부채 보안.
'부채 보안'이란 무엇입니까?
채무 보증이란 정부 채권, 회사채, 예금 증서 (CD), 지방 채권 또는 우선주와 같은 채무 증서를 말하며, 양 당사자간에 매매 할 수 있으며 명목 금액 ( 이자율, 만기 및 갱신 날짜 등이 포함됩니다. 또한 CDO (collateralized debt obligation), CMO (collateralized mortgage obligations), GNMA (National National Mortgage Association)가 발행 한 모기지 담보 증권 및 제로 쿠폰 유가 증권과 같은 담보 증권도 포함됩니다.
'부채 안전'을 깨고
채무 증권과 지분 증권의 차이점.
지분 증권은 기업의 수익 및 자산에 대한 소유권을 나타내며 채권은 채무 상품에 대한 투자입니다. 예를 들어, 주식은 지분 증권이고 채권은 채무 증권입니다. 투자자가 회사채를 사면 본질적으로 회사 돈을 빌려주고 있으며 채권에 대한 원금과이자를 상환받을 권리가 있습니다. 대조적으로, 누군가가 회사에서 주식을 구입할 때, 그는 본질적으로 회사의 일부를 구입합니다. 회사가 이익을 얻으면 그는 이익을 얻지 만, 회사가 돈을 잃으면 그의 주식도 돈을 잃는다. 회사가 파산하는 경우 주주 앞에서 채권자에게 돈을 지불합니다.
대부분의 사람들은 주식 시장에 대해 더 잘 알고 있지만, 부채 시장 규모는 전 세계적으로 거의 두 배입니다. 세계 채권 시장은 100 조 달러를 넘고 주식이나 주식 시장은 약 64 조 달러에 달합니다. 일일 무역량면에서 볼 때 7,000 억 달러의 채권은 2,000 억 달러의 주식과 대비됩니다. 대부분의 경우, 전체 채무 증권은 지분 증권보다 안전한 투자입니다.
채무 증권의 안전.
채무 증권은 만기일 또는 담보 매매시 대출자에게 반환되는 원금을 보장하기 때문에 암묵적 수준의 안전성을 보장합니다. 이들은 일반적으로 채무 불이행 수준, 발행자 유형 및 소득 지급주기에 따라 분류됩니다. 채권이 위험 할수록 이자율이나 수익률이 높아집니다.
채무 증권의 거래, 청산 및 결제.
ASX의 채무 증권은 지분 증권과 동일한 방식으로 거래, 청산 및 결제됩니다.
ASX 상장 채권 증권 거래는 고객을 대신하여 행동하는 중개 회사간에 시세 차감 증권과 동일한 방식으로 수행됩니다. 거래는 ASX Trade 플랫폼을 통해 전자 방식으로 수행됩니다. 정산은 참가자가 ASX 중개인, 전문 제 3 자 청산 기관 및 승인 된 기관인 Clearing House Electronic Subregister System (CHESS)에서 발생합니다.
CHESS는 승인 된 증권의 양도 및 보유를위한 중앙 서적 등록부를 제공합니다. 시스템에 의해 유지되는 보유 잔고는 법적 제목 및 발행자 등록부 양식의 기록입니다. CHESS의 정산은 통상 거래일 + 2 (T + 2) 기준으로 발생합니다. CHESS는 투자자가 주식과 동일한 방식으로 ASX 이자율 증권을 결제함으로써 시간과 돈을 절약 할 수있게합니다. CHESS의 지주 및 이전은 법인법에 의해 유효한 법적 제목이며 해당 직책의 이전으로 인정됩니다.
ASX에서 부채를 인용 할 때의 이점에 대한 더 자세한 정보는 소책자 (ASX에 부채를 리스팅하는 간단한 안내서)를 다운로드하십시오.
스폰서 링크.
관련 정보.
"ASX의 부채를 리스팅하는 간단한 안내서" "단순한 회사채 - 단순한 사실"King & amp; Wood Mallesons 수수료 및 ASX 리스팅 규칙 채권 및 하이브리드에 대한 보안 설명에 대해 혼란 스습니까? 최종 가이드 - 이름 지정 규칙 및 보안 설명을 다운로드하십시오.
가격과 연구.
서비스.
교육.
규제.
2017 ASX Limited ABN 98 008 624 691.
ASX 그룹의 활동은 자본 형성 및 헤지, 거래 및 가격 발견 (호주 증권 거래소) 중앙 거래소 리스크 이전 (ASX Clearing Corporation) 등의 1 차 및 2 차 시장 서비스에 적용됩니다. 주식 및 채권 시장 (ASX Settlement Corporation)에 대한 증권 결제.
채권 매매 시스템 (dex)
콜롬보 증권 거래소 (CSE)는 111.14 %의 성장률을 기록한 세계 최고의 자본 시장이되었습니다. CSE와 밀란 카 가격 지수 (MPI)의 모든 주가 지수 (ASPI)는 역사를 창조하는 7,000 마일을 넘었습니다. (2010 년 10 월 2 일).
스리랑카에서의 투자와 수익금 송금은 허가 된 상업 은행으로 개설 된 주식 투자 외부 루피 계좌 (SIERA)를 통해 이루어져야하며, 이 은행은 Exchange Control Act에 따라 외환 거래의 공인 대리점으로 임명됩니다.
& # 8226; 어떻게 주식을 구입하십니까?
& # 8226; CSE에서 거래되는 유가 증권의 종류.
& # 8226; Central Depository Systems (Pvt) Ltd 란 무엇입니까?
& # 8226; CDS 계정은 어떻게 열립니 까?
& # 8226; CDS 계정의 목적은 무엇입니까?
& # 8226; 내 증권을 스크립트가없는 형태로 보관하는 이유는 무엇입니까?
& # 8226; 주식 중개인은 누구입니까?
& # 8226; 내가 사용한 브로커와 다른 브로커를 사용할 수 있습니까?
& # 8226; 증권 중개인은 누구입니까?
& # 8226; 그들이 제공하는 서비스는 무엇입니까?
& # 8226; 수수료는 얼마입니까?
& # 8226; 주식의 종류는 무엇입니까?
& # 8226; 주식 투자의 이점.
& # 8226; 어떻게 주식을 매매합니까?
& # 8226; 자동 거래 시스템 (ATS)
& # 8226; 채무 증권 거래 시스템 (DEX)
거래소는 월요일부터 금요일까지 오전 9시 30 분부터 오후 2시 30 분까지 계속 거래가 가능합니다.
& # 8226; 자기 자본에 적용 가능한 거래 비용 채무 증권.
CSE는 시장 전문가와 투자자가 거래 활동을 모니터링하고 시장의 맥을 유지하는 데 도움이되는 다양한 도구를 제공합니다.
& # 8226; 매일 시장 개요.
& # 8226; 주가리스트.
& # 8226; 총 수익률 지수.
& # 8226; 섹터 - 시장 요약 정보.
& # 8226; 상장 기업의 시가 총액.
MyCSE는 귀하 포트폴리오의 주식에 대한 실시간 시장 정보와 같은 추가 기능을 제공합니다.
콜롬보 증권 거래소 (CSE)는 기업 및 정부 증권의 2 차 거래를위한 시설을 갖추고 있습니다. 채무 증권에 대해서는 별도의 거래 시스템 (DEX)과 별도의 청산 및 결제 메커니즘이 마련되어 있습니다. 현재 69 개의 기업 채무 증권이 CSE에 상장되어 있습니다. 모든 정부 부채는 DEX 시스템을 통해 거래가 가능합니다.
7 개의 댓글 :
SL T-Bills와 Bonds에 투자하는 것에 대한 귀하의 가이드와 마찬가지로이 역시 매우 유용합니다. Tks.
나는 여기서 뭔가를 배웠다. tks.
유용한 정보를 제공해 주셔서 감사합니다.
오늘 최악의 시장 02.07.2012. 콜롬보 증권 거래소에 투자하면 아무 것도 얻을 수 없습니다. 당신 만 돈을 낭비합니다.
외국 / 지역 투자자를위한 온라인 거래를 원하시면 전화주십시오.
어떻게 혜택을 줄 돈을 투자 할 수 있습니까?
안녕하세요, 카타르는 카타르에 설립 된 중동에서 가장 진보적 인 나라 중 하나입니다. 강력한 경제와 외국인을위한 많은 기회가 있습니다. 감사합니다.
참고 :이 블로그의 회원 만 댓글을 게시 할 수 있습니다.
채권 매매 시스템 (dex)
Prudential Financial, Inc. (& Prudential & # 148; 또는 & # 147; Company & # 148;)는 금융 서비스 업계의 선두 주자로서 최고의 비즈니스 행동 기준을 추구합니다. 이 기준에 따라 푸르덴셜은 금융 서비스 회사를 선도하는 정책과 절차를 통합 한 개인 증권 거래 정책 (& # 147; 정책)을 개발했습니다. 이 정책은 푸르덴셜과 그 관계자가 1988 년 내부자 거래 및 증권 사기 집행법 (ITSFEA & # 148;) 및 전국 증권업 협회 (& # 147; NASD & # 148;) 행동 규칙을 준수하고, 동료가 Prudential의 주주 배정 정책에 따라 개인 거래를 수행하도록 보장합니다. 고객 & # 146; 관심사 우선.
이 정책은 내부자 거래 표준 및 요구 사항, 거래 모니터링 절차 및 Prudential 직원에 대한 개인 거래 제한을 설명합니다.
섹션 I은 모든 푸르덴셜 직원에게 적용되는 내부자 거래에 관한 푸르덴셜의 정책 성명을 제시합니다. 모든 푸르덴셜 직원은 중요한 비공개 정보의 사용 및 공개와 관련하여 책임을지는이 정책을 읽고 이해하는 것이 중요합니다.
섹션 II는 2002 년에 도입 된 공인 브로커 - 딜러 요구 사항을 포함하여 푸르덴셜의 무역 감시 절차 및 대상 및 접근 인에 대한 무역보고 의무를 명시합니다.
섹션 III는 Prudential이 지정자 및 다른 모든 Prudential 직원에게 발행 한 유가 증권의 개인 거래와 관련된 Prudential의 정책 및 제한을 명시합니다. 제 16 조 내부자에 대한 책임은 별도의 방침하에 적용됩니다.
섹션 IV는 푸르덴셜 브로커 - 딜러의 관계자에게 적용 가능한 추가적인 거래 정책 및 절차를 설명합니다.
V 장은 Prudential 포트폴리오 관리 단위 또는 거래 단위의 동료에게 적용 할 수있는 추가 거래 정책 및 절차를 설명합니다.
섹션 VI는 Prudential Investment Management (PIM & # 148;)의 사유 자산 관리 부서의 동료에게 적용되는 추가 거래 정책 및 절차를 설명합니다.
섹션 VII는 Prudential Equity Group, Inc. (& # 147; PEG & # 148;)의 동료에게 적용 가능한 추가 거래 정책 및 절차를 설명합니다.
개인 거래 및보고 책임에 대해 명확하지 않거나 본 정책의 측면에 관해 질문이있는 경우 Compliance Department의 Securities Monitoring Unit에 문의하십시오.
이 정책에 설명 된 개인 거래 정책 및 거래 모니터링 절차는 금융 서비스 회사를 선도하는 관행을 반영합니다. 사업 단위 또는 그룹은이 정책과 일치하지 않는 정책이나 절차를 채택 할 수 없습니다. 그러나 사업 단위는 증권 감시 부서의 사전 승인을 얻어 본 정책에 포함 된 정책 및 절차보다 엄격한 정책 및 절차를 채택 할 수 있습니다.
A. 중요한 비공개 정보의 사용.
B. Prudential Insider 거래 규칙.
C. 비공개 정보 란 무엇입니까?
D. 중요 정보 란 무엇입니까?
F. 사모 증권 거래.
G. 자선 기부.
H. 내부자 거래에 대한 페널티.
1. 개인에 대한 처벌.
2. 감독자에 대한 처벌.
3. 푸르덴셜에 대한 처벌.
B. 대상 및 접근 인.
C. 무역보고 요건.
1. 공인 브로커 - 딜러 요구 사항.
2. 공인 브로커 - 딜러 예외.
3. 예외 계정에 대한 무역보고 요건.
4. 개인 및 가족 회원 계정.
