Cabinet commissions review of SNB supervision

The government says it has tasked an expert with clarifying supervision of the Swiss National Bank (SNB) after the resignation of its chairman Philipp Hildebrand.

This content was published on January 25, 2012 - 16:22 and agencies

A statement said that the cabinet had commissioned the follow-up assignments to see if there was “any need for action” after Hildebrand stepped down over a currency trading scandal earlier this month.

Hildebrand had maintained that his family's private currency deals were legal under the bank's internal rules against insider trading.

"The evaluation is to outline the tasks and responsibilities currently regulated in the National Bank legislation in connection with supervision of the SNB and the constitutional room for manoeuvre in terms of possible amendments to the applicable rules," it added.

Finance Minister Eveline Widmer-Schlumpf said earlier this month that such an evaluation would be commissioned.

Moves are being made to examine corporate governance within the SNB more closely, the statement added.

A working group has also been appointed to examine the existing code of conduct on the abuse of insider information in the federal administration, with a view to drawing up recommendations on a uniform set of rules.

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