65 unchanged sentences
The Custodian may use sub-custodians to discharge its obligations to the Trust.
−Removed: The Custodian is required to use reasonable care in the appointment of any sub-custodian.
+Added: The Custodian is required to use reasonable care in the appointment of any sub‑custodian.
Any sub-custodian must be a member of the London Bullion Market Association (“LBMA”).
14 unchanged sentences
During the period covered by this report, Inspectorate International Ltd.
−Removed: and Inspectorate America Corporation, acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on August 3, 2021 issued their report summarizing their findings.
+Added: and Inspectorate America Corporation, acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on May 19, 2022 issued their report summarizing their findings.
Such report is posted by the Sponsor on the Trust’s website.
17 unchanged sentences
As of the date of this report, information publicly available on IBA’s website indicates that the direct participants currently qualified to submit orders during the electronic auctions used for the daily determination of the LBMA Silver Price are Citibank, N.A.
−Removed: London Branch, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global Trading, LLC, JP Morgan Chase Bank, N.A.
−Removed: London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered Bank, StoneX Financial Ltd and Toronto-Dominion Bank.
+Added: London Branch, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs, HSBC Bank USA NA, Jane Street Global Trading, LLC, JP Morgan Chase Bank, N.A.
+Added: London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard Chartered Bank, StoneX Financial Ltd. and Toronto-Dominion Bank.
Prior to October 2, 2017, the LBMA Silver Price was determined using an electronic auction administered by CME Group and published by Thomson Reuters.
8 unchanged sentences
the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses.
−Removed: Effective January 31, 2022 the Sponsor has agreed to assume up to $500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement.
+Added: Prior to January 31, 2022 the Sponsor had agreed to assume up to $100,000 per annum in legal fees and expenses.
+Added: The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement.
To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.
15 unchanged sentences
Upon the deposit of the corresponding amount of silver with the Custodian and the payment of the Trustee’s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver the appropriate number of Baskets to the Depository Trust Company account of the depositing Authorized Participant.
−Removed: As of the date of this report, ABN AMRO Clearing Chicago LLC, Barclays Capital Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., HSBC Securities (USA), Inc., J.P.
+Added: As of the date of this report, Barclays Capital Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
+Added: LLC, HSBC Securities (USA), Inc., J.P.
Morgan Securities, Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
−Removed: LLC., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Americas LLC and Virtu Financial BD LLC are the only Authorized Participants.
+Added: LLC., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants.
The Sponsor and the Trustee maintain a current list of Authorized Participants.
−Removed: Silver deposited with the Custodian must meet the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of silver bars and as of January 1, 2020, must be produced by refiners that meet certain throughput and tangible net worth requirements as set forth in “Good Delivery List Rules - Conditions for Listing for Good Delivery Refiners”
+Added: Silver deposited with the Custodian must meet the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of silver bars and as of January 1, 2020, must be produced by refiners that meet certain throughput and tangible net worth requirements as set forth in “Good Delivery List Rules ‑ Conditions for Listing for Good Delivery Refiners”
published by the LBMA.
5 unchanged sentences
If the Trustee accepts the purchase order, it transmits to the Authorized Participant, via facsimile or electronic mail message, no later than 5:00 p.m.
−Removed: (New York time) on the date such purchase order is received, or deemed received, a copy of the purchase order endorsed “Accepted”
+Added: (New York time) on the date such purchase order is received, or deemed received, a copy of the purchase order endorsed “Accepted”
by the Trustee and indicating the Basket Silver Amount that the Authorized Participant must deliver to the Custodian in exchange for each Basket.
39 unchanged sentences
any taxes and other governmental charges that may fall on the Trust or its property;
−Removed: expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares;
+Added: expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares;
any indemnification of the Sponsor as described below.
139 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.