5.보고 가능한 증권 거래.
6. 거래 정보의 비밀 보장.
7. 추가 요구 사항.
A. 지정된 사람.
B. 특정 거래 요구 사항.
1. 지정된 사람에 대한 중개 계좌 요건.
2.인가받지 않은 중개인 - 딜러가있는 계좌에 대한 거래보고 요구 사항.
3. 거래 Windows / 블랙 아웃 기간.
4. 푸르덴셜이 발행 한 유가 증권 거래의 선결.
금지 된 거래.
C. 감독 책임.
D. 정책 위반.
A. Pruco Securities Corporation 및 Prudential Investment Management Services, LLC의 Associates에 대한 무역 모니터링.
1. 개인 유가 증권 계좌 통지 요건.
2. 연간 준수 교육 및 사후 처리.
B. 초기 주식 공개 매수의 매매에 대한 제한.
C. 사적 증권 거래.
D. PEG 어소시에이트에 대한 추가 제한.
B. 뮤추얼 펀드보고 및 거래 제한.
1. 뮤추얼 펀드 보유 기간.
2.보고 및 기금 상호 기금 관련 정책.
C. 추가 거래 제한.
1. 최초 공모.
2. 비공개 게재 위치.
3. 블랙 아웃 기간 & # 151; & # 147; 7 일 규칙 & # 148;
4. 단기 무역 이익.
7. 투자 클럽.
1. 부적격 증권.
2. 발행자가 발행 한 권리 행사.
3. 최소 거래.
4. 임의의 계정.
5. 색인 옵션.
6. 유닛 투자 신탁 및 오픈 엔드 뮤추얼 펀드.
7. 비거주 거래 및 배당금 재투자 계획.
8. 사전 서면 승인에 의한 예외.
9. 자동 투자 / 철회 프로그램 및 자동 재조정.
F. 개인 무역보고.
G. 개인 증권 홀딩스.
H. 이사로서의 봉사.
J. 코드 위반 및 제재.
K. 고객에게보고.
L. 이해 상충.
A. 개인 측 감시 목록.
B. 투자 클럽.
C. 특정 단위에 대한 추가 제한.
1. 부동산 유닛.
2. 푸르덴셜 캐피털 그룹.
A. Associated Persons & # 146; 증권 계좌.
1. PEG에서의 무역 모니터링.
B. & # 147; 직원 계정 & # 148; & # 147; 직원 관련 계정 & # 148;
C. 투자 클럽.
D. 개인 거래 제한.
1. 공공 주식 매입의 구매.
2. 사적 증권 거래.
3. 연간 준수 교육.
4. 24 시간 연구 보고서 제한.
E. 제한 목록.
F. 특정 PEG 부서에 대한 추가 거래 제한.
1. 거래 제한.
2. 사전 청산 절차.
Exhibit 1 & # 150; 중개 회사 견본 편지.
Exhibit 3 & # 150; 개인 거래의 준수 및보고.
Exhibit 4 & # 150; 광범위한 인덱스의 인덱스 옵션.
Exhibit 5 & # 150; 개인 유가 증권 보유 보고서.
Exhibit 6 & # 150; 제 16 절 내부자 및 지정된 사람 사전 비밀 요청 양식.
Exhibit 7 & # 150; 비 독점 Subarvised 뮤추얼 펀드.
푸르덴셜은 최고 수준의 기업 윤리를 지향합니다. 따라서 푸르덴셜은 중요한 비공개 정보를 적절히 보호하고 내부자 거래를 규제하는 법규를 준수하기 위해 다음과 같은 표준 및 요구 사항을 개발했습니다.
A. 중요한 비공개 정보의 사용.
푸르덴셜에서 근무하는 과정에서 푸르덴셜이나 기타 상장 회사에 관한 중요한 비공개 정보를 받거나 액세스 할 수 있습니다. 회사 정책, 업계 관행 및 연방 및 주 법률은 중요한 비공개 정보의 사용에 관한 엄격한 지침을 제정합니다.
연방 증권법에 따라 증권과 관련하여 중요한 비공개 정보를 소지하고있는 동안 증권을 매매하는 것은 불법입니다. 1 팁 & # 148;은 불법입니다. 내부 정보에 대한 다른 것들. 즉, 발행인에 대한 중요한 비공개 정보를 다른 사람에게 전달하거나 발행인의 유가 증권을 거래하도록 권유 할 수 없습니다.
내부자 거래는 증권 거래위원회 (SEC & # 148)가 주로 규제하는 법의 매우 복잡한 영역입니다. 법이나 특정 상황에 관한 질문이 있으시면 증권 감시 부서, 준법 감시 부서 또는 법무 부서에 문의하십시오. 자신의 직책과 관련하여 취득한 상장 회사에 관한 중요한 비공개 정보가 있거나 포트폴리오 또는 자산 관리 부서에 소속되어 있고 소스와 관계없이 중요한 비공개 정보가있을 수 있다고 생각되는 경우, 귀하의 최고 준법 감시인 (Chief Compliance Officer) 또는 유가 증권 감시 부서 (Securities Monitoring Unit)에게 제출하여 유가 증권을 모니터링 및 / 또는 적절한 제한 목록에 배치 할 수 있습니다.
B. Prudential Insider 거래 규칙.
아래는 내부자 거래에 관한 세 가지 규칙입니다. 이러한 규칙을 준수하지 않으면 연방 증권법을 위반할 수 있으며 섹션 H에 설명 된 엄격한 처벌을받을 수 있습니다. 이 규칙을 위반하면 Prudential이 징계를받을 수도 있습니다.
C. 비공개 정보 란 무엇입니까?
비공개 정보는 일반적으로 투자자가 이용할 수없는 정보입니다. 정보는 일반적으로 미디어를 통해 구할 수 있거나 SEC의 기업 문서와 같은 공개 문서에 공개 된 경우 공개됩니다. 그것이 국가 비즈니스 또는 금융 전신 서비스 (예 : 다우 존스 또는 블룸버그), 전국 뉴스 서비스 (예 : AP 또는 로이터), 신문, TV, 라디오 또는 공개적으로 공개되는 경우 공개 된 공개 문서 (예 : 대리 진술 또는 안내서)와 같은 정보가 공개 된 경우 해당 정보를 공개로 간주 할 수 있습니다. 정보가 일반 대중 매체 또는 공개 자료에서 이용 가능하지 않은 경우 공개되지 않았다고 간주해야합니다. 부분 공개 (정보의 일부 공개)도 소문의 존재도 정보를 공개하는 것으로 간주하기에 충분하지 않습니다. 정보가 비공개인지 여부가 확실하지 않은 경우 최고 준법 감시인 (Chief Compliance Officer), 증권 감시 부서 (Securities Monitoring Unit) 또는 법률 부서에 문의해야합니다.
민감한 정보에 특별히주의를 기울여야하는 경우가 있지만 지정된 회사 대변인으로부터 직접받은 정보는 투자 정보가 일반적으로 투자자가 이용할 수 없다고 생각하거나 알 수없는 이유가없는 한 공개 정보로 간주 할 수 있습니다. 사적인 증권 거래에 종사하는 직원은 거래에 관한 회사 대표로부터 정보를받는 사람은 그 정보가 비공개라고 추정해야합니다.
푸르덴셜 애널리스트에게 회사에 대한 특정 정보를 말하면 회사 대표는 & # 147;라고 말함으로써 정보가 공개되지 않을 수도 있음을 나타냅니다.
일반적으로 알려져 있지는 않지만. . & # 148; 이러한 상황에서 분석가는 정보가 비공개라고 추정해야합니다.
D. 중요 정보 란 무엇입니까?
중요한 정보의 법적인 정의는 없습니다. 만일 투자자가 주변의 모든 사실과 상황을 고려한다면 증권을 매매 할 것인지 또는 언제 팔 것인지를 결정할 때 그러한 정보를 중요하게 생각한다면 정보가 중요하다고 생각해야합니다. 일반적으로 발표 될 경우 증권 가격에 영향을 줄 수있는 비공개 정보는 중요한 정보로 간주되어야합니다. 비공개 정보가 중요한지 확실하지 않은 경우 법률 부서, 증권 모니터링 부서 또는 준법 감시인에게 문의하십시오.
중요한 정보는 푸르덴셜 또는 다른 공개 회사에 관한 정보 일 수 있습니다.
정보는 회사와 직접 관련이 없더라도 중요 할 수 있습니다 (예 : 정보가 해당 회사 또는 제품, 비즈니스 또는 자산과 관련이있는 경우).
중요한 정보에는 푸르덴셜과 관련이없는 회사와 관련된 푸르덴셜의 활동이나 계획에 대한 정보도 포함될 수 있습니다.
푸르덴셜이 회사와의 거래에 들어갈 정보 (예 : 특정 회사에 대규모 서비스 계약을 부여하는 경우).
푸르덴셜의 거래에 관한 정보를 보유하고있는 동안의 거래는 푸르덴셜 내부자 거래 규정에 의해 금지되며 또한 연방법을 위반할 수도 있습니다. 이러한 유형의 거래 활동은 & # 147; 전면 실행 & # 148; & 스컬 핑 (scalping) & # 148;
프론트 런은 푸르덴셜의 거래 의도를 알고있는 개인이 푸르덴셜이 거래를하기 직전에 푸르덴셜과 같은 방향으로 의도적으로 거래를 할 때 발생합니다. 예를 들어 푸르덴셜이 보안을 구입하기 직전에 보안을 구입하는 경우 (푸르덴셜이 그러한 구매를 기반으로 가격이 상승 할 것으로 예상 될 때) 또는 푸르덴셜이 그러한 보안을 판매하기 직전에 보안을 판매하는 경우 (그러한 판매로 인해 가격이 하락할 것으로 예상되는 경우) .
스컬 핑은 푸르덴셜의 무역 직후 반대 방향, 즉 푸르덴셜이 그러한 보안 판매를 중단 한 직후 보안을 구매하거나 푸르덴셜이 그러한 보안 구매를 중단 한 직후에 판매하는 반대 방향의 거래를하고 있습니다.
푸르덴셜은 ABC 사의 대규모 지분을 매각 할 계획이다. 푸르덴셜에 앞서 ABC 주식을 팔면 대형 판매가 가격을 하락시킬 것이라는 예상에 앞장서 서있다. 일시적 가격 하락을 이용하기 위해 푸르덴셜이 판매를 완료 한 후 ABC Co. 증권을 구매하면 스컬 핑에 종사하고있는 것입니다.
F. 사모 증권 거래.
연방 증권법의 사기 방지 조항은 상장 증권 및 사유 증권 모두의 거래에 적용됩니다. 그러나 내부자 거래법은 양 당사자가 동일한 중요 비공개 정보를 보유한 사기 증권 거래를 금지하지 않습니다.
귀하가 보유하고있는 보안과 관련하여 중요한 비공개 정보를 소지하고 있다면, 자선 단체에 증권을 선물하거나 선물에 대한 세금 공제를받을 수 없습니다.
H. 내부자 거래에 대한 페널티 3.
1. 개인에 대한 처벌.
중대한 비공개 정보를 보유하고있는 동안 불법적으로 거래를하거나 불법적으로 다른 사람들에게 그러한 정보를 알린 개인은 이익의 분열, 상당한 벌금 및 투옥을 포함하여 심각한 민형사 상 처벌을받을 수 있습니다. 그러한 행동의 고용 결과로는 증권 업계에서 일하는 면허의 상실 또는 중단, 푸르덴셜 (Prudential)의 고용 종료까지의 징계 조치가 포함될 수 있습니다.
2. 감독자에 대한 처벌.
이 법은 통제하는 인물에 대한 벌칙을 규정하고있다. 내부자 거래를하는 개인의 따라서 특정 상황에서 내부자 거래에 대한 책임이있는 직원의 감독자는 최대 1 백만 달러의 벌금, 민사 처벌 및 벌금, 푸르덴셜의 징계 (고용 종료까지 포함)를받을 수 있습니다.
3. 푸르덴셜에 대한 처벌.
동료가 내부자 거래에 대해 책임을지는 경우 푸르덴셜은 또한 처벌을받을 수 있습니다. 이러한 처벌에는 형사 벌금 및 민사 처벌뿐만 아니라 브로커 - 딜러, 투자 자문 및 투자 회사 활동을 포함한 특정 비즈니스 활동을 수행하는 푸르덴셜의 능력에 대한 제한이 포함됩니다.
