We continue to ensure that the content of our educational tools is constantly updated.
That is relevant to guarantee that all market participants can enhance their competence and knowledge of financial markets, as well of their good market practices, on an ongoing basis.
An example of that important work is the recent and full review that we made of the content included in our ELAC Portal for the Global Precious Metals Code, given the updated version of this Code that was published by the London Bullion Market Association (LBMA) on 13th December 2022.
Therefore, we are glad to announce that this reviewing process is now concluded, and 新澳门六合彩官网 FMA has taken this opportunity to further improve the quality of the related Market Practice Scenarios and Self Assessment Questions for that Code, as well as of their respective feedback, as these are key components of the ELAC experience, both for its training section and for its certification section.
Having formed a temporary Working Group that submitted valuable contributions and improvements (as recognised by the LBMA) to the two Consultation rounds that preceded the launch of the new Code, we felt deeply engaged in this process and truly believe that the updated version of the Global Precious Metals Code accurately reflects what it is designed to be 鈥 a set of standards and best practices expected from Market Participants in the global Over The Counter wholesale market for Precious Metals.
In case you haven鈥檛 seen it yet, the new Code states, on its principle 1.3.1., that it is 鈥溾 mandatory for all LBMA/LPPM Members to commit to implementing the requirements of the Code.鈥 with LBMA expecting for that to happen before the end of this year, whilst non-members are also being welcomed to attest to it where possible. That principle further refers that, to support this requirement, 鈥Market Participants are expected to ensure that training and communications for their staff are consistent with the guidelines of the Code鈥.
This is a significant game changer given that the new version of the Global Precious Metals Code is the first of the main three industry Codes (together with the FX Global Code and the UK Money Markets Code) where the adherence is no longer only voluntary. Regardless of its nature, 新澳门六合彩官网 FMA remains fully committed to promote adherence to these three Codes, so training and attestation to them are all included in the ELAC Portal.
We are grateful for having such a valuable partnership with LBMA. To demonstrate how our ELAC Portal can help their members and all market participants to adhere and implement the good market practices of the Global Precious Metals Code on a continuous and consistent basis, we have participated in a LBMA Webinar, held on Thursday 19th January at 11am GMT, entitled 鈥What you need to know about Global Precious Metals Code Version 2 and Training鈥.
If you wish to watch the recording of this Webinar, please click in this link:
Thank you to the 新澳门六合彩官网 FMA members for continuing to be longstanding proponents and influencers of ethical conduct and good market practices to financial markets professionals.
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