July 29, 2022

Public Consultation Launch: Global Precious Metals Code

LBMA is pleased to announce the launch of a public consultation inviting comments and feedback from Members and stakeholders outside of the LBMA Membership, on the latest version of the Global Precious Metals Code (GPMC), drafted by the GPMC Working Group which consists of over 30 representatives from the industry and legal input from Simmons & Simmons.

The following document outlines the specific proposed changes and in some cases why they were made.

Please provide feedback by completing this survey or send your comments and questions to Graham Jelf (Compliance Officer, LBMA) via regulatory.affairs@lbma.org.uk, by close of business on Monday, 12 September 2022.

The Global Precious Metals Code (GPMC) was first published in 2018 and is the leading guidance for all Market Participants in the Global Precious Metals Market.

The GPMC was prepared by LBMA in consultation with market participants globally. The GPMC sets out a common set of principles to promote the integrity and effective functioning of the global market. It is intended that the GPMC promotes a robust, fair, effective, and appropriately transparent market. Supported by resilient infrastructure, the market enables a diverse group of Market Participants to transact at competitive prices confidently and effectively, that reflect available market information, in a manner that conforms to acceptable standards of behaviour.

The GPMC applies to all market participants actively involved in the global over-the-counter (OTC) wholesale trading market for precious metals and LBMA strongly encourage all those who participate or who seek to participate in the global precious metals market, to adhere to this Code and, in so doing, bring clear and lasting benefits for all involved. As well as market conventions, the GPMC covers the principles that should be adopted by Market Participants including ethics, compliance, governance, and risk management, as well as pre-trade, execution and post-trade business conduct.

It has been 5 years since work began of the current Code, and now the document has been refreshed to reflect market developments and expectations.

This revision of the Code, like the previous version, has been prepared by LBMA and the Precious Metals Code Working Group (PMCWG), consisting of over 30 representatives from the industry with expertise in the regulatory aspects of the Precious Metals market, and legal input from Simmons & Simmons.