연방법에 따라 모든 중개인 - 딜러 및 투자 자문가는 동료들에 의한 내부자 거래를 방지하기위한 절차를 수립해야합니다. 또한, 연방 양형 기준 (Federal Sentencing Guidelines)은 회사가 법률 위반을 예방하고 발견 할 수있는 합리적인 절차를 수립하도록 요구하고 있습니다. 이러한 법률 및 기타 유사한 법률 및 규칙을 준수하기 위해 Prudential은 Prudential 또는 기타 상장 회사에 관한 중요한 비공개 정보의 오용을 방지하기 위해 개인 증권 거래 정책을 개발했습니다. 모든 직원은 중요 비공개 정보의 올바른 사용을 보장하기 위해 정책의 일반 원칙을 준수해야합니다.
그러나 특정 종업원은 개인 거래 활동을 모니터링해야하며 추가 제한이 적용될 수 있습니다. 푸르덴셜은 푸르덴셜이나 외부 공개 회사, 포트폴리오 관리 활동 또는 기타 민감한 정보에 대한 비공개 기업 정보에 일상적으로 액세스 할 수있는 직원의 개인 증권 거래를 모니터링하는 프로그램을 수립했습니다. 이 개인은 SMARTS & # 148;로 알려진 증권 거래 모니터링 시스템에서 개인 증권 거래를 모니터링해야합니다. (증권 모니터링 자동화 된보고 및 추적 시스템).
B. 대상 및 접근 인.
특정 종업원은 & # 147; Covered & # 148; 또는 & # 147; 액세스 & # 148; 사람 (아래 정의 된대로). 이 개인은 액세스 권한이있는 정보를 기반으로 분류됩니다. 대상 및 접근자는 허가 된 브로커 - 딜러 요구 사항 (아래 논의 됨)을 준수해야합니다.
& # 147; 액세스 사용자 & # 148; - 포트폴리오 관리 활동에 종사하거나 포트폴리오 관리 활동을 지원하는 직원. 특정 요구 사항에 대해서는 섹션 V를 참조하십시오.
& nbsp; & nbsp; 대상자 & # 148; & # 150; 접근 권한자를 제외한, 외부 공개 회사에 대한 중요한 비공개 정보 또는 모니터링 의무가있는 개인에게 액세스 할 수있는 직원.
출입 여부가 확실하지 않은 경우 최고 준법 감시인 또는 증권 감시 부서에 연락하십시오. 4.
C. 무역보고 요건.
1. 공인 브로커 - 딜러 요구 사항.
대상 및 접근자는 허가 된 중개인 대리점에서 개인 중개 계좌를 유지해야합니다. 권한을 부여받은 기업은 이전에 푸르덴셜 증권 (Prudential Securities)에서 유지 관리 한 계정 인 Wachovia 증권, Pruco Securities, Charles Schwab, E * TRADE, Fidelity Investments 및 Merrill Lynch입니다. Covered 및 Access Person은 공인 브로커 - 딜러 웹 사이트 njplazx51 / authorizedbrokerdealers를 통해 각 회사에 대한 정보를 찾을 수 있습니다. 공인 된 브로커 - 딜러 요구 사항의 적용을받는 계정 유형은 아래 섹션 C에 나열되어 있습니다.
미국 EquiServe Trust Company, N. A에있는 Prudential Financial, Inc. 유가 증권은 양도 될 필요가 없습니다.
이 요구 사항을 준수하는 신규 어소시에이트는 수령인 및 접근 인이 된 지 60 일 이내에 계좌를인가 된 브로커 - 딜러에게 양도해야합니다. 어소시에이트는 브로커에게 거래 활동 (서면 확인서 및 진술서)을 계좌 이체 과정에있는 증권 감시 부서에 보내도록 지시해야합니다. 중개 회사에 보내는 샘플 편지가이 정책의 별첨 1로 제공됩니다.
2. 공인 브로커 - 딜러 예외.
공인 된 브로커 - 딜러 요구 사항에 대한 예외는 제한적이므로 검토를 위해 수석 부사장 급 이상으로 해당 비즈니스 유닛 또는 기업 부서 임원에게 요청할 비즈니스 부서 책임자 인 Chief Compliance Officer에게 제출해야합니다. 모든 예외에 대한 문서는 검토를 위해 사업부 준수 책임자에게 전달해야합니다. 예외는 다음 기준에 따라 사례별로 평가됩니다.
3. 예외 계정에 대한 무역보고 요건.
공인 브로커 - 딜러 요구 사항에 대한 예외가 부여 된 경우 증권 계좌를 관리하는 중개 회사가 귀하의 거래 확인서 및 계좌 내역서 (& # 147; 트레이딩 액티비티 & 148)를 유가 증권 감시 부서에 제출해야한다. 중개 회사에 보내는 샘플 편지가이 정책의 별첨 1로 제공됩니다. Wachovia Securities (이전에 Prudential Securities에서 유지 보수 한 계정), Pruco Securities, Charles Schwab, E * TRADE, Merrill Lynch 및 Fidelity Investments는이 요구 사항에서 면제됩니다. 5.
4. 개인 및 가족 회원 계정.
귀하는 다음을 포함하여 귀하가 유익한 이익을 갖는 모든 유가 증권 계정을 위에서 설명한 방식으로 유지해야합니다.
뮤추얼 펀드 및 / 또는 529 대학 저축 플랜의 구매 및 판매에만 제한적인 계정은 정책의 대상이 아니며 공개 할 필요가 없습니다. 7 그러나 계좌가 다른 유가 증권을 거래 할 수있는 경우 뮤추얼 펀드 만 보유하고 있어도 증권 계좌가 적용됩니다.
모든 모니터 대상 직원은 Exhibit 2로 첨부 된 연간 Acknowledgement Form을 작성하여 서명해야하며, 공인 중개인 - 딜러 및 비인가 업체에서 개최되는 모든 중개 계좌의 위치를 식별하고 나열해야합니다. 후자의 경우, Acknowledgement Form에 귀하의 서명이 있으면 귀하가 모든 계좌에 대해 계좌 진술서 및 거래 확인서 사본을 증권 감시 부서로 보내도록 모든 중개인에게 지시했음을 확인할 것입니다.
증권 모니터링 부서 (Securities Monitoring Unit)가 전자 방식으로 귀하에게 제공하는 승인 양식은 매년 작성해야합니다. 8.
5.보고 가능한 증권 거래.
일반적으로 모든 증권 거래는 변액 보험 상품 (연금 포함), 예금 증서 및 특정 미국 정부 증권의 매매를 제외하고 액세스 및 대상자가보고 할 수 있습니다. 또한, 대상자는 오픈 엔드 뮤추얼 펀드의 구매 및 판매를보고 할 필요가 없습니다. 그러나 접근 인은 섹션 V에서 설명한대로 특정 오픈 엔드 뮤추얼 펀드의 거래와 보유를보고해야합니다. Exhibit 3에 첨부 된 도표는보고 가능한 개인 증권 거래를 나타냅니다.
6. 거래 정보의 비밀 보장.
증권 감시 부서 (Securities Monitoring Unit)는 SMARTS를 유지 관리 할 책임이 있으며 귀하의 투자 기록이 기밀 사항임을 인정합니다. 따라서 유가 증권 감시 부서는 관련 거래 정보를 수집하고 검토하기 위해 신중한 절차를 밟아 그러한 기록이 가장 엄격하게 유지되도록합니다. 사업 단장 및 사업부 준수 담당자가 검토 한 예외 보고서 외에이 정보에 액세스 할 수있는 유일한 사람은 규정 준수 부서의 소규모 그룹입니다.
7. 추가 요구 사항.
추가 정보 및 지침은 다음 섹션에서 찾을 수 있습니다.
지정된 사람을위한 요구 사항 & # 150; 섹션 III.
브로커 딜러의 준회원 요건 & # 150; 섹션 IV.
포트폴리오 관리 단위 요건 & # 150; 섹션 V.
개인 자산 관리 단위 (Private Asset Management Units)에 대한 요구 사항 & # 150; 섹션 VI.
PEG & # 150; 섹션 VII.
이 섹션은 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스 할 수있는 직원의 요구 사항을 구체적으로 설명합니다. 이러한 요구 사항은 주요 금융 서비스 회사의 정책과 일치합니다. 섹션 16 내부자와 관련된 특정 정책 및 절차는 증권 감독 부서 (Securities Monitoring Unit)를 통해 제공되는 별도의 정책 성명서로 처리됩니다.
& # 147; 지정된 사람 & # 148; 자신의 업무가 정상적으로 진행되는 동안 하나 이상의 비즈니스 단위 또는 기업 수준 정보에 대한 정보를 포함하여 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스하는 직원입니다. Executive Vice President (EVP & # 148) 이상의 계열사 직원은 지정된 사람으로 간주됩니다. 각 부위원장과 EVP 및 직속보고에 대한 직접 보고서는 지정된 사람으로 간주됩니다.
각 사업부의 부회장 (부회장, 부사장)은 수준에 관계없이 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스하는 각 부서의 추가 직원을 파악해야합니다. 이 목록의 변경 사항을 증권 감시 부서에 통보하는 것은 재무 부장관의 책임입니다.
마지막으로, 다른 모든 비즈니스 그룹 및 기업 부서의 관리는 업무 수행을 통해 중요한 비공개 정보에 정기적으로 액세스하는 추가 직원의 증권 모니터링 부서를 식별하여 알려야합니다.
지정된 사람으로 분류되었지만 중요한 비공개 정보에 액세스 할 수 없다고 생각하는 직원은이 요구 사항에 대한 예외를 요청할 수 있습니다. 요청은 법률 부서와 협의하여 요청을 검토하고 촉진하는 증권 감시 부서 (Securities Monitoring Unit)로 전달되어야합니다. 특정 예외 사항은 Prudential의 법률 고문의 승인을 받아야합니다.
B. 특정 거래 요구 사항.
모든 직원은 회사에 관한 중요한 비공개 정보를 보유하고있는 동안 푸르덴셜이 발행 한 유가 증권을 거래 할 수 없습니다. 모든 직원은 상자 판매를 포함하여 짧은 판매를 금지합니다. & # 148; 푸르덴셜이 발행 한 유가 증권에 대한 옵션 거래에 참여하는 것을 금지합니다. 종업원은 푸르덴셜이 발행 한 유가 증권에 투기 거래를하지 않는 것이 바람직하며 장기 투자를 위해 푸르덴셜 증권을 보유하는 것이 좋습니다.
지정 인은 증권 감독 부서를 통해 집행되기 전에 회사 증권의 모든 거래를 미리 요구해야합니다. 이 요구 사항은 제외됩니다.
transactions in Prudential mutual funds and annuities. Trades will be approved only during open “trading windows.” Designated Persons are also subject to the general prohibition relating to short sales and options transactions. These restrictions apply to all accounts in which a Designated Person has a direct or indirect beneficial interest including, but not limited to, accounts for spouses, family members living in your household, and accounts for which the Designated Person or his/her family member exercises investment discretion.
1. Brokerage Account Requirements for Designated Persons.
Designated Persons are required to hold and trade Prudential Financial, Inc. common stock and related equity derivative securities (“PRU”) only at an authorized broker-dealer. The authorized firms are Wachovia Securities (for accounts that were previously maintained at Prudential Securities), Pruco Securities, Charles Schwab, E*TRADE, Fidelity Investments, and Merrill Lynch.
Designated Persons can access information about each firm through the authorized broker-dealer website at njplazx51/authorizedbrokerdealers.
This requirement applies to accounts for you, your family members, or accounts in which you have a beneficial interest or over which you have trading authority. See Section II. C.4. for a complete list of applicable accounts. You may still maintain your accounts at non-authorized broker-dealers for your non-PRU positions, however those accounts are still subject to Prudential’s monitoring procedures outlined below in Section B.2.
While PRU stock held by you at EquiServe Trust Company, N. A., (“EquiServe”) is subject to the provisions of this Policy (e. g., transactions are subject to preclearance and trading window requirements), Designated Persons are not required to transfer PRU positions held at EquiServe to an authorized broker-dealer.
