The Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was developed by an industry working group sponsored by the Hong Kong Securities and Futures Commission (SFC). Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong.
The Code is closely aligned to the recommendations from the International Organization of Securities Commissions' (IOSCO) Report on “Environmental, Social and Governance (ESG) Ratings and Data Products Providers”.
Following the publication, ICMA is responsible for hosting and maintaining this Code.
Signing up to and applying the Code of Conduct
- Signing up to the Code (expressing the intention to apply the Code)
Following the launch in October 2024, providers are encouraged to sign up to this voluntary Code by notifying ICMA at hkesgcode@icmagroup.org. In addition, providers might want to announce this on their website. - Applying the Code
Once an ESG ratings and/or data products provider has signed up to the Code of Conduct, this will be followed by an implementation period*. At the end of this period, providers are expected to complete and publish a Self-attestation Document on their website, outlining their approach to implementing the Code of Conduct. After publishing or updating the document, providers must notify ICMA by emailing hkesgcode@icmagroup.org with the following information:- Name of the organisation
- Area(s) of application (ESG ratings and/or data products)
- Preparer(s) of the statement (name, title, role, contact information)
- The URL where the statement of application is published
The Self-attestation Document should be reviewed at least annually (updating it where appropriate).
[Global providers voluntarily adhering to multiple Codes, could also use this as a template for their Statement of Application for the December 2023 Code provided by ICMA].
*The implementation period for ESG ratings providers is six months and the implementation period for ESG data products providers is twelve months. At the end of this, the Code should be embedded within the provider’s organisation.
ICMA is compiling the list of signatories and once received, including links to the Self-attestation Documents published on the providers’ websites.
Launch event
A launch event is scheduled for 29 November 2024 and will be held in a hybrid format. Further details will be provided in due course.
List of providers who signed up to the Code of Conduct for ESG ratings and data products providers*
Providers who sign up to the Code will be listed below (links to the providers’ websites will be added once Self-attestation documents become available).
MSCI ESG Research LLC
*Please note that ICMA does not investigate or confirm adoption of the Hong Kong Code of Conduct for ESG ratings and data products providers, nor does it recommend, endorse or make any representations regarding the ESG ratings and data products providers listed above.
For further information, please contact ICMA via hkesgcode@icmagroup.org.
Background
Following the release of the IOSCO report on ESG ratings and data products providers in November 2021, in 2023 the HK SFC welcomed ICMA to convene an industry group to develop a globally consistent voluntary Code for the Hong Kong market. An initial draft of the Code was published on 17 May 2024 which was then followed by a 1-month consultation period. A feedback statement summarising the comments received during the public consultation as well as how they have been incorporated in the final Code, can be found here.
With publication of the final Code on 3 October 2024, ICMA assumed responsibility for hosting and maintaining this Code.
Download the Code
ENGLISH VERSION | CHINESE VERSION
