Terms of Reference for the LBMA Physical Committee
Its general purpose is to:
- Monitor, develop and enforcement of the Good Delivery List; including adherence to Responsible Sourcing by refiners on the List and new applicants to ensure standards are maintained.
- Ensure integrity, quality and standards are maintained emphasis on continuous improvement and transparency of the market;
Its general activities are:
- Supervising the Executive’s role in Proactive Monitoring of GDL Refiners;
- Supervising Applications and Enquires for the Good Delivery List, including inspections & analysis of samples;
- Monitoring and responding to changes in VAT and other regulation related to bullion (e.g. REACH);
- Monitoring and development of the GDL website, including creation of visual guides;
- Review issues emanating from the Vault Managers Group on developments of weighing as well as general vaulting/custodial issues, including packing procedures;
- Maintain confidentiality. Each member is representing the market not their individual institution;
- Creation of transparency through the publication of vault holdings data; and
- Organisation of forums for professional development (e.g. Assaying and Refining Conference).
- Dispute resolution.
|Reporting line:||LBMA Executive Committee.|
|Delegated authorities:||Advises the LBMA Executive when required.|
|Chair:||Chair proposed by Committee and endorsed by LBMA Executive Committee.|
|Term of Chair/Vice Chair:||Three years where by there must then be an election. Members are permitted to serve two terms.|
|Membership:||Seven members appointed, including the Chair of the Vault Managers Group.|
|Observers:||Permitted and appointed by the Chair. Bank of England.|
|Quorum for meeting:||A majority of the Committee.|
|Decision making rules:||Consensus across the Committee.|
|Minimum frequency of meetings:||Monthly and ah-hoc as necessary.|