Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 4 terms
An individual named in a listed company’s insider trading code as subject to the trading window, pre-clearance and disclosure requirements.
Not only senior management — finance, legal, secretarial, investor relations and immediate relatives are routinely covered. Plenty of people discover they were designated when a routine transaction triggers a compliance query.
An opposite transaction by a designated person — a sale following a purchase, or the reverse — within the six-month period barred by the company’s code of conduct.
Buy your employer’s shares in the August window and the sale is barred well into the following year, whatever happens in between. If you need the proceeds on a date, work backwards from the bar.
Prior written approval from the compliance officer, required before a designated person transacts above a value threshold set in the company’s own code.
You cannot act on the day you decide, and under the model code an unused approval lapses after seven trading days. The workable answer is to batch intended trades into one request at the start of an open window.
The period in which designated persons of a listed company may transact in its securities; it is closed from the end of each quarter until 48 hours after the results for that quarter are declared.
Four blocked stretches a year, roughly a third of it, before any unscheduled closure. It shuts on you regardless of what you actually know, because a rule that turned on individual knowledge could never be enforced.