11/07/2003
The proposed amendment to COMEX Rule 12.11, "Weighing of Silver Bars Bearing Approved Brands" affects a "Special Matter" under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission (CFTC).
Bolding indicates additions/strike throughs indicate deletions.
PROPOSED AMENDMENTS TO COMEX RULE 12.11: WEIGHING OF SILVER BARS BEARING APPROVED BRANDS
Any lot of silver which does not have the bar weights stamped or incised on the bars by the refiner, and which is identified by a refiner’s bar list without indicating or specifying the bar weights, but which is otherwise qualified for delivery on Exchange contract, may be put in tenderable condition for such delivery by the following procedure:
(a) The silver must be weighed by an Exchange licensed weighmaster.
(b) The weight of each bar and
(c) The weight so marked on each bar shall be to the nearest 1/10th of an ounce.
(d) The weighmaster shall prepare a certificate stating the procedures which he has followed, and said certificate shall be attached to the itemized bar list identifying the bars by number and weights of each.
(e) In all cases in which weighmaster’s certificate is attached to the bar list, the owner of the silver shall add a notation to the bar list giving the name of the weighmaster and stating that the numbers and weights of the bars shown thereon were determined by said weighmaster whose certificate has been attached to the bar list.
(f) The bar list, supplemented by the weighmaster’s certificate, shall be deemed in compliance with the requirements of Rule 12.16(b) on a delivery of the lost of silver on a Commodity Exchange, Inc. contract.
(g) For all silver placed in tenderable condition prior to (the effective date of the amended rule), a separate bar number incised there on with an appropriate tool will be acceptable in lieu of the identification stamp of the licensed weighmaster.