Regulations for members of the Enlarged Governing Board on gifts, invitations and other gratuities

Regulations on gifts, invitations and other gratuities

of 22 June 2012 (as at 1 August 2025)

1 Subject and purpose

These Regulations establish the rules to be observed by members of the Enlarged Governing Board when accepting gratuities from, or offering gratuities to, third parties and when receiving remuneration and compensation in connection with outside employment and bank mandates. The SNB does not tolerate any form of untransparent business conduct or abuse of a position of trust, such as the exertion of undue influence, corruption and bribery, in its business relationships. Members of the Enlarged Governing Board should also avoid any situation that may lead to conflicts of interest or inappropriate dependency. The aim of the Regulations is to preserve the objectivity and freedom of action of the members of the Enlarged Governing Board in business matters. They thus protect the reputation, integrity and independence of the SNB.

2 Definitions

For the purposes of these Regulations, the following definitions shall apply: Third parties: business partners of the SNB, representatives of domestic and foreign authorities and companies, other central banks, institutions and organisations whose activities are linked to those of the SNB. Corruption: abuse of a position of trust for personal gain or advantage. Bribery: giving or offering an improper advantage in return for a specific favour. Gratuities: gifts, invitations, cash (including gift vouchers) and any other benefits, whether financial or otherwise (e.g. discounts, special conditions, assumption of costs, sponsoring, donations, prizes in a competition or draw) that members of the Enlarged Governing Board receive from, or offer to, third parties in connection with their professional duties. Gratuities shall not include invitations extended to third parties in connection with events organised by the SNB within the scope of its mandate, notably representative events and conferences.

3 Permitted gratuities

3.1 Gifts

The members of the Enlarged Governing Board may accept gifts from third parties, or offer gifts to third parties, provided such gifts are standard social practice and appropriate and their estimated value does not exceed CHF 100. They shall refuse unusual or inappropriate gifts. Gifts whose value exceeds the above-mentioned amount are permitted if they are exchanged for the purpose of maintaining the SNB’s official relations with other central banks and institutions. Gifts which members of the Enlarged Governing Board receive as a gesture of appreciation for a speech, presentation or similar delivered in their capacity as an SNB official shall be treated as gifts as per these Regulations and shall not qualify as fees (cf. section 5, para. 5). Up to an estimated value of CHF 200, such gifts may be accepted.

3.2 Invitations

The members of the Enlarged Governing Board may accept third-party invitations to conferences, congresses, seminars, receptions, cultural or sporting events or similar, provided their participation is in the interest of fulfilling the SNB’s mandate and the setting is appropriate. The members of the Enlarged Governing Board may allow a spouse or partner to accompany them to such events, if such participation is appropriate. The Compliance unit is to be informed accordingly. If a permitted invitation entails travel and accommodation costs, these costs may not be borne by the inviting party. They shall be paid by the SNB or remunerated to the member of the Enlarged Governing Board, in accordance with the Regulations on business expenses. If the criteria for participation by a spouse or partner are fulfilled, the SNB shall also bear the travel and accommodation costs for that person. Neither the SNB nor the inviting party shall bear any costs associated with an extension of the stay for private reasons.

4 Prohibited gratuities

Independently of their value, gratuities must never be accepted or offered if they: a) are linked to upcoming or ongoing tenders and contract negotiations and take place immediately after orders have been placed or contracts concluded; b) are offered or expressed with the recognisable intention of obtaining a service or a favour in return; c) take the form of cash (including gift vouchers) or other monetary benefits; d) occur without any apparent business connection; e) recur within 12 months.

Regulations on gifts, invitations and other gratuities

Prohibited gratuities must be declined or returned. In situations where refusing a prohibited gratuity would be inappropriate or impolite under the applicable social norms, it must be handed over to the Secretariat General. The Secretariat General decides whether the gift should be placed in storage or used for a suitable purpose.

5 Remuneration for outside employment and one-off

appearances Members of the Enlarged Governing Board may accept remuneration for outside employment authorised under the Regulations on the Governing Board, provided that such remuneration is reasonable for the services rendered and in line with normal practice. If a member of the Enlarged Governing Board exercises a bank mandate, the remuneration for this shall be ceded to the SNB if it exceeds 8% of the member’s salary. If a member of the Enlarged Governing Board receives a lump-sum expense allowance from a third party for approved outside employment or for a bank mandate, this must be ceded to the SNB. The SNB shall remunerate the actual costs incurred in connection with the outside employment or the bank mandate, as per the Regulations on business expenses. If the actual costs incurred in connection with the outside employment or the bank mandate are assumed by a third party, this remuneration may be accepted. Members of the Enlarged Governing Board shall report additional income from approved outside employment or from a bank mandate to the Compensation Committee on an annual basis. The content of the report shall be sent to the Compliance unit for information purposes. Members of the Enlarged Governing Board shall accept no fees for speeches and presentations delivered in their capacity as an SNB official. If a fee is offered, they shall refuse it. They may suggest that the fee be donated, in the name of the person offering it, to a charitable organisation.

6 Exemptions

In justified cases, the Compliance unit may grant exemptions to the restrictions under these Regulations. The President of the Bank Council must be informed of any exemptions granted or refused. If an exemption is granted, any changes in the underlying situation must be reported to the Compliance unit without delay.

7 Interpretation

Members of the Enlarged Governing Board shall consult the Compliance unit in cases where they are uncertain or have questions on the interpretation of their rights and obligations under these Regulations.

Issued by: Bank Council Issued on: 22.06.2012

Entry into force: 01.07.2012 Owner: Compliance unit

Legal basis: Section 6.1, Regulations on the Governing Board

Appendix to Regulations 6.1 (Guidelines on the acceptance of invitations Replaces: and benefits by members of the Enlarged Governing Board)

Amended on: Amended by: Amendment valid Section(s): from: 27.02.2015 Bank Council 01.03.2015 1, 3, 4, 5, 6, 7

Gender-neutral 23.09.2022 Bank Council 01.10.2022 language 27.06.2025 Bank Council 01.08.2025 Complete revision