2. Trade Reporting Requirements for Accounts with Non-Authorized Broker-Dealers.
Designated Persons who maintain brokerage accounts with brokerage firms (for their non-PRU positions) other than the authorized broker-dealers listed in Section B.1. above, must direct the brokerage firm(s) to send duplicate copies of trade confirmations and account statements to the Securities Monitoring Unit. 9 A sample letter to a brokerage firm is provided as Exhibit 1 to this Policy.
3. Trading Windows/Blackout Periods.
Designated Persons are permitted to trade in securities issued by Prudential only during open trading windows. Approximately 24 hours after the Company releases its quarterly earnings to the public, the trading window generally opens and generally will remain open until approximately two weeks before the end of each quarter. In addition, the Company may notify Designated Persons regarding unscheduled blackout periods. For example, in the event the Company decides to make an unscheduled announcement.
(e. g., a pre quarter-end earnings estimate), Prudential may restrict trading activity during a normally permissible trading window. The Securities Monitoring Unit will notify Designated Persons of the opening of trading windows and the commencement of blackout periods.
4. Preclearance of Trading in Securities Issued by Prudential.
Designated Persons are required to preclear all transactions in securities issued by Prudential through the Securities Monitoring Unit. Designated Persons should submit requests electronically through the SMARTS Preclearance Intranet site. Designated Persons will be sent a link to the Preclearance site from the Securities Monitoring Unit, and a link is also available from the Compliance Department’s Intranet site. All approved transactions are valid until the close of business on the day in which preclearance is granted. Therefore, Designated Persons may not enter into “good until cancelled” or “limit” orders involving Prudential securities that carry over until the next trading day. (See Exhibit 6 for sample SMARTS Preclearance Request Form.)
Transactions that require preclearance include, but are not limited to, the following:
5. Prohibited Transactions.
All employees are prohibited from selling short including “short sales against the box” and from participating in any options transactions on any securities issued by Prudential. In addition, Designated Persons are prohibited from exercising their employee stock options during a blackout period, regardless of whether the transaction involves the sale of Prudential securities. As a result, controls have been established to prevent option exercises during closed trading windows.
Certain controls have been established to prevent trading activity in PESP during closed trading periods. PESP transactions that are blocked include exchanges, deferral rate and allocation changes, loans and distributions. Remember, it is the Designated Person’s obligation to comply with this Policy including the preclearance and trading window requirements. If a blocking system fails, the employee will be responsible for the exception to the Policy.
C. Supervisory Responsibilities.
The VP’s of Finance, in conjunction with the Business Unit and Department Heads or their designees, are responsible for identifying changes to the Designated Persons list in their areas and informing the Securities Monitoring Unit, and, with the Securities Monitoring Unit, facilitating employee understanding of and conformity with this Policy. The trade monitoring process is conducted by the Securities Monitoring Unit with matters brought to the attention of Business Unit/Department Head management as needed.
D. Violations to the Policy.
Violations or other exceptions to this policy including the preclearance and trading window requirements are reviewed by the Designated Persons Personal Trading Policy Committee. Policy violations or exceptions that may result in disciplinary action, other than an educational reminder, will be resolved with the employee’s supervisor. Individuals who do not comply with the Policy are subject to disciplinary action up to and including termination of employment.
A. Trade Monitoring for Associates of Pruco Securities Corporation and Prudential Investment Management Services, LLC.
Pruco Securities Corporation (“Pruco”) is a full service broker-dealer whose business is limited to the facilitation of non-solicited customer orders of general securities and the distribution of investment company and variable contract products. Prudential Investment Management Services LLC. (“PIMS”) and American Skandia Marketing, Incorporated (“American Skandia”) are a full service broker-dealers whose primary business is restricted to the facilitation of customer orders in and distribution of Prudential mutual funds, annuities, and 529 plan interests.
Unlike Prudential units that participate in the Personal Trade Monitoring System, the nature and scope of Pruco’s, PIMS’, and American Skandia’s business is such that their associates do not have access to material nonpublic information concerning publicly traded securities through their employment. 10 Accordingly, Pruco, PIMS and American Skandia associates are generally not required to participate in SMARTS. However, pursuant to SEC and NASD regulations, Pruco and PIMS Registered Representatives must comply with the following reporting requirements: 11.
1. Notification Requirements for Personal Securities Accounts.
In accordance with NASD Rule 3050, Pruco and PIMS Registered Representatives (“Registered Representatives”) must notify Pruco/PIMS, in writing, prior to opening an account at another broker-dealer, and must notify Pruco/PIMS of any accounts opened prior to becoming a Pruco/PIMS Registered Representative. Registered Representatives must also notify broker-dealers, prior to opening such accounts, that they are Registered Representatives of Pruco/PIMS. However, if the account was established prior to the association of the person with Pruco/PIMS, the Registered Representative must notify the broker-dealer in writing promptly after becoming so associated.
These notification requirements apply to all personal securities accounts of Registered Representatives and any securities accounts over which they have discretionary authority.
Registered Representatives are not required to report accounts that are limited to the following types of investments: (1) mutual funds; (2) variable life and variable annuity contracts; (3) unit investment trusts; (4) certificates of deposit; (5) 529 Plans; and (6) money market fund accounts. 12.
2. Annual Compliance Training and Sign-off.
The NASD/NYSE Joint Memorandum on Chinese Wall Policies and Procedures (NASD Notice to Members 91-45) provides that firms that do not conduct investment banking research or arbitrage activities still must have “reasonable procedures for the education and training of its associates about insider trading” in order to be in compliance with ITSFEA. Consistent with this Notice, Pruco/PIMS includes a statement concerning insider trading in its annual Compliance Overview. Annually, all Registered Representatives are required to sign a statement affirming that they have read and understand Pruco’s/PIMS’ policy concerning insider trading as described in the Insurance Division or the PIMS Compliance Manual and as set forth in Prudential’s Policy Statement On Insider Trading contained in Section I of this Policy.
B. Restrictions on the Purchase and Sale of Initial Equity Public Offerings.
NASD Rule 2790 prohibits broker-dealers from purchasing or retaining “new issues” in their own accounts and from selling new issues to a restricted person. Restricted persons are defined as directors, officers, general partners, employees, associated persons and agents engaged in the investment banking or securities business of any broker-dealer. “New Issues” are any initial public offerings of an equity security.
These basic prohibitions also cover sales of new issues to accounts in which any restricted person may have a beneficial interest and, with limited exceptions, to members of the immediate family of such persons. A Restricted Person is permitted to have an interest in an account that purchases new issues (i. e., collective investment accounts including hedge funds, investment partnerships, investment corporations, etc.) provided that the beneficial interests of all restricted persons do not in aggregate exceed 10% of the total account.
The overall purpose of this prohibition is to protect the integrity of the public offering process by requiring that NASD members make a bona-fide public distribution of securities by not withholding such securities for their own benefit or using the securities to reward other persons who are in a position to direct future business to the firm.
To ensure compliance with this Rule, associated persons of Prudential’s broker-dealers are prohibited from purchasing securities in any public offerings of equity securities. This prohibition includes all associates of Prudential’s broker-dealers including PIMS, PRUCO, American Skandia and PEG (See Section VII for a full discussion of requirements and restrictions applicable to PEG associates.)
The policy applies to all public offerings of equity securities, whether or not the above broker-dealers are participating in the offering. There are no prohibitions on purchases of public offerings of, investment grade asset-backed securities, open-end mutual funds, preferred securities, convertible securities or any debt securities, including but not limited to municipal or government securities.
Which accounts are restricted:
Accounts of all persons associated with the above broker-dealers and their immediate families are restricted from purchasing equity public offerings of securities. The term “immediate family” includes parents, mother-in-law, father-in-law, spouse, siblings, brother-in-law, sisters-in-law, children and their spouses, or any other person who is supported (directly or indirectly) to a material extent by the associated person.
The prohibition does not apply to sales to a member of the associate’s immediate family who is not supported directly or indirectly to a material extent by the associate, if the sale is by a broker-dealer other than that employing the restricted person and the restricted person has no ability to control the allocation of the new issue. For information on this exception, please contact your broker-dealer compliance officer.
C. Private Securities Transactions.
In accordance with NASD Rule 3040, all associates of PIMS, Pruco and PEG must notify their broker-dealer, in writing, and obtain written approval from the broker-dealer, prior to engaging in any private securities transaction. Private securities transactions include, but are not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.
Such notification should be made to the compliance officer for the broker-dealer or the compliance officer’s designee who will be responsible for approving private securities transactions. This notification requirement does not apply to those trades for which duplicate confirmations are provided by the executing broker. For associates who are subject to preclearance, the preclearance form will satisfy the notification requirement.
D. Additional Restrictions for PEG Associates.
PEG associates are subject to certain additional personal trading restrictions, which are set forth in Section VII .
Rule 17(j) under the Investment Company Act of 1940 requires that every investment company adopt procedures designed to prevent improper personal trading by investment company personnel. Rule 17(j) was created to prevent conflicts of interest between investment company personnel and shareholders, to promote shareholder value, and to prevent investment company personnel from profiting from their access to proprietary information.
In light of the adoption of Rule 17(j) and the growing concern that the mutual fund industry needed to police itself, the Investment Company Institute (“ICI”), an industry group, assembled a blue ribbon panel and, in 1994, issued a report setting forth a series of recommendations concerning personal trading by investment personnel. These recommendations, known as the “ICI rules”, have been praised by the SEC, and have been adopted by the majority of the asset management industry associated with U. S. registered investment companies.
It is the duty of all Access Persons to act in a manner that avoids any conflict of interest or the appearance of a conflict of interest with Prudential’s customers or shareholders. In addition, it is the responsibility of each Access Person to comply with all applicable Federal Securities Laws. In keeping with our ethical standards and the practices of the industry leaders, Prudential has adopted the ICI rules for all of its portfolio management units. The ICI rules concerning personal trading are set forth below and are applicable to these portfolio management units and certain associates outside the specific business unit who provide direct support to these units. 13 In addition, the ICI rules, with certain exceptions, have also been adopted for other investment management units within Prudential including, for example, Prudential Investments LLC. 14.
The following terms are defined for purposes of this policy:
current or pending information regarding the purchase or sale of a security by the Complex (Complex defined below). 15.
B. Mutual Fund Reporting and Trading Restrictions.
Investment Personnel and Access Persons are prohibited from market timing any proprietary mutual funds, as well as non-proprietary funds subadvised by Prudential, and must comply with any trading restrictions established by Prudential and its clients to prevent market timing of these funds.
To deter the market timing in proprietary and non-proprietary funds subadvised by Prudential, Investment Personnel and certain officers of Prudential Investment Management (“PIM”) and Prudential Investments LLC (“PI”) are required to hold any proprietary or non-proprietary subadvised mutual funds for a period of 90 days. Investment Persons and Access Persons are also required to report mutual fund transactions covered under this policy as described below.
1. Mutual Fund Holding Period.
Investment Personnel and certain PIM and PI officers are required to hold proprietary and non-proprietary subadvised mutual funds, excluding money market funds, purchased for a period of 90 days. 16 Proprietary funds include JennisonDryden, Strategic Partners, Target, and American Skandia Advisor Funds (“American Skandia Funds”). Non-proprietary subadvised funds are defined in Exhibit 7 . Specifically, Investment Personnel and certain PIM and PI officers are prohibited from executing a purchase and a sale of the same proprietary or non-proprietary subadvised mutual fund during any 90-day period. 17 This restriction applies to accounts for which Investment Personnel and certain PIM and PI officers have a direct or indirect beneficial interest, including household members. See Section II. C.4. Profits realized on such transactions.
must be disgorged to the applicable mutual fund or client, or as otherwise deemed appropriate by the Committee. 18.
2. Policies Relating to Reporting and Trading Mutual Funds.
Access Persons are required to report all transactions of proprietary and non-proprietary subadvised mutual funds. This requirement applies to accounts for which Access Persons have a direct or indirect beneficial interest, including household members. See Section II. C.4.
Access Persons may hold and trade proprietary and non-proprietary subadvised mutual funds only through one of the authorized broker/dealers, directly with Prudential Mutual Fund Services, the Prudential Employee Savings Plan (“PESP”), or the Jennison Associates (“Jennison”) Savings and Pension Plans. However, non-proprietary subadvised funds may be traded directly with the fund provided that duplicate account statements and trade confirmations are sent directly to the Securities Monitoring Unit, Compliance Department. Investment elections or transactions executed in the executive deferred compensation plans are not subject to this requirement. 19.
