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ARTICLE · 18 DECEMBER 2023

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ICMA Working Group To Develop Voluntary Code Of Conduct For Hong Kong ESG Ratings

Hogan Lovells Cadwalader
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On October 31, 2023, the International Capital Market Association (ICMA) announced that it would be forming a working group to develop a voluntary code of conduct for Hong Kong-based...

Hong KongFinance and Banking
Timbre Shriver
Timbre Shriver
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On October 31, 2023, the International Capital Market Association (ICMA) announced that it would be forming a working group to develop a voluntary code of conduct for Hong Kong-based ESG ratings and data providers. ICMA will coordinate with asset managers and working group members, including Bloomberg and Fidelity International, to establish best practices.

With the object of global interoperability, the code's development will be based upon International Organization of Securities Commissions' (IOSCO) recommendations, especially across four key areas: transparency, governance, conflicts of interest, and systems and controls. This project is sponsored by the Hong Kong Securities and Futures Commission (HK SFC), which will observe the working group's progress along with the Hong Kong Monetary Authority.

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