The recent meeting of the Physical Committee discussed several items. The key focus areas as outlined below:
TMO & HMRC Engagement
The Committee was informed about the discussions with HMRC/HMT in relation to bringing the Memorandum of Understanding (MOU) between the LBMA/LPPM and HMRC in respect of the Value Added Tax (Terminal Markets) Order, up to date, following the departure of the UK from the EU, and the work involved.
Security Feature
The Executive informed the Committee that following the announcement of six Security Features at the end of last year, the updated wording had received a lot of interest.
ESG/Provenance Bar Listing
Following a very successful consultation on the GDL Rules, LBMA introduced ESG/Provenance Bar Listing. In Q1 there was a soft launch to give the Executive time to define the criteria to ensure it is fit for purpose, and have the appropriate governance in place. The Committee reviewed the project plan developed by the Executive to achieve this. It was noted that the Executive was reaching out to refiners that had expressed an interest in the Listing through the consultation to understand their systems and processes in making such claims.
GD Application Satisfaction Survey
The Committee was informed that the results of the survey gave a rating of 4.5 out of 5.
The main concerns were raised on the progress of Stage 2; however, it was noted that steps had already been put in place to close that gap. Discussions were already underway with another vault to accept applicant bars and hold bar inspections, and the LBMA Referees group would be expanded by Q2/Q3 which would increase availability for Stage 2 bar testing.
If you have any issues or questions that you feel should be discussed by the Physical Committee then please contact varsha.peiris@lbma.org.uk.