Section 1: Definitions

Applicable Laws
The laws, rules and regulations applicable to a Member and the precious metals market in each jurisdiction in which it operates or transacts.

Affiliate Member
An organisation appointed as an Affiliate Member of LBMA in accordance with the requirements of the Articles of Association and these Rules.

Articles
The Articles of Association of LBMA.

Board
The Board of Directors of LBMA.

Sub-Board Group
The independent members of the Board, which include the independent Non-Executive Directors, Chief Executive and the Executive Directors of the Board with the delegated authority to review matters arising in relation to Incidents or Enforcement with regard to members. Any decision by this group is considered final.

Clearing Members
Market Making Members that also generally provide the service of clearing gold, silver, platinum and/or palladium.

Sub-Committee
A Committee of the Board that advises on specific areas of expertise, enabling LBMA to benefit from the knowledge, experience and dedication of senior members.

Committee Representative
Employees of Full Members, Market Making Members and Affiliate Members who serve on the relevant Sub-Committees (Committee Representative). Each Committee Representative participates in their personal capacity, on behalf of the market, and not on behalf of their employer.

Due Diligence
Performing checks on each Member as per LBMA’s Due Diligence Policy.

Due Diligence Policy
The policy developed by LBMA to govern how its staff perform ongoing and specific Due Diligence on Members, Good Delivery Refiners and all Applicants.

Executive
Comprises the staff employed by LBMA.

ExCom
Comprises the LBMA Executive Committee and the Chief Executive to whom the LBMA Board has delegated some decision-making powers.

FSMA
The Financial Services and Markets Act 2000, together with any implementing legislation and guidance, including the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and the Financial Conduct Authority Handbook.

Full Member
An organisation appointed as a Full Member which, at the time of admission to Membership or following reclassification, is actively engaged in the London Bullion Market.

LBMA
London Bullion Market Association.

LBMA Trade Data
The trade transparency and reporting service for the London Bullion Market.

London Bullion Market
The London gold and/or London silver market and/or London platinum market and/or London palladium market.

Market Maker
An organisation which represents itself as consistently willing to quote prices and enter into transactions, as principal, for the purchase and sale of gold, silver, platinum and/or palladium for spot or forward settlement, or of options on gold, silver, platinum and/or palladium in the London Bullion Market, at prices determined by it generally throughout recognised working hours each business day.

Market Making Member
A Member which, at the time of admission to Membership or following reclassification, is a Market Maker.

Member
An organisation which subscribes to the Memorandum of Association and has been admitted to Membership by the Board in accordance with the Articles and these Rules. Membership The group of Members of LBMA.

Membership Committee
The Sub-Committee of the ExCom with delegated authority to make recommendations and provide guidance on Membership.

Office
The registered address of LBMA.

Reporting Member
A Market Making Member or Full Member which trades any of the Reporting Products above the de minimis level (as defined in the LBMA Trade Data Governance Framework).

Reportable Products
All precious metals data in the following instruments: spot; forward; options; swaps; leases/loans/deposits.

Rules
These Rules are published in accordance with Articles 86 to 88 of the Articles.

The Code
The Global Precious Metals Code issued by LBMA (or any relevant entity which may replace it in such function in the future), the most recent version of which was issued in April 2018.