Investment Personnel and Access Persons must notify the Securities Monitoring Unit of any mutual fund accounts, including accounts of all household members, held directly with the fund for all non-proprietary subadvised mutual funds. In addition, Investment Personnel and Access Persons must contact these funds to request that duplicate statements and confirmations of mutual fund trading activity be sent to the Securities Monitoring Unit. A sample letter to a brokerage firm is provided as Exhibit 1 to this Policy.
C. Additional Trading Restrictions.
The following restrictions and requirements apply to all accounts in which Access Persons and Investment Personnel have a direct or indirect beneficial interest, including accounts of household members as described in Section II. C.4.
1. Initial Public Offerings.
Investment personnel are prohibited from purchasing initial public offerings of securities. For purposes of this policy, “initial public offerings of securities” do not include offerings of government or municipal securities.
2. Private Placements.
Investment personnel are prohibited from acquiring any securities in a private placement without express prior approval. Such approval must be obtained from the local business unit head in consultation with the business unit compliance officer (such person having no personal interest in such purchases or sales), based on a determination that no conflict of interest is involved.
Investment personnel must disclose their private placement holdings to the business unit compliance officer and the business unit’s chief investment officer when the investment personnel play a part in the consideration of any investment by the portfolio in the issuer. In such circumstances, the portfolio’s decision to purchase securities of the issuer will be subject to independent review by appropriate personnel with no personal interest in the issuer.
Access Persons are prohibited from executing a securities transaction on a day during which any portfolio in their Complex has a pending buy or sell order in the same or an equivalent security and until such time as that order is executed or withdrawn. 20 This prohibition will not apply to purchases and sales executed in a fund or portfolio that replicates a broad based securities market index.
Investment personnel are prohibited from buying or selling a security within seven calendar days before or after a portfolio in their Complex trades in the same or an equivalent security. Nevertheless, a personal trade by any investment personnel shall not prevent a portfolio in the same business unit from trading in the same or an equivalent security. However, such a transaction shall be subject to independent review by their business unit compliance officer. 21 This prohibition will not apply to purchases and sales executed in a fund or portfolio that replicates a broad based securities market index.
Profits realized on transactions that are executed during blackout periods may be required to be disgorged to the business unit. Transactions inadvertently executed by an Access Person during a blackout period will not be considered a violation and disgorgement will not be required provided that the transaction was effected in accordance with the preclearance procedures and without prior knowledge of any pending purchase or sale orders in the Complex in the same or equivalent security. All disgorged profits will be donated to a charitable organization in the name of the Company or to an account or client for which the security is held or traded.
4. Short-Term Trading Profits.
Investment personnel are prohibited from profiting from a purchase and sale, or sale and purchase, of the same or an equivalent security within any sixty calendar day period. Profits realized on such proscribed trades must be disgorged to the business unit. 모든.
disgorged profits will be donated to a charitable organization in the name of the Company or to an account or client for which the security is held or traded.
Access Persons may not sell any security short which is owned by any portfolio managed by the business unit. Access Persons may, however, make short sales “against the box.” A short sale “against the box” refers to a short sale when the seller owns an equivalent amount of the same securities.
Access Persons may not write naked call options or buy naked put options on a security owned by any portfolio managed by the business unit. Access Persons may purchase options on securities not held by any portfolio managed by the business unit, or purchase call options or write put options on securities owned by any portfolio managed by the business unit, subject to preclearance and the same restrictions applicable to other securities. Access Persons may write covered call options or buy covered put options on a security owned by any portfolio managed by the business unit at the discretion of the business unit compliance officer. However, investment personnel should keep in mind that the short-term trading profit rule might affect their ability to close out an option position at a profit.
7. Investment Clubs.
Access Persons may not participate in investment clubs.
Access Persons must preclear all personal securities transactions with the exception of those identified in Section V. E. 이하. Preclearance is also not required for both proprietary and non-proprietary subadvised mutual funds. All requests for preclearance must be submitted to the business unit compliance officer for approval using the automated preclearance website which may be accessed via smartspreclearance. prudential/smarts_preclearance/. 22, 23.
All approved orders must be executed by the close of business on the day in which preclearance is granted; provided however that approved orders for securities traded in foreign markets may be executed within two business days from the date preclearance is granted. If any order is not timely executed, a request for preclearance must be resubmitted. 24.
The black out periods and the short-term trading profit rule do not apply to any of the following activities. In addition, the mutual fund 90-day holding period does not apply to items 4,7,8, and 9. Preclearance is not required for items 4, 5, 6, and 7.
1. Ineligible securities.
Purchases or sales of securities (or their equivalents) that are not eligible for purchase or sale by any portfolio in the business unit.
2. Exercise of rights issued by issuer.
Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.
3. De minimis trades.
Any trades, or series of trades effected over a 30 day calendar period, involving 500 shares or less in the aggregate of an equity security, provided that the securities are listed on the New York Stock Exchange or have a market capitalization greater than $1 billion, and the Access Person has no prior knowledge of activity in such security by any portfolio in the business unit.
Any fixed-income securities transaction, or series of related transactions effected over a 30 day calendar period, involving 100 units ($100,000 principal amount) or less in the aggregate, if the Access Person has no prior knowledge of transactions in such security by any portfolio in the business unit.
4. Discretionary accounts.
Purchases or sales of securities effected in any account over which the Access Person has no direct or indirect influence or control or in any account of the Access Person which is managed exclusively on a discretionary basis by a person other than such Access Person and with respect to which such Access Person does not in fact influence or control such transactions. 25 Access Persons must provide written documentation that evidences he/she does not have authority to participate in the management of the account and must receive written permission from the business unit compliance officer.
Any transactions in index options effected on a broad-based index. (See Exhibit 4 .)
6. Unit investment trusts and open-end mutual funds.
7. Non-volitional transactions and dividend reinvestment plans.
8. Exceptions by prior written approval.
Purchases or sales of securities which receive prior written approval of the business unit compliance officer (such person having no personal interest in such purchases or sales), based on a determination that no conflict of interest is involved and that such purchases or sales are not likely to have any economic impact on any portfolio in the business unit or on its ability to purchase or sell securities of the same class or other securities of the same issuer.
With respect to the mutual fund 90-day holding period requirement, only certain limited exceptions will be approved including, but not limited to, hardships and extended disability. Mutual fund 90-day holding period exceptions must be approved by the Business Unit Head and the PIM Chief Compliance Officer prior to execution. 26.
9. Automatic Investment/Withdrawal Programs and Automatic Rebalancing.
Purchases or sales of securities that are part of an automatic investment/withdrawal program or resulting from an automatic rebalancing.
F. Personal Trade Reporting.
All Access Persons must participate in Prudential’s Personal Trade Monitoring System as described in Section II of this Policy. In addition, all Access Persons must preclear all private securities transactions immediately and report completion of the transaction promptly, in any event not later than ten days following the close of each quarter in which the trade was executed. Forms to report such private securities transactions are available from your business unit compliance officer or the Securities Monitoring Unit.
G. Personal Securities Holdings.
Within ten days of becoming an Access Person, and thereafter on an annual basis, Access Persons (other than disinterested directors/trustees) must disclose personal securities holdings, including all holdings of private securities (e. g., limited partnership interests, private placements, etc.) and all holdings of proprietary and non-proprietary subadvised mutual funds, excluding money market funds. Holdings must be as of the date of becoming an Access Person for the initial report and on an annual basis. However, Annual Reports must include information that is current within the previous 30 days. (See Exhibit 5 for the Holdings Report Form.)
Consistent with Prudential policy, Investment Personnel are prohibited from serving on the board of directors of publicly traded companies, absent prior authorization from the business unit compliance officer based upon a determination that the board service would not be inconsistent with the interests of the investment company or other clients. In the limited instances that such board service may be authorized, Investment Personnel will be isolated from those making investment decisions affecting transactions in securities issued by any publicly traded company on whose board such Investment Personnel serves as a director through the use of a “Chinese Wall” or other procedures designed to address the potential conflicts of interest.
Consistent with Prudential’s Gift and Entertainment Policy, Access Persons are prohibited from receiving any gift or other thing that would be considered excessive in value from any person or entity that does business with or on behalf of Prudential. Access Persons must comply with Company limits and reporting guidelines for all gifts and entertainment given and/or received.
J. Code Violations and Sanctions.
Violations and other exceptions to the Policy will be provided to the business unit Chief Compliance Officer or his/her designee and the Personal Securities Trading/Mutual Fund Code of Ethics Committee (“Committee”). The Committee, comprised of business unit executives, compliance and human resource personnel, will review all violations of this Policy. The Committee will determine any sanctions or other disciplinary actions that may be deemed appropriate.
The Board of Directors/Trustees of any investment company client will be provided, as requested by client or otherwise required by regulation, with an annual report which at a minimum:
All Access Persons must act in accordance with the following general principles:
An appearance of a conflict of interest may occur if, following a meeting with a representative of an issuer, an analyst buys the issuer’s securities for his or her personal account, but does not recommend his or her client purchase such securities.
In addition to the personal securities trade reporting requirements set forth in Section II above, all associates of Private Asset Management units of Prudential Investment Management (“PIM”) are subject to certain trading restrictions as set forth below. The Private Asset Management units of PIM are as follows: Prudential Capital Group (“PCG”), Prudential Real Estate Investors (“PREI”), Private Equity and Prudential Mortgage Capital Company (“PMCC”). 27.
Such restrictions apply to transactions in any securities accounts for which the associate maintains a beneficial interest, including the following:
A. Private Side Monitored List.
Under Prudential’s Chinese Wall Policy, the Private Asset Management units are required to maintain a Private-Side Monitored List (“PSML”) containing the names of publicly-traded issuers about which they possess material nonpublic information. Associates of each of these units are restricted from purchasing or selling securities of the issuers on the PSML. 27 This restriction applies to all accounts in which the associate is deemed to have a beneficial interest as listed above.
Associates should not, however, provide the PSML to individuals outside of their business unit. The associate should instruct individuals who exercise control or have investment discretion over an account in which the associate has a beneficial interest to check with the associate prior to purchasing or selling any security for such account to ensure that no trade is placed in a security on the PSML.
If the security is on the PSML, the associate should instruct the individual exercising control over the account that he or she is prohibited from trading the security because of.
his or her employment with Prudential. In the case of a discretionary account with a brokerage firm, the preceding rule does not apply and the associate must not disclose any security or issuer with the broker in advance of any trade. In addition, a copy of the signed discretionary account agreement should be sent to the Securities Monitoring Unit.
Associates of Private Asset Management units may not advise a person not employed by Prudential, or a Prudential employee on the Public Side of the Chinese Wall that a security is restricted because Prudential is in possession of material nonpublic information.
All associates of Private Asset Management units are prohibited from participating in investment clubs. 27.
C. Additional Restrictions for Certain Units.
1. Real Estate Units.
To ensure compliance with ITSFEA and to prevent actual and apparent conflicts of interest in the Private Asset Management Real Estate units, all associates of PREI and certain associates within PMCC who are located in the U. S. (and functional associates who are co-located with PREI) are prohibited from purchasing interests in publicly-traded real estate investment trusts (“REITs”) and real estate-related securities. 27.
PIM Compliance maintains a list of real estate security issuers in the PIM Compliance Library, accessible via Lotus Notes. Please note however, that this prohibition applies to all REITs and real estate-related securities, whether they are on the list or not.
Associates who hold REIT securities or real estate securities prior to the institution of this policy or joining PREI or PMCC must obtain written approval from PIM Compliance prior to the sale of such securities. Associates of the Private Asset Management Real Estate units will be permitted to purchase shares of open end mutual funds that invest in REITs or real estate securities.
2. Prudential Capital Group.
To insure compliance with ITSFEA and to prevent actual or apparent conflicts of interest in PCG, all associates of PCG (and functional associates who support PCG) are prohibited from purchasing securities of companies listed on PCG’s 90 Day Pricing Summary Update for Public Companies (90 Day Pricing List). PIM Compliance maintains this list in the PIM Compliance Library, accessible via Lotus Notes.
