The ZKB wants to keep journalists on a short leash – and tries to dictate its rules to them

The relationship between media professionals and banks is notoriously strained. Journalists deal with this important sector for Switzerland as part of their job. Banks rely on the media to present themselves and their services in a positive light and to attract customers. Recently, the ZKB attempted to optimize its media coverage by contractually obligating journalists to do so.

At the beginning of June, a seemingly harmless email from the State Bank's media office reached various Swiss editorial offices, including the NZZ. In it, the ZKB requested that media representatives sign a "declaration of consent" if they wished to continue receiving market reports from the State Bank. The declaration also claimed that ZKB's communications could influence the internal processes of the editorial offices.

Media representatives are required to adhere to ZKB's communication guidelines. In particular, "the distorted and incomplete reproduction" of statements by financial analysts is to be avoided "under all circumstances." To this end, the bank claims extensive powers. The bank not only records all communications with journalists—which is common practice among banks—but also wants to be able to forward these to the authorities if necessary.

ZKB also demands input into the content and requires a "balanced presentation of the financial analyst's assessments." Content may not be isolated or combined with other information in a way that creates a "false or misleading" impression. Furthermore, the media should commit to ensuring that the content is accessible only to a Swiss audience.

In addition, the ZKB demands that journalists be held liable for damages if they violate the regulations – unless they can prove that the bank is not at fault. Furthermore, if there is "reasonable suspicion" of violation of the regulations, the state bank demands that journalists provide it with "comprehensive information" and allow access to the publication.

The state bank's approach to the media is surprising. Journalists and banking experts are in regular contact when it comes to commenting on economic events or assessing corporate results. The relationships are well-established and generally straightforward. Reportedly, there have been cases in recent months in which journalists have used ZKB content that was not in the bank's best interests – this is said to have confused customers, among other things.

ZKB officially justifies its actions by stating that due to the distribution of its publications, some of which are also intended for retail investors, the research content must meet "defined minimum standards" – also due to the increasing regulatory requirements for "independent financial analysis." Furthermore, ZKB is not permitted to distribute its content outside of Switzerland.

A legal expert contacted by the NZZ, who asked not to be named, considers ZKB's approach potentially problematic. While private banks are free to restrict access to their market reports at will, ZKB must always keep its public mandate in mind. For example, "access to financial knowledge" is explicitly part of the bank's support mandate .

According to lawyer and media law expert Michael Schweizer, the conditions demanded by the ZKB demonstrate a lack of understanding of the working practices and constitutionally supported role of the media. He says it appears naive and, as a result, an excessive attempt to control independent reporting as much as possible via contracts.

ZKB's request has met with little understanding among Zurich business editors, especially since no other Swiss bank has yet imposed such conditions on access to its expertise. The NZZ business editorial team currently sees no reason to sign ZKB's consent form. The media companies Tamedia and Ringier are still reviewing the request. In response to a request, SRF stated: "The SRF TV business editorial team and its journalists see no reason to sign ZKB's 'consent form'." They adhere to their own editorial guidelines for publications.