On 20 August, the Securities and Futures Commission (SFC) released consultation conclusions on the proposed climate-related risk management and disclosure requirements for fund managers, together with amendments to the Fund Manager Code of Conduct (FMCC) and a circular setting out the expected standards for complying with the amended FMCC, including:
- baseline requirements for all those managing collective investment schemes (CIS); and
- enhanced standards for fund managers with CIS under management which equal or exceed HK$8 billion in fund assets for any three months in the previous reporting year. This represents an increase from the HK$4 billion threshold proposed in the consultation paper.
Please refer to the press release for details. The first phase of the new requirements will be implemented on 20 August 2022.
Please also refer to the Institute’s submission, which supported the SFC’s proposals in principle, while commenting on the details of their implementation.
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