatives? All existing and future NZEUR account holders are being offered this additional security feature.

Do I have to take on separation of duties? No – this additional security feature is entirely optional for all account holders.

What if I decide I don’t want to separate the duties of my account representatives? If you choose not to take up this additional security feature, your account will remain the same and all primary representatives will continue to be able to both prepare and approve transactions in your account.

What if I change my mind later? Separation of duties can be adopted at any time, by submitting the Primary Representative Appointment and Removal Declaration Form.

What is the advantage of separating duties? Only primary representatives with designated preparer or approver roles will be able to prepare and approve transactions, and account holders can control who has the authority to carry out these roles. Each transaction will therefore require two people to be involved, which provides an added level of security and assurance around transactions involving your account.

Can there be more than one preparer and/or approver on an account? Accounts can have up to five primary representatives and can have any combination of preparers and approvers, provided there is at least one of each.

Can a primary representative have multiple roles on the same account? No – if you choose to take on the added security each primary representative can only be either a preparer or an approver in respect of all transactions involving that account.

Can a primary representative have different roles on different accounts? Yes – if you are a primary representative for several holding accounts, you can be a preparer for some accounts and an approver for other accounts.

Once I have appointed preparers and approvers, how do I make changes? You can make changes to primary representatives and the roles they can perform using the existing Primary Representative Appointment and Removal Declaration Form.

What do I have to do to separate the duties of my account representatives? Please complete and return to the NZEUR the Primary Representative Appointment and Removal Declaration form, which requires you to assign the roles of preparer or approver to each primary representative on your account.

Who needs to sign the Primary Representative Appointment and Removal Declaration form? All account holders must sign the Primary Representative Appointment and Removal Declaration form.

How long will it take to process my request? On receipt of a properly completed form the Registry will endeavour to process your request within 3 working days. The Registry will notify you by email when these roles have been assigned to your account representatives.

How will the account representatives know when transactions are awaiting approval? All primary representatives will receive an email informing them that a transaction is ‘ready for review’. Any primary representatives with authority to approve transactions can then either approve or decline the transaction.

How will account representatives approve transactions? Transactions awaiting approval will be queued up under the ‘Authorise Transactions’ menu in the account homepage. The transaction status will then record whether the transaction has been completed or declined.

How will I know who has prepared or approved transactions on my account? The transaction detail will state the name of the preparer and the approver for all transactions.