NOTICE OF SUMMARY ACTION

FILE NO.:

RSRH-21-6308

MEMBER FIRM:

Loomis International (US) Inc.

RULE VIOLATION:

703.A Conditions for Approval and 512 Reporting Infractions

703.A Conditions for Approval

(7) The facility shall be required to report inventory to the Exchange as prescribed herein. The

inventory shall include eligible, pledged and registered metal. Eligible metal shall mean all such

metal that is acceptable for delivery against the applicable metal futures contract for which a

warrant has not been issued. Registered metal shall mean an eligible metal for which a warrant

has been issued. Pledged metal shall mean registered metal for which the warrant that has been

issued is on deposit at the Clearing House as performance bond. All information pursuant to this

section shall be transmitted to the Registrar no later than 2:00 p.m., or as prescribed by the

Registrar’s Office, for gold stock for delivery against the Gold Kilo futures contract, 6:00 p.m. local

Hong Kong time, on the business day following the day on which the facility comes into possession

of relevant information. In addition to containing all relevant information for the preceding

business day, notifications pursuant to this section sent by 2:00 p.m., for gold stock for delivery

against the Gold Kilo futures contract, 6:00 p.m. local Hong Kong time, on a Tuesday shall include

all relevant information for the last business day as well as the Saturday and Sunday immediately

preceding the Tuesday on which the notification is made.

In addition, on a daily basis, the facility shall provide, in an Exchange-approved format, the following

information regarding its stocks:

a. The total quantity of registered metal stored at the facility.

b. The total quantity of pledged metal stored at the facility.

c. The total quantity of eligible metal stored at the facility.

d. The quantity of eligible metal and registered metal received and shipped from the facility.

512.A. General

All data, records and other information required by the rules to be reported to

the Exchange or the Clearing House, as applicable, must be submitted in an

accurate, complete and timely manner.

FINDINGS:

Violation of COMEX Rule 703.A:

- Loomis International (US) Inc. submitted a negative adjustment of 1,231,753.809 oz

  from registered and a positive adjustment of 1,231,753,809 oz, suggesting an

  excess and unaccounted for 1,230,522,055.191 oz of silver.

PENALTY:

On July 7, 2022, Loomis International (US) Inc., pursuant to Rule 512 (“Reporting

Infractions”), was issued a $5,000 fine by the 512 Committee for their violations

of Rule 703.A.

EFFECTIVE DATE:

July 7, 2022