According to BlockBeats, the CEO of the Hong Kong Securities and Futures Commission (SFC), Leung Fung-yee, announced on November 29 that five ESG rating and data product providers have agreed to sign a voluntary code. This code, introduced last month, focuses on four key areas: good governance, systems and controls, conflict of interest management, and transparency.
Leung emphasized that while the SFC does not directly regulate ESG information providers, the code aims to enhance the fairness and transparency of data collection. This initiative is intended to provide asset and fund companies with greater confidence in evaluating ESG products. By adhering to these standards, the SFC hopes to improve the reliability of ESG data, which is crucial for investors and stakeholders who rely on this information for decision-making.
In addition, Leung disclosed that the licensing details for Hong Kong's virtual asset trading platforms will be announced by the end of the year. The voluntary code aligns with the recommendations of the International Organization of Securities Commissions (IOSCO) and is part of a broader effort to combat 'greenwashing' in global financial markets. This move is expected to enhance the transparency of ESG information in Hong Kong's financial markets, thereby strengthening the city's position as a leading financial hub.