LBMA Rules for Members
Section 4: Membership Application Process
This process applies to all applications for all Membership classes. A summary of the membership application process can be found in Schedule 4.
4.1 Application Process Criteria
All new Applicants for Membership (Applicants) must complete an online application form (with the exception of reclassification from one Membership Classification to another, which is done in writing). The application form is accessible via the MyLBMA portal.
As part of the online application, the Applicant must provide the following documentation before the Due Diligence process can commence:
- Due Diligence documents to support the selected Member category, as highlighted in the application form.
- Three Members as attesters to support its application. The attesters must be current Members with whom the Applicant has had a bullion-based relationship for at least one year. The attesters must each provide a letter of recommendation, confirming the nature and duration of their bullion-based relationship with the Applicant. The detailed attestation requirements can be found on the MyLBMA Portal. This will explain the group of attesters available to the Applicant.
- A Statement of Commitment confirming adherence to the Code, as provided for in Schedule 1.
- The appropriate non-refundable application fee.
The ExCom may at its absolute discretion decline to accept any application for Membership and need not to give reasons for doing so.
4.2 Review Process
The Executive will review the application, carry out Due Diligence and prepare a report for the Membership Committee to review. The Membership Committee may ask additional questions and reserves the right to interview the Applicant. Once satisfied, the Membership Committee will provide a recommendation for the ExCom’s consideration.
LBMA aims to process applications in accordance with the process set out in Schedule 4 within approximately three to four months. The timeframe can change, depending on the outcomes of the Due Diligence process and any questions arising from the ExCom and Membership Committee.
The ExCom will have the ultimate decision whether to accept or reject an application, and this decision must be ratified by the Board. A letter will then be sent to the Applicant informing them of the decision. However, LBMA is not obliged to provide any reason for its decision to approve or reject any application for Membership.