Friday 2 December 2016

Credit Suisse sends memo to employees ahead of Brexit referendum

Published 08/04/2016 | 07:05

Tim O’Hara, CEO of Global Markets, Credit Suisse, at the official opening of the trading floor in Dublin. Photo: Conor McCabe
Tim O’Hara, CEO of Global Markets, Credit Suisse, at the official opening of the trading floor in Dublin. Photo: Conor McCabe

Credit Suisse asked its employees not to take part in activities that could promote a particular outcome ahead of the June 23 referendum on Britain's membership of the European Union, according to a memo seen by Reuters.

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Britain's electoral law places strict limits on political communication during official campaign periods, which in the case of the referendum on whether to remain in the European Union starts 10 weeks before the vote, on April 15.

"As Credit Suisse does not intend to register with the Electoral Commission for these purposes, the bank must ensure that it does not engage in activities that are intended to promote or bring about a particular outcome in the referendum," Chief financial officer David Mathers and General Counsel for Global Markets in Europe Adrian Ratcliffe said in the memo.

The Swiss bank asked its staff to avoid arranging client events or issuing advertisements where the referendum might be discussed. The company also asked employees to avoid giving press conferences and media interviews related to the referendum.

A spokeswoman for Credit Suisse confirmed the contents of the memo.

The British Bankers Association has said any research, roundtables, conferences, dinners, debates or polling about the referendum or any information related to the vote published on company websites, blogs or social media could breach electoral rules.

Reuters

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