A. Associated Persons’ Securities Accounts.
1. Trade Monitoring at PEG.
In addition to the requirements of ITSFEA and the NASD Conduct Rules, PEG is required by New York Stock Exchange rules to review transactions in all accounts of its associated persons and their family members. To ensure compliance with these requirements, PEG associates are prohibited from opening or maintaining any “employee account or employee-related account,” as defined below, at a firm other than the following authorized broker-dealers: Wachovia Securities (for accounts that were previously maintained at Prudential Securities), Charles Schwab, E*Trade and Fidelity Investments. (Note: Monitored employees of other Prudential business groups may also open accounts with Pruco Securities and Merrill Lynch. These options are not available to PEG associates.) Prudential has arranged to obtain electronic feeds of all trading data in accounts with the authorized firms. In addition, paper monthly statements must also be submitted to PEG Compliance.
Exceptions to this policy will be granted only in unusual circumstances. Any exception to this policy requires the prior written approval of the associate’s supervisor and the PEG Compliance Department. In those cases where accounts are approved to be held at an unauthorized firm, the Compliance Department will make arrangements to have duplicate copies of all confirmations and monthly statements sent to the associate’s supervisor and the Compliance Department. Exceptions may be granted for “employee-related accounts” in rare circumstances where the employee can demonstrate that he or she has no financial interest in such account.
B. Definition of “Employee Account” and “Employee Related Account”
“Employee accounts” include the following securities and/or commodities accounts:
“Employee-related accounts” include the following securities and/or commodities accounts:
PEG sales, trading, research and/or investment associates are not permitted to participate in Investment Clubs. Other associates must contact the PEG Compliance Department if they wish to participate in an Investment Club. An Investment Club account will be considered an Employee Account for purposes of this Policy and must be maintained at one of the authorized broker-dealers.
D. Personal Trading Restrictions.
1. Purchases of Public Equity Offerings.
All PEG associates must comply with NASD Rule 2790 as set forth in Section IV. B of this Policy. This includes a prohibition on purchasing new equity offerings directly from a syndicate member.
2. Private Securities Transactions.
In accordance with NASD Rule 3040, all associates of PEG must notify the PEG Compliance Department, in writing, and obtain written approval from the broker-dealer, prior to engaging in any private securities transaction. Private securities transactions include, but are not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.
3. Annual Compliance Training.
The NASD/NYSE Joint Memorandum on Chinese Wall Policies and Procedures (NASD Notice to Members 91-45) provides that firms which do not conduct investment banking research or arbitrage activities still must have “reasonable procedures for the education and training of its associates about insider trading” in order to be in compliance with ITSFEA. Consistent with this Notice, PEG covers insider trading issues with applicable associates as part of its annual training program.
4. 24 - Hour Research Report Restriction.
PEG associates are prohibited from effecting transactions in a company’s securities when PEG initiates coverage of the company, or upgrades or downgrades a research opinion or recommendation. This prohibition generally applies for a 24-hour period after the release of the research. If the investing public has had time to receive and react to the release of the research report, the 24-hour restriction may be shortened by the Compliance Department. The 24-hour rule becomes effective when the research is issued.
PEG associates are also prohibited from engaging in transactions in a security when the associate knows that a research report relating to the security is in preparation.
Securities subject to the 24-hour rule appear on PEG’s Restricted List. Although only the symbol for the common stock may be indicated on the Restricted List, all related securities (including common and preferred stock, convertibles, options, warrants and rights) of the companies listed (and debt securities, if indicated) are subject to restriction.
PEG’s Restricted List is a confidential list of securities that are subject to certain research, sales and trading restrictions. Securities may be placed on the Restricted List for a variety of reasons designed to ensure compliance with regulatory requirements and Company policy. For example, as stated above, securities that are subject to the 24-hour rule are placed on the Restricted List. Employees may not purchase or sell securities for their personal accounts if such transactions are prohibited by the Restricted List. Although only the symbol for the common stock may be indicated on the Restricted List, all securities from the same issuer (including common and preferred stock, convertibles, options, warrants and rights of the companies listed (and debt securities, if indicated)) are subject to restriction.
F. Additional Trading Restrictions for Certain PEG Departments.
1. Trading Restrictions.
Personal trading by Research Analysts is subject to the requirements and restrictions set forth in the Equity Research Manual available on the Compliance page of the Capital Markets Intranet site. psibranch. cs. prusec/complian/capital. htm. All questions should be referred to the PEG Compliance Department.
Trading Department associates must preclear trades of all equity securities.
For securities over which the Trading Department has trading or market-making responsibility, an employee of the Trading Department may not sell any such security that (s)he has purchased within the prior 30 calendar days or purchase any such security that (s)he had sold within the prior 30 calendar days. Under very limited circumstances, exceptions to this 30 day holding period may be granted by obtaining prior written approval from the Compliance Department.
2. Preclearance Procedures.
All requests for preclearance must be submitted to the Business Unit head and PEG Compliance for approval. All approved orders must be executed by the close of business on the day preclearance is granted.
Exhibit 1 – Sample Letter to Brokerage Firm.
Please furnish to Prudential Financial, Inc. (“Prudential”), copies of all trade confirmations and account statements with respect to all transactions for the above listed account(s). Please include all transactions in shares of unit investment trusts and all closed-end mutual funds.
Copies of these confirmations and statements should be sent to Prudential, as trades are effected, addressed as follows:
Prudential Financial, Inc.
Newark, NJ 07101-9998.
This request is being made pursuant to Rule 3050 of the Conduct Rules of the NASD and/or Rule 204-2(a) of the Investment Advisers Act, as applicable.
Very truly yours,
Exhibit 2 — Acknowledgment of the Personal Securities Trading Policy.
For employees required to report their transactions in SMARTS as described in Section II of this policy, please complete the following acknowledgment and send it to:
Prudential Financial, Inc.
Newark, NJ 07101-9998.
I have read and understand the Personal Trading Policy and have and will continue to comply in all respects with the rules contained therein.
I confirm that I have instructed in writing all brokers for all securities accounts in which I maintain a beneficial interest, as described immediately below, to send duplicate copies of all confirmations covering any transactions as trades are effected and all account statements to the address listed above. I understand that for accounts maintained at Charles Schwab, E*Trade, Merrill Lynch, Fidelity Investments, Pruco Securities, or Wachovia Securities (accounts formerly maintained at Prudential Securities), I do not need to contact these brokers in writing. Beneficial interest includes the following:
Set forth below (and on accompanying pages if necessary) is a list of all such accounts (including Charles Schwab, E*Trade, Merrill Lynch, Fidelity Investments, Pruco Securities, and Wachovia Securities (formerly Prudential Securities)) including the individual holding the account, the social security number of that individual, the name of the institution, and the account number. I understand that I must promptly advise the Compliance Department of any change in this information. I understand that if I have been classified as a Covered or Access Person that in the event circumstances change for an account for which I have been granted an exception to maintain at a non-authorized brokerage firm, I must notify the Compliance Department immediately and request that the account be reviewed in light of the changed circumstances.
Full Name of Employee.
Social Security Number of Employee.
List of all Accounts.
Name of Individual.
Social Security Number.
Name of Institution.
Exhibit 3 – Compliance and Reporting of Personal Transactions.
Treasury Bills, Notes, Bonds.
(Purchases and sales of Individual Stocks)
Optional Dividend Reinvestments.
Public Offerings (Initial & Secondary)
Automatic Dividend Reinvestments.
Open End Mutual.
Prudential Financial, Inc. Common Stock Fund.
Open End Mutual.
Funds – For Investment Personnel and Access Persons.
Proprietary Non-Money Market.
Non-proprietary subadvised Non-Money Market.
Money Market Funds.
Closed End Mutual Funds &
Unit Investments Trusts.
Affiliated Mutual Funds.
Affiliated Unit Investment Trusts.
Non-Affiliated Mutual Funds.
Non-Affiliated Unit Inv. Trusts.
Any Exchange Traded, NASDAQ,
or OTC Option or Future Including.
But not Limited To:
Futures (Including Financial Futures)
Options on Foreign Currency.
선물 옵션.
Options on Indexes.
Options on Securities.
Given by Employee - Bonds and/or Stock.
Received by Employee - Bonds and/or Stock.
Exhibit 4 – Index Options On a Broad-Based Index.
Nikkei 300 Index CI/Euro.
S&P 100 Close/Amer Index.
S&P 100 Close/Amer Index.
S&P 100 Close/Amer Index.
S&P 500 Open/Euro Index.
S&P 500 Open/Euro Index.
S&P 500 Open/Euro Index.
Russell 2000 Open/Euro Index.
Russell 2000 Open/Euro Index.
S&P Midcap 400 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Index.
S&P Small Cap 600.
U. S. Top 100 Sector.
S&P 500 Long-Term Close.
Russell 2000 L-T Open./Euro.
Russell 2000 Long-Term Index.
Exhibit 5 – Personal Securities Holdings Report.
Reviewed by: Initials: Date:
Personal Securities Holdings Report.
Listed below are all securities which I held, including those in which I had a direct or indirect beneficial interest, as of the most recent month end or the date on which I was designated as an Access Person if more recent, as required by the Personal Securities Trading Policy and the Mutual Fund Code of Ethics.
Title of Security.
Exhibit 6 — Section 16 Insiders and Designated Persons Preclearance Request Form.
This form is for preclearing transactions in Prudential securities. Please include all requested information. The Securities Monitoring Unit, Compliance Department will review and respond to all requests. You will receive a response indicating that your request has either been approved or denied. A request is not considered approved until you receive a confirmation of approval from the Securities Monitoring Unit. Preclearance is only valid until the close of business on the day approval is granted. Preclearance Forms should be faxed to the Securities Monitoring Unit at (973) 802-7454.
Part I – Information on Individual Requesting Preclearance:
Name: Phone #: Fax #:
Are you currently aware of any material non-public information regarding Prudential Financial?
Part II - Transaction Information:
¨ Cashless Exercise (Exercise and Sell all Options)
¨ Exercise & Sell to Cover (Exercise and Sell only enough shares to cover option cost and taxes)
¨ Exercise & Hold (Exercise options and hold shares – no sale involved)
¨ Exchange (into or out of Company Stock Fund)
¨ Allocation Change (Company Stock Fund)
¨ Catch-up Contribution (Company Stock Fund)
¨ Deferral Rate Change (Company Stock Fund)
¨ Disbursement (from Company Stock Fund)
¨ Loans (impacting Company Stock Fund)
¨ Deferred Compensation Elections (impacting Company Stock Fund)
¨ MasterShare Elections (impacting Company Stock Fund)
Number of Shares/Options:
Part III – Information To Be Completed by Section 16 Insiders Only:
Have you traded the same or equivalent security for your personal account, accounts in which you have a beneficial interest, such as accounts of your spouse or family members, or accounts over which you maintain investment discretion within the past six months? If yes, Compliance may contact you for additional information.
Part IV – Compliance Response :
Exhibit 7 — Non Proprietary Subadvised Mutual Funds.
PIM Subadvised Funds.
SEI Institutional Investors Trust Fund.
Jennison Subadvised Funds.
Harbor Fund - Harbor Capital Appreciation Fund.
The Hirtle Callaghan Trust - The Growth Equity Portfolio.
IDEX Mutual Funds - IDEX Jennison Equity Opportunity.
The MainStay Funds - MainStay MAP Fund.
The Preferred Group of Mutual Funds - Preferred Large Cap Growth Fund.
Scudder Focus Value Plus Growth Fund - Scudder Focus Value+Growth Fund.
Prudential Financial, Inc. (& Prudential & # 148; 또는 & # 147; Company & # 148;)는 금융 서비스 업계의 선두 주자로서 최고의 비즈니스 행동 기준을 추구합니다. 이 기준에 따라 푸르덴셜은 금융 서비스 회사를 선도하는 정책과 절차를 통합 한 개인 증권 거래 정책 (& # 147; 정책)을 개발했습니다. 이 정책은 푸르덴셜과 그 관계자가 1988 년 내부자 거래 및 증권 사기 집행법 (ITSFEA & # 148;) 및 전국 증권업 협회 (& # 147; NASD & # 148;) 행동 규칙을 준수하고, 동료가 Prudential의 주주 배정 정책에 따라 개인 거래를 수행하도록 보장합니다. 고객 & # 146; 관심사 우선.
