SFC-backed launch event garners broad industry support for voluntary code of conduct for ESG ratings and data products providers
The Securities and Futures Commission's (SFC) senior executives joined more than 200 financial industry participants today to witness the launch of Hong Kong's voluntary code of conduct (VCoC) for environmental, social and governance (ESG) ratings and data products providers (Note 1).
The VCoC, published on 3 October to promote higher transparency and quality ESG information for Hong Kong's financial market, has built traction among ESG ratings and data products providers as well as the broader financial industry. As of today, five ESG ratings and data product providers, both international and local, have indicated their intention to sign up for the VCoC (Note 2).
In her keynote speech, the SFC's Chief Executive Officer Ms Julia Leung encouraged ESG ratings and data products providers to sign up for the VCoC and asset managers to leverage it as a tool to facilitate their due diligence and ongoing assessments.
Earlier this week, the SFC has also provided asset managers with regulatory guidance on conducting due diligence when engaging third-party ESG ratings and data products providers (Note 3).
“The VCoC together with our related guidance to asset managers will bring us a step closer to making more creditable ESG information available in the financial market,” said Ms Leung. “This should boost Hong Kong's efforts to steer capital towards investments that can drive our net zero and other sustainable development goals.”
The Chairman of the Board of the International Organization of Securities Commissions Mr Jean-Paul Servais also addressed the participants at the Bloomberg-hosted launch event. Other key stakeholders, including representatives of the International Capital Market Association (ICMA), ESG providers and asset managers, were on hand to explore the VCoC's benefits and practical applications.
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