Definitions

Approved Weigher
Refers to the list of weighers of gold and silver Bars whose weighing facilities, procedures and capability meet the standards required by LBMA.

Bars
Bullion bars of approximately 400 fine troy ounces for gold and approximately 1,000 troy ounces for silver.

Executive Committee
Responsible for reviewing work proposed/agreed by the Board and its Sub-Committees to ensure the efficient running of LBMA. The Executive Committee is responsible for the following concerning the Good Delivery List:

• maintaining and developing the high standards of the Good Delivery List;
• ensuring the Rulebook is kept up-to-date and fully implemented;
• reviewing issues identified and determining next steps;
• making final decisions regarding Good Delivery applications and status.
  

Terms of Reference (TORs) for the Executive Committee, the Board and its Sub-Committees are available on the LBMA website.

Former Lists
Lists of all Refiners and/or their Bars that have been removed from the List. The Former Lists include:

• Refiners who no longer produce Bars at the locations listed; whose bars are still considered Good Delivery prior to the date of transfer to the Former List.
• Refiners whose Bars are no longer accepted as Good Delivery by the London Bullion market; from the date they were transferred to the former list;
• Assayer-only companies that were previously granted Good Delivery status. Refiners are now required to have the ability to assay as well as refine to the required standard.

Suspension from the Good Delivery Lists
Refiners that do not comply with the standards and requirements set out in the Rules, may have their Good Delivery status suspended until the matter is resolved satisfactorily. During this period, any new production will not be considered Good Delivery.

Good Delivery List or Lists
The list of acceptable Refiners of gold and silver Bars in the London bullion market.

Good Delivery or GD
Refers to the status of Refiners or Bars listed by LBMA on the Good Delivery List(s).

Physical Committee
Responsible for monitoring, developing and protecting the Good Delivery List. It also ensures that standards are maintained with emphasis on continuous improvement and transparency of the market.

Referees
Referees are Refiners appointed by LBMA to assist its maintenance of the Good Delivery System.

Proactive Monitoring Programme (PAM)
Proactive Monitoring Programme (PAM) is the programme set out at Annex D.

Responsible Sourcing Programme or RSP
Established for Good Delivery Refiners in order to combat abuses of human rights, to avoid contributing to conflict, and to comply with high standards of anti-money laundering and combating terrorist financing. The RSP formalises and consolidates existing high standards of due diligence amongst Good Delivery Refiners.

Rules
Rules means the rules set out in this Rulebook, including the Technical Specification Rules and the Quality Assurance Rules.

Supervisors
Supervisors in the Good Delivery system witness dip sampling and Bar casting operations for the Proactive Monitoring Programme and report on these to LBMA.

Vaults
Refers to a Market Making Member of LBMA which also provides bullion vaulting and clearing services to third parties.