LBMA Rules for Members
Schedule 1: Global Precious Metals Code
Members are asked to sign the following Statement of Commitment. Guidance is provided under the Explanatory Note on the LBMA website of the intention behind this Statement and who should be signing it.
Schedule 3: Membership Benefits
|Benefit||Market Making Member||Full Member||Affiliate Member|
|Vote at general meetings or annual general meetings or on written resolutions||●||●||●|
|Count toward the quorum at general meetings or annual general meetings||●||●||●|
|Nominate, vote, propose or second Board members||●||●||●|
|Run for election to the Board||●||●|
|Opportunity to apply for Sub-Committee Membership (1)||●||●||●|
|Benefit from the Terminal Markets Order (2)||●||●|
|Eligible to apply to Benchmark Administrators to become a direct or indirect participant in the Benchmark Price Auction processes (3)||●||●||(●)|
|Receive significant discounts for annual conferences and other open events||●||●||●|
|Access to free-to-attend member-only events, enabling networking with other Member businesses (4)||●||●||●|
|Access to free educational webinars||●||●||●|
|Access to market intelligence and expert analysis||●||●||●|
|LBMA Membership demonstrates integrity and transparency throughout precious metals supply chain; coupled with attestation to the Code||●||●||●|
|Receive advance notice of upcoming legislation, providing organisations with the opportunity to lobby legislation||●||●||●|
(1) See section 8 for further details.
(2) The TMO is part of the UK’s Value Added Tax (VAT) legislation and is a simplification mechanism applied to specific Commodity markets in London including the London Bullion Market. The provisions of the TMO are extended to Full Members (including Market Making Members) of the LBMA and the MOU between LBMA and HMRC provides for specific interpretations of the TMO provisions and how they are applied to the London Bullion Market.
(3) Please note that the ultimate decision to participate in the benchmark auctions rests with the relevant benchmark administrator. Affiliates are only able to become an indirect participant.
(4) Some limitations may be placed upon Affiliate Member attendance, depending on the nature of the event.