On 27 November 2023, the Bank of England (BoE) published a statement announcing that it has renewed its commitment to adhere to the Global Precious Metals Code (the Code), based on the revised Code dated December 2022.

The Code sets out the standards and best practice expected from market participants in the global precious metals market. It was first published in 2017 and updated by the London Bullion Market Association.

By signing the statement, the BoE attests that its internal processes are consistent with the principles of the Code.

In order to continue to support the objective of the Code for a robust, fair, effective and transparent global precious metals market, the BoE strongly encourages all market participants, including its regular counterparties, to adhere and commit to the updated Code.