Wednesday, November 25, 2020
We would like to hear from you on the various regulatory matters that the LBMA is currently progressing.
EU Conflict Minerals Regulation
From January 2021, all importers of gold within the EU will have to start reporting on their due diligence practices.
LBMA has published a set of FAQs to help Members’ interpretation of the Regulation’s scope, what action needs to be taken, and what enforcement will look like.
Global Precious Metals Code
It is intended that the Precious Metals Working Group will be re-constituted in Q1 2021 to update the Code to ensure its relevance. Aspects to consider will be: Working Remotely, ESG, Diversity & Inclusion and Settlement Discipline. If you want to be part of this group, please contact the LBMA.
Last month, LBMA hosted a SFTR Working Group call to discuss any post-implementation issues experienced by Members. It was agreed ahead that a letter would be drafted to the FCA as a request for clarity or further regulatory guidance. If you have experienced any challenges as far as SFTR applies to gold market, please get in touch.
We will be publishing our updated Brexit briefing ahead of year-end. This will cover logistics, VAT, Financial services, and any other impact that Brexit may have on the precious metals market.
Last month, LBMA initiated discussions with the European Banking Authority (EBA) to discuss the LBMA Trade Data collected during the period April 2020 – June 2020. This data helps to demonstrate how gold behaves during times of crisis. The EBA has been tasked, by the European Commission, to review the 85% haircut for precious metals and determine if this is appropriate.