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SNB tightens rules in wake of Hildebrand affair

The Swiss National Bank (SNB) has moved to tighten internal rules for financial transactions made by members of its governing board.

A meeting of the bank’s council decided on Saturday to subject all financial transactions made by members of the enlarged governing board between January 1, 2009 and December 31, 2011 to review by external auditors.

“It became evident that, given the events of the past few days and developments in financial markets, as well as with a view to improving transparency, taking measures is in order,” the SNB said in a statement.

The bank said it would undertake a comprehensive revision of regulations and directives governing private financial transactions involving financial instruments by members of the board.

Until the regulations review is complete, members of the board and staff with access to privileged information must first obtain permission from the SNB’s chief compliance officer for foreign exchange transactions that exceed SFr20,000 ($20,939), the bank said.

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