Summary
SPDR Gold Trust (GLD) has filed an 8-K report to disclose an amendment to its Allocated Bullion Account Agreement. The key change is the removal of the Trust's obligation to comply with the rules of the London Precious Metals Clearing Limited (LPMCL). This amendment, effective April 29, 2022, was entered into by HSBC Bank plc (Custodian) and The Bank of New York Mellon (Trustee). This change is significant as it absolves GLD from adhering to LPMCL's confidential rules, to which the Trust itself is not a member. The Custodian, HSBC Bank plc, will continue to be bound by these rules. This amendment streamlines the operational requirements for the Trust without impacting the underlying physical gold holdings or the primary function of the GLD ETF.
Key Highlights
- 1GLD's Allocated Bullion Account Agreement amended, effective April 29, 2022.
- 2The Trust's obligation to comply with London Precious Metals Clearing Limited (LPMCL) rules has been removed.
- 3GLD is not a member of LPMCL, making compliance with its confidential rules unnecessary.
- 4HSBC Bank plc, as Custodian, remains bound by LPMCL rules.
- 5The amendment aims to simplify operational compliance for the Trust.
- 6The filing ensures transparency regarding changes to the Trust's operational agreements.