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Personal Trading Rules for Investment Advisers

Rule 204A-1 requires an adviser's code of ethics to make its access persons report their personal securities holdings and transactions, and to obtain approval before they buy in an initial public offering or a limited offering.

Firms usually go further, with preclearance of trades, restricted lists and holding periods. Whatever the code says, examiners check that reports came in on time, that someone reviewed them, and that the firm acted on what the review found.

Guides

Policy templates

1 document on personal trading, ordered by legal weight