Interesting phrasing. But let's just skip the implications of that phrasing and talk about a more important matter, which is that there is no Code of Conduct on the South China Sea yet. What you referred to as the code of conduct is merely a first draft, and at any given moment any of the ASEAN + China can add or subtract or modify the text, and this is okay because it is a first draft. So if, say, Brunei chooses to add a passage saying "ALL YOUR BASE ARE BELONG TO US", that's within their right as an ASEAN member, and if China deletes that passage and responds "WHAT YOU SAY", that's within their rights too because it's ASEAN + China.
What is agreed is that this first draft will be the basis for further negotiation on the code of conduct. There will be a second draft, and a third draft, and if/when everyone agree on the final draft, only then the draft turns into the Code of Conduct. This will then be followed with further negotiations on the status of South China Sea itself.
It is too early, way too early, to say that a Code of Conduct on the South China Sea has been established.