ZURICH: The Swiss National Bank (SNB) said on Saturday it would review the regulations governing own-transactions made by board members following a trading scandal centred on its chief Philipp Hildebrand.
"With the support of external specialists, a comprehensive revision of the regulations and directives on own-account transactions involving financial instruments by members of the Enlarged Governing Board will be undertaken," the SNB said in a statement.
The SNB said the bank council had decided that all bank transactions carried out by the six members of the enlarged governing board between Jan 1, 2009 and Dec. 31 2011 would be reviewed by external auditors.
It said until the regulations have been revised members of the governing board as well as staff members with access to privileged information would have to get approval from the bank's chief compliance officer before undertaking currency transactions exceeding 20,000 Swiss francs.
The central bank was forced to publish its internal ethics code and an auditors report it commissioned into the affair after a controversial currency trade made by Hildebrand's wife Kashya, just weeks before he imposed a cap on the Swiss franc.
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