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The Global Precious Metals Code is currently being reviewed by the LBMA.

In August 2022, ��ݮtv FMA has launched a temporary Working Group with the objective of collecting feedback from our members on the proposed review of the Global Precious Metals Code which has been undertaken by the London Bullion Market Association (“LBMA”).

Having produced the first global code of conduct for wholesale financial markets in 1975 (the ��ݮtv Model Code), and given our continuous focus on encouraging the acknowledgement, respect and adherence to principles of ethical behaviour (naturally, ethical conduct is one of our core values), ��ݮtv FMA felt that it was well placed to offer real and significant advice to this project.

Several members of ��ݮtv FMA have relevant and important expertise in developing and promoting good market practices which are applicable to the conduct of Market Participants in the Precious Metals Market, so we have benefited and drawn from their input to produce our comments and suggestions.

To complement this, since the launch of the Global Precious Metals Code in May 2017, LBMA and ��ݮtv FMA have collaborated in an educational partnership that looks to support all Market Participants in their ongoing adherence to the Global Precious Metals Code, through their access to the E-Learning, Attestation and Certification (ELAC) Portal. ELAC is specifically tailored to the requirements of every entity and has an important focus on the practical application of the Global Precious Metals Code’s principles to the daily activities of the professionals working in the Precious Metals Market. Currently, individual Market Participants, on behalf of their entities, access the ELAC Portal from over 75 countries across the world, as a tool that supports the good market practices applied in their roles in the OTC wholesale financial markets.

In summary, we are fully supportive of this project and believe that the new version of the Global Precious Metals Code will continue to reflect the highest levels of ethical and professional standards that are expected from all Market Participants in the Precious Metals Market.

This ��ݮtv FMA Working Group has worked intensively over the past few weeks to produce our views which were submitted to the LBMA on Monday 12th September 2022. ��ݮtv FMA would like to thank the members that participated in the response to this Public Consultation for their time, work, and valuable contribution to this project.

Whenever appropriate and subject to new information, ��ݮtv FMA will notify you of any update on this matter.

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