SFC-backed launch event garners broad industry support for voluntary code of conduct for ESG ratings and data products providers

publish:2024-12-02 13:49:30   views :88
publish:2024-12-02 13:49:30  
88

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.

End

Notes:

  1. The development of the VCoC is supported and sponsored by the SFC. Please refer to the SFC’s press release on 3 October 2024 for more details.
  2. Please refer to the VCoC website.
  3. Please refer to the SFC’s Circular to Intermediaries regarding Guidance to asset managers regarding due diligence expectations for third-party ESG ratings and data products providers dated 25 November 2024.
  4. Photos from the launch event are as follows:

Ms Julia Leung delivered keynote address.

(From third to the left to right of first row) SFC’s Senior Manager of Intermediaries Supervision Ms Winnie Tam, Senior Director and Head of International Affairs and Sustainable Finance Ms Christine Kung, Executive Director of Intermediaries Dr Eric Yip, CEO Ms Julia Leung, as well as ICMA’s Managing Director and Chief Representative of Asia Pacific Mr Mushtaq Kapasi, Bloomberg’s Head of Asia Pacific Mr Bing Li, and other representatives of the industry-led working group.

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