【10.30】oluntary Code of Conduct for ESG ratings and data products providers

Dear HKCAMA Members, 

At the end of Oct 2023, the SFC announced that it supports and sponsors the development of a code of conduct for voluntary adoption by ESG ratings and data products providers providing products and services in Hong Kong. The HK Voluntary Code of Conduct will be developed via an industry-led Working Group, which comprises representatives from local, Mainland and other international ESG ratings and data products providers as well as key users from the local financial industry. The SFC, the HKMA and the Insurance Authority sit as observers to the Working Group. International Capital Market Association (ICMA) acts as the Secretariat of the Working Group. 

The first Working Group meeting was held in mid-Nov 2023. In the meeting, the ICMA emphasised that to ensure interoperability, the HK Voluntary Code of Conduct would be based on the IOSCO's final report on ESG Ratings and Data Product Providers published in November 2021 (attachment 1). It was noted that the draft international Code developed in the UK (July 2023)  (attachment 2) closely aligned with the IOSCO recommendations. Therefore the draft international Code developed in the UK could therefore be used as a baseline and adapted to the Hong Kong market. The Working Group starts to review the attachments and gathers comments in order to address the needs of the Hong Kong market. 

If you have any comments on the HK Voluntary Code of Conduct to address the specific needs of the Hong Kong market, please send to Sustainable Investment Committee ( rickyli@bocgroup.com ) by 30 November (Thursday) for consolidation. Then we will reflect the consolidated comments from HKCAMA members to the Working Group.

HKCAMA Secretariat