Vault manager duty of care: custodial and operational obligations impose strict accountability and auditability for gold custody. Vault Managers must provide prompt vaulting services, maintain adequate financial resources, infrastructure and documented operating procedures, observe integrity and professionalism, ensure confidentiality and electronic record backups, and cooperate with other market participants for inter-vault operations. They must exercise due diligence and custodial care akin to a careful owner, remain accountable for movements between authorized vaults with a complete audit trail on request, maintain arm's length relations from other businesses, and bear liability for loss or damage to gold resulting from failure to exercise required care and diligence.
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Provisions expressly mentioned in the judgment/order text.
Vault manager duty of care: custodial and operational obligations impose strict accountability and auditability for gold custody.
Vault Managers must provide prompt vaulting services, maintain adequate financial resources, infrastructure and documented operating procedures, observe integrity and professionalism, ensure confidentiality and electronic record backups, and cooperate with other market participants for inter-vault operations. They must exercise due diligence and custodial care akin to a careful owner, remain accountable for movements between authorized vaults with a complete audit trail on request, maintain arm's length relations from other businesses, and bear liability for loss or damage to gold resulting from failure to exercise required care and diligence.
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