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Guidelines and regulations

Guidelines on Monetary Policy Instruments

The National Bank Act only broadly outlines which transactions are at the SNB’s disposal for performing the monetary policy tasks assigned to it. Further details are spelled out in the Guidelines on Monetary Policy Instruments adopted by the Governing Board. The Guidelines, which have been prepared as a corollary to the monetary policy concept already defined by the National Bank, describe the instruments and procedures used for implementing this policy. In particular, they specify the terms on which the National Bank concludes transactions and the procedures that are to be observed in such cases. Further, they specify the types of collateral that are eligible for monetary policy transactions involving the SNB.

These SNB guidelines are supplemented by SNB Instruction Sheets on the individual monetary-policy transactions. In addition, counterparties are bound by the Terms of Business and any specific contractual agreements they have entered into.

Guidelines of the Swiss National Bank on Monetary Policy Instruments
PDF (43 kB)
Instruction sheet on open market operations
PDF (85 kB)
Instruction sheet on the intraday facility
PDF (82 kB)
Instruction sheet on the liquidity-shortage financing facility (special-rate repo transactions)
PDF (84 kB)
Instruction sheet on collateral eligible for SNB repos
PDF (77 kB)
Instruction sheet on the Custody Cover Account "SNB"
PDF (83 kB)
Instruction sheet on cashless payment transactions
PDF (132 kB)
Terms of Business of the SNB
PDF (2657 kB) 

Investment Policy Guidelines

The Investment Policy Guidelines of the Swiss National Bank define the scope of the SNB's investment activity. In addition to investment policy principles and details on the investment instruments, the Guidelines also lay down specifications for the investment and risk control process. They serve to inform the interested public and potential counterparties. The Terms of Business as well as any specific contractual agreements are binding on the SNB's counterparties.

Investment Policy Guidelines of the Swiss National Bank
PDF (92 kB)
 

Organisation Regulations

The Organisation Regulations adopted by the Bank Council of the SNB and approved by the Federal Council lay down the National Bank's internal organisational structure: as an addendum to the Act, they define in particular the responsibilities of the Bank Council and of the Governing Board.

Regulations on the Organisation of the Swiss National Bank
PDF (147 kB)

Regulations of the Bank Council Committees

Regulations on the Audit Committee of the Swiss National Bank
PDF (23 kB)
Regulations on the Risk Committee of the Swiss National Bank
PDF (20 kB)
Regulations on the Compensation Committee of the Swiss National Bank
PDF (20 kB)
Regulations on the Nomination Committee of the Swiss National Bank
PDF (17 kB)

Regulations on the recognition and representation of shareholders of the Swiss National Bank

These regulations govern the recognition and representation of shareholders of the Swiss National Bank.

Regulations on the recognition and representation of shareholders of the Swiss National Bank
PDF (26 kB)

Regulations on the employment relationship of members of the Governing Board of the Swiss National Bank and their deputies

These regulations govern the employment relationship of members of the Governing Board and their deputies

Regulations on the employment relationship of members of the Governing Board of the Swiss National Bank (SNB) and their deputies (Regulations on the Governing Board)
PDF (42 kB)

Regulations on the compensation of SNB supervisory and executive bodies (Compensation regulations)

These regulations govern the compensation of the Bank Council members and the salaries of the Governing Board members and their alternates in accordance with art. 42 para. 2 (j) of the National Bank Act (NBA).

Regulations on the compensation of SNB supervisory and executive bodies
(Compensation regulations)
PDF (20 kB) 

Regulations on private financial investments and financial transactions by members of SNB management

On 9 March 2012, the Bank Council of the SNB approved new regulations on private financial investments and financial transactions by members of SNB management. The regulations subject members of the Governing Board, their deputies as well as additional management personnel specified by the Bank Council to far-reaching restrictions when managing their financial assets.

Regulations on private financial investments and financial transactions by members of SNB management
PDF (62 kB)

Regulations on the acceptance by members of the Enlarged Governing Board of gifts, invitations and third-party considerations

On 22 June 2012, the Bank Council of the SNB approved new regulations on the acceptance of gifts, invitations and third-party considerations by members of the Enlarged Governing Board.

Regulations on the acceptance by members of the Enlarged Governing Board of gifts, invitations and third-party considerations
PDF (23 kB) 

Directive on private financial investments and financial transactions by SNB staff

The Swiss National Bank has an internal directive which defines restrictions on private financial investments and financial transactions by SNB staff.

Directive on private financial investments and financial transactions by SNB staff
PDF (100 kB) 

Charter of the Swiss National Bank

The Swiss National Bank’s values are expressed in the Charter.

Charter of the Swiss National Bank
PDF (732 kB) 

Code of Conduct for SNB staff

The Swiss National Bank has a code of conduct which lists the principal rules of conduct and provides references to other regulatory texts.

Code of Conduct for SNB staff
PDF (1000 kB)

Code of Conduct for members of the Bank Council of the Swiss National Bank

The Swiss National Bank has a code of conduct which lists the principal rules of conduct.

Code of Conduct for members of the Bank Council of the Swiss National Bank
PDF (20 kB)

Principles governing Procurement at the Swiss National Bank

The Swiss National Bank has principles governing procurement. They are intended to reduce procurement risks.

Principles governing Procurement at the Swiss National Bank
PDF (1894 kB)