ICMA publishes Hong Kong Code of Conduct for ESG ratings and data products providers
3 October 2024 The International Capital Market Association (ICMA) today published the Hong Kong voluntary Code of Conduct for ESG Ratings and Data Products Providers.
The development of the Code is sponsored by the Hong Kong Securities and Futures Commission (SFC) which in October 2023 had appointed ICMA to provide the Secretariat and convene an industry working group to develop a voluntary Code of Conduct for the Hong Kong market.
In line with recommendations by the International Organization of Securities Commissions (IOSCO), the Code focuses on promoting transparency, good governance, management of conflicts of interest, and strengthening systems and controls in the sector.
A public consultation on the Code had also been held earlier this year, gathering feedback from other market participants.
Bryan Pascoe, Chief Executive of ICMA, said: “We are honoured to coordinate the voluntary code of conduct for Hong Kong, and grateful for the support of the Hong Kong Securities and Futures Commission and the involvement of key stakeholders from the private and public sectors. We will continue to contribute to best practices in the market, as well as Hong Kong’s wider sustainable finance initiatives”
Julia Leung, Chief Executive Officer of the SFC, added: “We congratulate the working group and ICMA for the successful finalisation of the VCoC. The voluntary code will establish a benchmark for the provision of high quality, reliable and transparent ESG information to combat greenwashing in Hong Kong’s growing green and sustainable finance ecosystem.”
The Code will be hosted and maintained by ICMA, and providers are encouraged to adopt the Code to enhance transparency and foster trust in their offerings.
Download the Code:
ENGLISH VERSION | CHINESE VERSION
Consultation Feedback Statement (English)
A launch event for the Code, open to all market stakeholders, will be held on 29 November in Hong Kong. More details will be announced soon.
