Hong Kong’s Securities and Futures Commission (SFC) supports and sponsors the development of a Voluntary Code of Conduct (VCoC) for ESG ratings and data products providers in Hong Kong.
The VCoC will align with international best practices and be developed by an industry-led working group with the ICMA (International Capital Market Association) as the Secretariat. The SFC, HKMA, and Insurance Authority will sit as observers.
The VCoC aims to strengthen transparency, quality, and reliability of ESG information to mitigate the risk of greenwashing in investment products.
The initiative follows a fact-finding exercise that highlighted concerns about data quality, transparency, and conflicts of interest management of ESG providers.
The proposed VCoC will provide a streamlined and consistent basis for asset managers to conduct due diligence or on-going assessment on ESG service providers.
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