Strength In Numbers: Global Precious Metals Code Working Group Grows
More than 30 representatives from the industry have now joined the working group set up to review the Global Precious Metals Code, published in May 2017.
The working group includes participants from refineries and independent input from the Financial Markets Standards Board (FMSB), with Simmons & Simmons providing a legal perspective.
These views, along with input from banks and trading companies, will provide the group with a diversity of perspectives that will ensure an appropriate and successful review of the Code – and, if necessary, an update to it – so that it truly meets the needs of all those in the market.
To date, the working group has:
• Assessed the changes made in 2021 to the FX Global Code to ascertain whether these are appropriate for the Global Precious Metals Code
• Assessed the stated high-level considerations of the UK Money Market Code
• Debated the above subjects and others in reference to industry developments.
The group is currently going through a ‘page turner’ exercise with the current Global Precious Metals Code, debating each point for current relevance. The working group meets on a weekly basis, and it aims to launch an initial public consultation by July 2022.
These views, along with input from banks and trading companies, will provide the group with a diversity of perspectives that will ensure an appropriate and successful review of the Code
FMSB Guidance
On Tuesday, 1 March 2022, the Financial Markets Standards Board (FMSB) published the final Standard for the Conduct of Participants in LBMA Precious Metal Auctions.
FMSB states that the document endeavours to increase the volumes of bids and offers submitted to LBMA auctions, thereby improving the quality of price discovery by clarifying the way conflicts of interest and conduct risk can be managed by those participants who historically did not put House Orders into the auctions.
Regulatory Affairs Committee
LBMA is pleased to announce that Michael Brosius, Division Compliance Officer, Mitsubishi Corporation RtM (Americas), has joined the Regulatory Affairs Committee, adding to Tony Ricci, Chief Compliance Officer, Stonex, who joined in January.
REACH: What You Need To Know
In April, LBMA hosted a webinar on REACH, in which LBMA’s own REACH consultant, Caroline Braibant, welcomed experts to discuss what is required by those impacted by REACH. Caroline welcomed Frederik Johanson (Partner, REACHLaw), Silvia Segna (Senior Chemicals Policy Executive at the Chemical Industries Association) and Emmy Richardson (Compliance Analyst, LBMA) for the discussion, which also outlined what future developments could include. The webinar was recorded and is available on LBMA’s website.
A further REACH webinar has been arranged for September, so look out for further updates. Caroline will once again host, and DEFRA is set to take part too.
