LBMA Needs To Hear From You On Precious Metals Code Update
Monday February 13, 2017 08:37
(Kitco News) - The London Bullion Market Association is asking precious metals market participants for help once again, ahead of the launch of its new Precious Metals Code later this year.
“A gentle reminder that the deadline for comments and feedback on the new draft global Precious Metals Code is 28 February. The LBMA would like to encourage as many market participants as possible to review the code and complete the online survey,” wrote Ruth Crowell, the organization’s chief executive, in an email Monday.
The LBMA first announced the new code in May of last year, when it said the Precious Metals Code will replace the Bullion Market annex currently within the Non-Investment Products (NIPs) code.
The updated version is said to include a clearer picture of an acceptable code of conduct for market participants.
“In addition to market conventions, the code will cover principles that should be adopted by members, including compliance, governance, risk management and pre- and post-trade execution. Illustrative examples of acceptable practices will be included,” the LBMA wrote.
“Also, the code makes a distinction between clients and customers to help with the application of the code -– the latter being a subset of the former and where a greater duty of care and protection is envisaged.”
The LBMA encourages market participants to review the latest draft of the code and complete an online survey before Feb. 28.