insider-trading-policy

name	insider-trading-policy
title	Insider Trading Policy
description	Drafts a U.S. financial-services insider trading policy covering MNPI definitions, preclearance, blackout windows, 10b5-1 plan governance, restricted/watch lists, reporting, and enforcement. Use when creating or updating insider trading policies for broker-dealers, investment advisers, or investment companies. Triggers: insider trading policy, 10b5-1 plan, preclearance, restricted list, blackout period, Reg FD, MNPI.
author	CaseMark
author_url	https://github.com/CaseMark/skills/tree/main/skills/legal/insider-trading-policy
license	Apache-2.0
version	0.1.0
execution_mode	open
jurisdiction	us
practice	securities
language	en

Insider Trading Policy

Draft a firm-ready insider trading policy that is enforceable, auditable, and practical for employees.

Quick Start

Gather before drafting:

1. Firm name, entity structure, regulatory status (BD, IA, IC, bank affiliate)
2. Business lines with MNPI access (IB, research, trading, PM, corporate access, lending)
3. Whether firm/parent is a public issuer and earnings cadence
4. Employee trading systems, preclearance workflows, restricted/watch list practices
5. Personal trading exceptions, OBA/board service approval process
6. Compliance contacts, hotline, and non-retaliation policy text

Core Workflow

1. Populate variables and confirm applicable regulatory add-ons
2. Verify legal authorities and insert accurate citations
3. Draft sections in order below using defined terms consistently
4. Tailor controls to firm systems and risk profile
5. Add appendices for forms and quick reference

Variables

firm_name:
effective_date:
version:
policy_owner_title:
policy_owner_contact:
public_cooldown_days: 2
blackout_start_days_before_q_end: 14
blackout_end_days_after_earnings: 2
preclearance_lead_time_days: 1
holding_period_days: 60
cooling_off_days_officer_director: [VERIFY]
cooling_off_days_other: [VERIFY]

Authorities to Validate

Authority	Applies to	Purpose
Exchange Act §10(b) / Rule 10b-5 [VERIFY]	All	Anti-fraud, insider trading prohibition
Rule 10b5-1 [VERIFY]	All	Affirmative defense, plan requirements
Regulation FD [VERIFY]	Issuers	Selective disclosure restrictions
Advisers Act Rule 204A-1 [VERIFY]	IAs	Code of ethics, personal trading
IC Act Rule 17j-1 [VERIFY]	ICs	Code of ethics, reporting
FINRA OBA/PST/outside accounts rules [VERIFY]	BDs	Supervisory procedures

Policy Sections

#	Section	Required Content
1	Purpose and Scope	Covered persons/securities; possession standard; extraterritorial; personal/joint/trust/managed accounts