On November 30, according to the Radio Television Hong Kong website, Leung Fengyi, the Chief Executive of the Hong Kong Securities and Futures Commission (SFC), announced that five ESG (Environmental, Social, and Governance) ratings and data product suppliers have committed to signing a voluntary code.
The code was introduced last month and covers four key areas: good governance, systems and controls, conflict of interest management, and transparency. Leung Fengyi emphasized that although the China Securities Regulatory Commission does not directly oversee ESG information providers, they hope that by implementing this code, they can improve data collection fairness and transparency.
This will enable asset management companies and fund companies to evaluate ESG products with greater confidence. Additionally, Leung Fengyi disclosed that the licensing process for Hong Kong’s virtual asset trading platforms will be completed before the end of this year. The voluntary code follows the guidelines set forth by the International Organization of Securities Commissions (IOSCO) and aims to combat “greenwashing” within global financial markets.
By promoting transparency in ESG information within Hong Kong’s financial market, this initiative seeks to ensure a more equitable and trustworthy environment for investors.
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