Bullion market definitions establish participant roles, governance standards, settlement mechanisms, foreign-jurisdiction criteria, and incorporation of applicable statutory meanings.
Regulation 2 defines the institutional, participant, governance and operational terms for the bullion market framework, including bullion exchanges, clearing corporations, depositories, vault managers, bullion contracts and bullion depository receipts. It defines associate and control, identifies key management and public-interest roles, and sets concepts of good delivery, netting, novation and net worth. Foreign jurisdictions must meet securities-regulatory cooperation requirements and avoid specified Financial Action Task Force deficiencies. Undefined expressions take their meanings from applicable parent legislation, company law and related subordinate law.
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