Swiss agree to curbs on illegal stock trading
Washington — US and Swiss officials announced what both governments call a precedent-setting agreement designed to curb illegal stock trading through secret Swiss bank accounts.
Under the agreemen?, the Swiss government will permit its banks to furnish information on insider trading (involving use of information unavailable to the general public) to the US Securities and Exchange Commission. Over the past few years, the United States has shown growing concern about Swiss banks buying major positions in certain American stocks without disclosing details required under US law, including the names of their clients.
The agreement will expire when the Swiss government adopts its own laws prohibiting insider trading.