Switzerland's financial services regulator has proposed introducing new rules on market abuse three years after an initial draft for new guidelines was rejected.

The move follows the revelation of secret dealings this year by an Austrian-Russian consortium in the shares of Sulzer, a Swiss engineering company. The consortium secretly built a position giving it 8.49% of Sulzer's voting rights. The director general of Banque Cantonale Zurich, which sold the Sulzer shares and options to the consortium, resigned when the market learned of the dealings, but they were not against Swiss rules.