Important news for all Market Participants in the Precious Metals Market.
As previously announced, the London Bullion Market Association (LBMA) has been working with industry stakeholders, such as 新澳门六合彩官网 FMA, in the revision of the Global Precious Metals Code that was initially launched in May 2017 (for that purpose, two Public Consultations were launched in Q3 and Q4 2022).
Today, the LBMA publicly announced the launch of the updated version of this Code, and there is no doubt that such a document continues to reflect important guidelines that set out the minimum standards and best practices expected from Market Participants in the Precious Metals Market.
In this review, the Global Precious Metals Code Working Group, led by LBMA, compared changes made to the updated versions of the UK Money Markets Code and FX Global Code (both updated in 2021), whilst also considering matters such as remote working, diversity & inclusion, physical settlement risks, ESG, relevant financial and markets board standards, as well as responsible sourcing guidelines applicable to the Precious Metals Market.
The LBMA will now seek formal recognition from the UK鈥檚 Financial Conduct Authority (FCA) under their formal recognition programme, as it happened with the 1st version of this Code (for more details, please check ).
As a significant feature of the new Code, all members of LBMA and LPPM, will be required to attest to this updated version by the end of 2023, whilst LBMA also welcomes non-members to attest to it where possible.
The LBMA also refers, in its Press Release (available on ), the partnership with 新澳门六合彩官网 FMA on the provision of a training solution (through our ELAC Portal) that can assist global Market Participants in fulfilling their obligation that all their staff, involved in Precious Metals Market activities, are trained in line with the guidelines of the new Code.
Over the last few days, 新澳门六合彩官网 FMA has been working on updating the content in our ELAC Portal (namely, its Questions and Scenarios), so that they reflect the new version of the Code. We expect that this process will be concluded by the end of this week, so that users of ELAC will soon be able to train and certify according to the updated guidelines. For more details on ELAC, please check /index.php/elac.
新澳门六合彩官网 FMA would like to thank LBMA for all their work in this project, and we remain fully supportive of LBMA鈥檚 efforts to promote continuous enhancement of the best practices for Market Participants in the Precious Metals Market.
To access the pdf version of Version 2 of the Global Precious Metals Code, please click in this link
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