이 정책은 내부자 거래 표준 및 요구 사항, 거래 모니터링 절차 및 Prudential 직원에 대한 개인 거래 제한을 설명합니다.
섹션 I은 모든 푸르덴셜 직원에게 적용되는 내부자 거래에 관한 푸르덴셜의 정책 성명을 제시합니다. 모든 푸르덴셜 직원은 중요한 비공개 정보의 사용 및 공개와 관련하여 책임을지는이 정책을 읽고 이해하는 것이 중요합니다.
섹션 II는 2002 년에 도입 된 공인 브로커 - 딜러 요구 사항을 포함하여 푸르덴셜의 무역 감시 절차 및 대상 및 접근 인에 대한 무역보고 의무를 명시합니다.
섹션 III는 Prudential이 지정자 및 다른 모든 Prudential 직원에게 발행 한 유가 증권의 개인 거래와 관련된 Prudential의 정책 및 제한을 명시합니다. 제 16 조 내부자에 대한 책임은 별도의 방침하에 적용됩니다.
섹션 IV는 푸르덴셜 브로커 - 딜러의 관계자에게 적용 가능한 추가적인 거래 정책 및 절차를 설명합니다.
V 장은 Prudential 포트폴리오 관리 단위 또는 거래 단위의 동료에게 적용 할 수있는 추가 거래 정책 및 절차를 설명합니다.
섹션 VI는 Prudential Investment Management (PIM & # 148;)의 사유 자산 관리 부서의 동료에게 적용되는 추가 거래 정책 및 절차를 설명합니다.
섹션 VII는 Prudential Equity Group, Inc. (& # 147; PEG & # 148;)의 동료에게 적용 가능한 추가 거래 정책 및 절차를 설명합니다.
개인 거래 및보고 책임에 대해 명확하지 않거나 본 정책의 측면에 관해 질문이있는 경우 Compliance Department의 Securities Monitoring Unit에 문의하십시오.
이 정책에 설명 된 개인 거래 정책 및 거래 모니터링 절차는 금융 서비스 회사를 선도하는 관행을 반영합니다. 사업 단위 또는 그룹은이 정책과 일치하지 않는 정책이나 절차를 채택 할 수 없습니다. 그러나 사업 단위는 증권 감시 부서의 사전 승인을 얻어 본 정책에 포함 된 정책 및 절차보다 엄격한 정책 및 절차를 채택 할 수 있습니다.
A. 중요한 비공개 정보의 사용.
B. Prudential Insider 거래 규칙.
C. 비공개 정보 란 무엇입니까?
D. 중요 정보 란 무엇입니까?
F. 사모 증권 거래.
G. 자선 기부.
H. 내부자 거래에 대한 페널티.
1. 개인에 대한 처벌.
2. 감독자에 대한 처벌.
3. 푸르덴셜에 대한 처벌.
B. 대상 및 접근 인.
C. 무역보고 요건.
1. 공인 브로커 - 딜러 요구 사항.
2. 공인 브로커 - 딜러 예외.
3. 예외 계정에 대한 무역보고 요건.
4. 개인 및 가족 회원 계정.
5.보고 가능한 증권 거래.
6. 거래 정보의 비밀 보장.
7. 추가 요구 사항.
A. 지정된 사람.
B. 특정 거래 요구 사항.
1. 지정된 사람에 대한 중개 계좌 요건.
2.인가받지 않은 중개인 - 딜러가있는 계좌에 대한 거래보고 요구 사항.
3. 거래 Windows / 블랙 아웃 기간.
4. 푸르덴셜이 발행 한 유가 증권 거래의 선결.
금지 된 거래.
C. 감독 책임.
D. 정책 위반.
A. Pruco Securities Corporation 및 Prudential Investment Management Services, LLC의 Associates에 대한 무역 모니터링.
1. 개인 유가 증권 계좌 통지 요건.
2. 연간 준수 교육 및 사후 처리.
B. 초기 주식 공개 매수의 매매에 대한 제한.
C. 사적 증권 거래.
D. PEG 어소시에이트에 대한 추가 제한.
B. 뮤추얼 펀드보고 및 거래 제한.
1. 뮤추얼 펀드 보유 기간.
2.보고 및 기금 상호 기금 관련 정책.
C. 추가 거래 제한.
1. 최초 공모.
2. 비공개 게재 위치.
3. 블랙 아웃 기간 & # 151; & # 147; 7 일 규칙 & # 148;
4. 단기 무역 이익.
7. 투자 클럽.
1. 부적격 증권.
2. 발행자가 발행 한 권리 행사.
3. 최소 거래.
4. 임의의 계정.
5. 색인 옵션.
6. 유닛 투자 신탁 및 오픈 엔드 뮤추얼 펀드.
7. 비거주 거래 및 배당금 재투자 계획.
8. 사전 서면 승인에 의한 예외.
9. 자동 투자 / 철회 프로그램 및 자동 재조정.
F. 개인 무역보고.
G. 개인 증권 홀딩스.
H. 이사로서의 봉사.
J. 코드 위반 및 제재.
K. 고객에게보고.
L. 이해 상충.
A. 개인 측 감시 목록.
B. 투자 클럽.
C. 특정 단위에 대한 추가 제한.
1. 부동산 유닛.
2. 푸르덴셜 캐피털 그룹.
A. Associated Persons & # 146; 증권 계좌.
1. PEG에서의 무역 모니터링.
B. & # 147; 직원 계정 & # 148; & # 147; 직원 관련 계정 & # 148;
C. 투자 클럽.
D. 개인 거래 제한.
1. 공공 주식 매입의 구매.
2. 사적 증권 거래.
3. 연간 준수 교육.
4. 24 시간 연구 보고서 제한.
E. 제한 목록.
F. 특정 PEG 부서에 대한 추가 거래 제한.
1. 거래 제한.
2. 사전 청산 절차.
Exhibit 1 & # 150; 중개 회사 견본 편지.
Exhibit 3 & # 150; 개인 거래의 준수 및보고.
Exhibit 4 & # 150; 광범위한 인덱스의 인덱스 옵션.
Exhibit 5 & # 150; 개인 유가 증권 보유 보고서.
Exhibit 6 & # 150; 제 16 절 내부자 및 지정된 사람 사전 비밀 요청 양식.
Exhibit 7 & # 150; 비 독점 Subarvised 뮤추얼 펀드.
푸르덴셜은 최고 수준의 기업 윤리를 지향합니다. 따라서 푸르덴셜은 중요한 비공개 정보를 적절히 보호하고 내부자 거래를 규제하는 법규를 준수하기 위해 다음과 같은 표준 및 요구 사항을 개발했습니다.
A. 중요한 비공개 정보의 사용.
푸르덴셜에서 근무하는 과정에서 푸르덴셜이나 기타 상장 회사에 관한 중요한 비공개 정보를 받거나 액세스 할 수 있습니다. 회사 정책, 업계 관행 및 연방 및 주 법률은 중요한 비공개 정보의 사용에 관한 엄격한 지침을 제정합니다.
연방 증권법에 따라 증권과 관련하여 중요한 비공개 정보를 소지하고있는 동안 증권을 매매하는 것은 불법입니다. 1 팁 & # 148;은 불법입니다. 내부 정보에 대한 다른 것들. 즉, 발행인에 대한 중요한 비공개 정보를 다른 사람에게 전달하거나 발행인의 유가 증권을 거래하도록 권유 할 수 없습니다.
내부자 거래는 증권 거래위원회 (SEC & # 148)가 주로 규제하는 법의 매우 복잡한 영역입니다. 법이나 특정 상황에 관한 질문이 있으시면 증권 감시 부서, 준법 감시 부서 또는 법무 부서에 문의하십시오. 자신의 직책과 관련하여 취득한 상장 회사에 관한 중요한 비공개 정보가 있거나 포트폴리오 또는 자산 관리 부서에 소속되어 있고 소스와 관계없이 중요한 비공개 정보가있을 수 있다고 생각되는 경우, 귀하의 최고 준법 감시인 (Chief Compliance Officer) 또는 유가 증권 감시 부서 (Securities Monitoring Unit)에게 제출하여 유가 증권을 모니터링 및 / 또는 적절한 제한 목록에 배치 할 수 있습니다.
B. Prudential Insider 거래 규칙.
아래는 내부자 거래에 관한 세 가지 규칙입니다. 이러한 규칙을 준수하지 않으면 연방 증권법을 위반할 수 있으며 섹션 H에 설명 된 엄격한 처벌을받을 수 있습니다. 이 규칙을 위반하면 Prudential이 징계를받을 수도 있습니다.
C. 비공개 정보 란 무엇입니까?
비공개 정보는 일반적으로 투자자가 이용할 수없는 정보입니다. 정보는 일반적으로 미디어를 통해 구할 수 있거나 SEC의 기업 문서와 같은 공개 문서에 공개 된 경우 공개됩니다. 그것이 국가 비즈니스 또는 금융 전신 서비스 (예 : 다우 존스 또는 블룸버그), 전국 뉴스 서비스 (예 : AP 또는 로이터), 신문, TV, 라디오 또는 공개적으로 공개되는 경우 공개 된 공개 문서 (예 : 대리 진술 또는 안내서)와 같은 정보가 공개 된 경우 해당 정보를 공개로 간주 할 수 있습니다. 정보가 일반 대중 매체 또는 공개 자료에서 이용 가능하지 않은 경우 공개되지 않았다고 간주해야합니다. 부분 공개 (정보의 일부 공개)도 소문의 존재도 정보를 공개하는 것으로 간주하기에 충분하지 않습니다. 정보가 비공개인지 여부가 확실하지 않은 경우 최고 준법 감시인 (Chief Compliance Officer), 증권 감시 부서 (Securities Monitoring Unit) 또는 법률 부서에 문의해야합니다.
민감한 정보에 특별히주의를 기울여야하는 경우가 있지만 지정된 회사 대변인으로부터 직접받은 정보는 투자 정보가 일반적으로 투자자가 이용할 수 없다고 생각하거나 알 수없는 이유가없는 한 공개 정보로 간주 할 수 있습니다. 사적인 증권 거래에 종사하는 직원은 거래에 관한 회사 대표로부터 정보를받는 사람은 그 정보가 비공개라고 추정해야합니다.
푸르덴셜 애널리스트에게 회사에 대한 특정 정보를 말하면 회사 대표는 & # 147;라고 말함으로써 정보가 공개되지 않을 수도 있음을 나타냅니다.
일반적으로 알려져 있지는 않지만. . & # 148; 이러한 상황에서 분석가는 정보가 비공개라고 추정해야합니다.
D. 중요 정보 란 무엇입니까?
중요한 정보의 법적인 정의는 없습니다. 만일 투자자가 주변의 모든 사실과 상황을 고려한다면 증권을 매매 할 것인지 또는 언제 팔 것인지를 결정할 때 그러한 정보를 중요하게 생각한다면 정보가 중요하다고 생각해야합니다. 일반적으로 발표 될 경우 증권 가격에 영향을 줄 수있는 비공개 정보는 중요한 정보로 간주되어야합니다. 비공개 정보가 중요한지 확실하지 않은 경우 법률 부서, 증권 모니터링 부서 또는 준법 감시인에게 문의하십시오.
중요한 정보는 푸르덴셜 또는 다른 공개 회사에 관한 정보 일 수 있습니다.
정보는 회사와 직접 관련이 없더라도 중요 할 수 있습니다 (예 : 정보가 해당 회사 또는 제품, 비즈니스 또는 자산과 관련이있는 경우).
중요한 정보에는 푸르덴셜과 관련이없는 회사와 관련된 푸르덴셜의 활동이나 계획에 대한 정보도 포함될 수 있습니다.
푸르덴셜이 회사와의 거래에 들어갈 정보 (예 : 특정 회사에 대규모 서비스 계약을 부여하는 경우).
푸르덴셜의 거래에 관한 정보를 보유하고있는 동안의 거래는 푸르덴셜 내부자 거래 규정에 의해 금지되며 또한 연방법을 위반할 수도 있습니다. 이러한 유형의 거래 활동은 & # 147; 전면 실행 & # 148; & 스컬 핑 (scalping) & # 148;
프론트 런은 푸르덴셜의 거래 의도를 알고있는 개인이 푸르덴셜이 거래를하기 직전에 푸르덴셜과 같은 방향으로 의도적으로 거래를 할 때 발생합니다. 예를 들어 푸르덴셜이 보안을 구입하기 직전에 보안을 구입하는 경우 (푸르덴셜이 그러한 구매를 기반으로 가격이 상승 할 것으로 예상 될 때) 또는 푸르덴셜이 그러한 보안을 판매하기 직전에 보안을 판매하는 경우 (그러한 판매로 인해 가격이 하락할 것으로 예상되는 경우) .
