May 10, 2023

Committee News: Physical Committee

The Physical Committee met on May 3, 2023

The recent meeting of the Physical Committee discussed several items. The key focus areas are outlined below:

TMO & HMRC Engagement

The Committee was informed that the HMRC had issued a notice of a spring review of tax measures where the Government looked to update the TMO. It was noted that an article on this topic had been included in the Members Weekly newsletter.

GD Applications & Enquiries

The meeting discussed the high volume of ongoing applications, with a similar number expected over the year. It was noted that the expansion of the LBMA Referees was key to managing the volumes.

Recognition of GDL Retail Investment Products

Following discussion at the Refiners Committee (REC), who supported the request, this was bought to the Physical Committee for approval.

There had been a request from the market for recognition of GDL retail investment products and the Executive proposed a change to the wording in the GDL rules, Annex H: LBMA and Good Delivery Brand, to include all metal as opposed to just large bars, as all metal within a GDL refinery must meet Responsible Sourcing requirements.

The Committee discussed this and approved it, effective 1 June.

If you have any issues or questions that you feel should be discussed by the Physical Committee then please contact