On November 30, BlockBeats news reported that according to the Radio Television Hong Kong website, Hong Kong Securities and Futures Commission (SFC) Chief Executive Leung Fengyi stated on November 29 that five Environmental, Social, and Governance (ESG) ratings and data product suppliers have expressed their intention to sign a voluntary code.
The code was launched last month and covers four areas: good governance, systems and controls, conflict of interest management, and transparency. Leung Fengyi pointed out that although the China Securities Regulatory Commission (CSRC) does not directly regulate ESG information providers, it hopes to improve the fairness and transparency of data collection through the voluntary code.
This will enable users such as asset companies and fund companies to evaluate ESG products with more confidence. Additionally, Leung Fengyi revealed that licensing for Hong Kong’s virtual asset trading platforms will be announced before the end of the year. The new code follows the recommendations of the International Organization of Securities Commissions (IOSCO) and is aimed at combating “greenwashing” in global financial markets while enhancing ESG information transparency in Hong Kong’s financial market.
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<p>The post Hong Kong’s ESG Ratings Revolution: Greenwashing Busted? first appeared on CoinBuzzFeed.</p>