A trade in securities by a supervised person of an investment adviser or by accounts in which the person has a beneficial interest. Advisers' codes of ethics typically require reporting of personal securities transactions (quarterly) and holdings (annually).
Some firms require pre-clearance of personal trades and maintain restricted lists. Monitoring personal trading helps detect potential conflicts of interest and insider trading.
This article is for informational purposes only and does not constitute legal advice. Consult qualified professionals for guidance specific to your situation.