The Legislative Council has drafted a new code of conduct for its next term to enhance members' self-discipline and oversight, which will include a formal sanctions mechanism with penalties ranging from warnings to suspension of duties for misconduct.

Legco president Andrew Leung said on Thursday that the code outlines expectations for members' conduct and work while emphasising that lawmakers must consistently uphold high standards of personal behaviour, maintain integrity and act in alignment with the fundamental interests of the nation and the broader interests of Hong Kong society.

To boost transparency, Leung stated that members will be required to submit an annual work report for public review within two months after the end of each year.

He added that the code establishes a tiered sanctions system based on the severity of misconduct, which may include written warnings and suspension of duties.

For more serious offences, Leung added, a motion would be moved that would result in a member being censured or, worse, suspended for a certain period if a majority of lawmakers vote for it.

"With the suspension, he or she will not be able to receive any salary or remuneration, etc. That's the way the committee will look at it," he said, referring to the Committee on Members' Interests.

To enforce the code, the existing committee will be expanded, he added.

The committee will handle formal misconduct complaints and, with Legco's authorisation, have the authority to summon witnesses under the Legislative Council (Powers and Privileges) Ordinance to investigate allegations.

Leung said if passed, the new code and associated measures will take effect at the start of the eighth Legislative Council term in December.