Terms of Reference for the LPMCL Board
LONDON PRECIOUS METALS CLEARING LIMITED (LPMCL) BOARD OF DIRECTORS
Its general purpose is to:
- To maintain an efficient Loco London bullion clearing service to facilitate international trading on the over the counter precious metals market centred in London.
- To ensure only LGD accredited and quality bars are accepted in the London market for the purposes of transactions permitted under the provisions of the LPMCL Unallocated and Allocated Accounts.
- To ensure all activities are conducted in observance of prevailing regulatory rules and legislation and within the Global Precious Metals Code of Conduct.
- Partner with the LBMA on matters concerning the maintenance and development of the London OTC Market.
- Run LPMCL on a Not for profit basis.
Its general activities are to:
- Maintain and review the Unallocated and Allocated Precious Metal Account Agreements and the LPMCL Rules.
- Maintain and review the SLA with the LBMA for the provision of Secretarial and Support Services.
- Set up sub committees and Operating Working Groups as required to undertake the work of the LPMCL.
- Maintain and develop the electronic Aurum system including Business Resiliency processes and procedures. Test Business Resiliency Plans on at least an annual basis.
- Enter into Vendor contracts for the provision of Technology Services.
- Process new membership applications under the criteria defined within the Rules.
- Provide MIS to the LBMA and Regulatory Authorities as required e.g. Clearing Stat Submissions and BoE statistics.
- Maintain a Vault Metric of acceptable vaulting locations on a member to member bi lateral basis.
- Keep LPMCL Shareholders informed of company and board activity on a regular basis.
- Set objectives and strategy to ensue the LPMCL remains relevant and fit for purpose as a major markets infrastructure company.
|Delegated authorities:||Advises the LPMCL Technical Committee when required.|
|Chair:||Chair appointed by LPMCL Board.|
|Term of Chair/Vice Chair:||Three years where by there must then be an election.|
|Members are permitted to serve two terms.|
|Membership:||As per LPMCL Rules.|
|Quorum for meeting:||No fewer than four Directors.|
|Decision making rules:||As per LPMCL Articles of Association.|
|Minimum frequency of meetings:||Quarterly.|