by Alasdair Macleod, GATA:
GLD, the New York Stock Exchange-listed gold exchange-traded fund,
appears to have quietly removed key investor protection with the
apparent agreement of United Kingdom regulators.
By imputation, the same change in regulation applies to the silver ETF SLV, though less obviously so.
A revision to GLD’s prospectus appears to have absolved its custodian and trustee from having to comply fully with the custody rules of the U.K. Financial Services Authority, a change that must have been undertaken with the agreement of the FSA and by implication the Bank of England, which oversees the London bullion market and is party to the London Code for Non-investment Products (the NIPS Code). This code now guides the actions of the management, trustees, and custodians of both ETFs.
SLV’s prospectus has not been materially altered in this respect (other than by the addition of New York as a custody location) because its wording is already consistent with NIPS Code guidelines. But GLD’s prospectus has changed.
Read More @ GATA,org
GLD, the New York Stock Exchange-listed gold exchange-traded fund,
appears to have quietly removed key investor protection with the
apparent agreement of United Kingdom regulators.By imputation, the same change in regulation applies to the silver ETF SLV, though less obviously so.
A revision to GLD’s prospectus appears to have absolved its custodian and trustee from having to comply fully with the custody rules of the U.K. Financial Services Authority, a change that must have been undertaken with the agreement of the FSA and by implication the Bank of England, which oversees the London bullion market and is party to the London Code for Non-investment Products (the NIPS Code). This code now guides the actions of the management, trustees, and custodians of both ETFs.
SLV’s prospectus has not been materially altered in this respect (other than by the addition of New York as a custody location) because its wording is already consistent with NIPS Code guidelines. But GLD’s prospectus has changed.
Read More @ GATA,org
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