The London Metal Exchange amended its policy for approval of delivery points to assure compliance with anti-bribery and corruption legislation.
A description of the location’s corruption and bribery risk is required, and should describe if the location has laws relating to corruption of public officials, the LME said in a notice to members today. If a location’s corruption risk changes, the LME “retains the right to limit the capacity in that location or to delist it,” according to the notice.
The exchange has updated its policy to ensure compliance particularly with the U.K. Bribery Act 2010, said Miriam Heywood, a spokeswoman for the exchange in London.
The LME has 37 approved warehouse locations covering the U.S., Europe, the Middle East and Far East, according to its website.