ICMA issues code of conduct for Hong Kong ESG ratings
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ICMA issues code of conduct for Hong Kong ESG ratings 03 October 2024Hong Kong Reporter: Daniel Tison
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The International Capital Market Association (ICMA) has published the ‘Hong Kong Code of Conduct for ESG Ratings and Data Products Providers’.
This follows a public consultation that was held earlier this year, gathering feedback from market participants.
The Hong Kong Securities and Futures Commission (SFC) appointed ICMA to convene an industry working group and develop a voluntary code of conduct for the Hong Kong market in October 2023.
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.
Bryan Pascoe, chief executive of ICMA, says: “We are honoured to coordinate the voluntary code of conduct for Hong Kong, and we are grateful for the support of the Hong Kong SFC 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, CEO of the SFC, adds: “We congratulate the working group and ICMA for the successful finalisation of the [code] that 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.”
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