스컬 핑은 푸르덴셜의 무역 직후 반대 방향, 즉 푸르덴셜이 그러한 보안 판매를 중단 한 직후 보안을 구매하거나 푸르덴셜이 그러한 보안 구매를 중단 한 직후에 판매하는 반대 방향의 거래를하고 있습니다.
푸르덴셜은 ABC 사의 대규모 지분을 매각 할 계획이다. 푸르덴셜에 앞서 ABC 주식을 팔면 대형 판매가 가격을 하락시킬 것이라는 예상에 앞장서 서있다. 일시적 가격 하락을 이용하기 위해 푸르덴셜이 판매를 완료 한 후 ABC Co. 증권을 구매하면 스컬 핑에 종사하고있는 것입니다.
F. 사모 증권 거래.
연방 증권법의 사기 방지 조항은 상장 증권 및 사유 증권 모두의 거래에 적용됩니다. 그러나 내부자 거래법은 양 당사자가 동일한 중요 비공개 정보를 보유한 사기 증권 거래를 금지하지 않습니다.
귀하가 보유하고있는 보안과 관련하여 중요한 비공개 정보를 소지하고 있다면, 자선 단체에 증권을 선물하거나 선물에 대한 세금 공제를받을 수 없습니다.
H. 내부자 거래에 대한 페널티 3.
1. 개인에 대한 처벌.
중대한 비공개 정보를 보유하고있는 동안 불법적으로 거래를하거나 불법적으로 다른 사람들에게 그러한 정보를 알린 개인은 이익의 분열, 상당한 벌금 및 투옥을 포함하여 심각한 민형사 상 처벌을받을 수 있습니다. 그러한 행동의 고용 결과로는 증권 업계에서 일하는 면허의 상실 또는 중단, 푸르덴셜 (Prudential)의 고용 종료까지의 징계 조치가 포함될 수 있습니다.
2. 감독자에 대한 처벌.
이 법은 통제하는 인물에 대한 벌칙을 규정하고있다. 내부자 거래를하는 개인의 따라서 특정 상황에서 내부자 거래에 대한 책임이있는 직원의 감독자는 최대 1 백만 달러의 벌금, 민사 처벌 및 벌금, 푸르덴셜의 징계 (고용 종료까지 포함)를받을 수 있습니다.
3. 푸르덴셜에 대한 처벌.
동료가 내부자 거래에 대해 책임을지는 경우 푸르덴셜은 또한 처벌을받을 수 있습니다. 이러한 처벌에는 형사 벌금 및 민사 처벌뿐만 아니라 브로커 - 딜러, 투자 자문 및 투자 회사 활동을 포함한 특정 비즈니스 활동을 수행하는 푸르덴셜의 능력에 대한 제한이 포함됩니다.
연방법에 따라 모든 중개인 - 딜러 및 투자 자문가는 동료들에 의한 내부자 거래를 방지하기위한 절차를 수립해야합니다. 또한, 연방 양형 기준 (Federal Sentencing Guidelines)은 회사가 법률 위반을 예방하고 발견 할 수있는 합리적인 절차를 수립하도록 요구하고 있습니다. 이러한 법률 및 기타 유사한 법률 및 규칙을 준수하기 위해 Prudential은 Prudential 또는 기타 상장 회사에 관한 중요한 비공개 정보의 오용을 방지하기 위해 개인 증권 거래 정책을 개발했습니다. 모든 직원은 중요 비공개 정보의 올바른 사용을 보장하기 위해 정책의 일반 원칙을 준수해야합니다.
그러나 특정 종업원은 개인 거래 활동을 모니터링해야하며 추가 제한이 적용될 수 있습니다. 푸르덴셜은 푸르덴셜이나 외부 공개 회사, 포트폴리오 관리 활동 또는 기타 민감한 정보에 대한 비공개 기업 정보에 일상적으로 액세스 할 수있는 직원의 개인 증권 거래를 모니터링하는 프로그램을 수립했습니다. 이 개인은 SMARTS & # 148;로 알려진 증권 거래 모니터링 시스템에서 개인 증권 거래를 모니터링해야합니다. (증권 모니터링 자동화 된보고 및 추적 시스템).
B. 대상 및 접근 인.
특정 종업원은 & # 147; Covered & # 148; 또는 & # 147; 액세스 & # 148; 사람 (아래 정의 된대로). 이 개인은 액세스 권한이있는 정보를 기반으로 분류됩니다. 대상 및 접근자는 허가 된 브로커 - 딜러 요구 사항 (아래 논의 됨)을 준수해야합니다.
& # 147; 액세스 사용자 & # 148; - 포트폴리오 관리 활동에 종사하거나 포트폴리오 관리 활동을 지원하는 직원. 특정 요구 사항에 대해서는 섹션 V를 참조하십시오.
& nbsp; & nbsp; 대상자 & # 148; & # 150; 접근 권한자를 제외한, 외부 공개 회사에 대한 중요한 비공개 정보 또는 모니터링 의무가있는 개인에게 액세스 할 수있는 직원.
출입 여부가 확실하지 않은 경우 최고 준법 감시인 또는 증권 감시 부서에 연락하십시오. 4.
C. 무역보고 요건.
1. 공인 브로커 - 딜러 요구 사항.
대상 및 접근자는 허가 된 중개인 대리점에서 개인 중개 계좌를 유지해야합니다. 권한을 부여받은 기업은 이전에 푸르덴셜 증권 (Prudential Securities)에서 유지 관리 한 계정 인 Wachovia 증권, Pruco Securities, Charles Schwab, E * TRADE, Fidelity Investments 및 Merrill Lynch입니다. Covered 및 Access Person은 공인 브로커 - 딜러 웹 사이트 njplazx51 / authorizedbrokerdealers를 통해 각 회사에 대한 정보를 찾을 수 있습니다. 공인 된 브로커 - 딜러 요구 사항의 적용을받는 계정 유형은 아래 섹션 C에 나열되어 있습니다.
미국 EquiServe Trust Company, N. A에있는 Prudential Financial, Inc. 유가 증권은 양도 될 필요가 없습니다.
이 요구 사항을 준수하는 신규 어소시에이트는 수령인 및 접근 인이 된 지 60 일 이내에 계좌를인가 된 브로커 - 딜러에게 양도해야합니다. 어소시에이트는 브로커에게 거래 활동 (서면 확인서 및 진술서)을 계좌 이체 과정에있는 증권 감시 부서에 보내도록 지시해야합니다. 중개 회사에 보내는 샘플 편지가이 정책의 별첨 1로 제공됩니다.
2. 공인 브로커 - 딜러 예외.
공인 된 브로커 - 딜러 요구 사항에 대한 예외는 제한적이므로 검토를 위해 수석 부사장 급 이상으로 해당 비즈니스 유닛 또는 기업 부서 임원에게 요청할 비즈니스 부서 책임자 인 Chief Compliance Officer에게 제출해야합니다. 모든 예외에 대한 문서는 검토를 위해 사업부 준수 책임자에게 전달해야합니다. 예외는 다음 기준에 따라 사례별로 평가됩니다.
3. 예외 계정에 대한 무역보고 요건.
공인 브로커 - 딜러 요구 사항에 대한 예외가 부여 된 경우 증권 계좌를 관리하는 중개 회사가 귀하의 거래 확인서 및 계좌 내역서 (& # 147; 트레이딩 액티비티 & 148)를 유가 증권 감시 부서에 제출해야한다. 중개 회사에 보내는 샘플 편지가이 정책의 별첨 1로 제공됩니다. Wachovia Securities (이전에 Prudential Securities에서 유지 보수 한 계정), Pruco Securities, Charles Schwab, E * TRADE, Merrill Lynch 및 Fidelity Investments는이 요구 사항에서 면제됩니다. 5.
4. 개인 및 가족 회원 계정.
귀하는 다음을 포함하여 귀하가 유익한 이익을 갖는 모든 유가 증권 계정을 위에서 설명한 방식으로 유지해야합니다.
뮤추얼 펀드 및 / 또는 529 대학 저축 플랜의 구매 및 판매에만 제한적인 계정은 정책의 대상이 아니며 공개 할 필요가 없습니다. 7 그러나 계좌가 다른 유가 증권을 거래 할 수있는 경우 뮤추얼 펀드 만 보유하고 있어도 증권 계좌가 적용됩니다.
모든 모니터 대상 직원은 Exhibit 2로 첨부 된 연간 Acknowledgement Form을 작성하여 서명해야하며, 공인 중개인 - 딜러 및 비인가 업체에서 개최되는 모든 중개 계좌의 위치를 식별하고 나열해야합니다. 후자의 경우, Acknowledgement Form에 귀하의 서명이 있으면 귀하가 모든 계좌에 대해 계좌 진술서 및 거래 확인서 사본을 증권 감시 부서로 보내도록 모든 중개인에게 지시했음을 확인할 것입니다.
증권 모니터링 부서 (Securities Monitoring Unit)가 전자 방식으로 귀하에게 제공하는 승인 양식은 매년 작성해야합니다. 8.
5.보고 가능한 증권 거래.
일반적으로 모든 증권 거래는 변액 보험 상품 (연금 포함), 예금 증서 및 특정 미국 정부 증권의 매매를 제외하고 액세스 및 대상자가보고 할 수 있습니다. 또한, 대상자는 오픈 엔드 뮤추얼 펀드의 구매 및 판매를보고 할 필요가 없습니다. 그러나 접근 인은 섹션 V에서 설명한대로 특정 오픈 엔드 뮤추얼 펀드의 거래와 보유를보고해야합니다. Exhibit 3에 첨부 된 도표는보고 가능한 개인 증권 거래를 나타냅니다.
6. 거래 정보의 비밀 보장.
증권 감시 부서 (Securities Monitoring Unit)는 SMARTS를 유지 관리 할 책임이 있으며 귀하의 투자 기록이 기밀 사항임을 인정합니다. 따라서 유가 증권 감시 부서는 관련 거래 정보를 수집하고 검토하기 위해 신중한 절차를 밟아 그러한 기록이 가장 엄격하게 유지되도록합니다. 사업 단장 및 사업부 준수 담당자가 검토 한 예외 보고서 외에이 정보에 액세스 할 수있는 유일한 사람은 규정 준수 부서의 소규모 그룹입니다.
7. 추가 요구 사항.
추가 정보 및 지침은 다음 섹션에서 찾을 수 있습니다.
지정된 사람을위한 요구 사항 & # 150; 섹션 III.
브로커 딜러의 준회원 요건 & # 150; 섹션 IV.
포트폴리오 관리 단위 요건 & # 150; 섹션 V.
개인 자산 관리 단위 (Private Asset Management Units)에 대한 요구 사항 & # 150; 섹션 VI.
PEG & # 150; 섹션 VII.
이 섹션은 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스 할 수있는 직원의 요구 사항을 구체적으로 설명합니다. 이러한 요구 사항은 주요 금융 서비스 회사의 정책과 일치합니다. 섹션 16 내부자와 관련된 특정 정책 및 절차는 증권 감독 부서 (Securities Monitoring Unit)를 통해 제공되는 별도의 정책 성명서로 처리됩니다.
& # 147; 지정된 사람 & # 148; 자신의 업무가 정상적으로 진행되는 동안 하나 이상의 비즈니스 단위 또는 기업 수준 정보에 대한 정보를 포함하여 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스하는 직원입니다. Executive Vice President (EVP & # 148) 이상의 계열사 직원은 지정된 사람으로 간주됩니다. 각 부위원장과 EVP 및 직속보고에 대한 직접 보고서는 지정된 사람으로 간주됩니다.
각 사업부의 부회장 (부회장, 부사장)은 수준에 관계없이 푸르덴셜에 관한 중요한 비공개 정보에 일상적으로 액세스하는 각 부서의 추가 직원을 파악해야합니다. 이 목록의 변경 사항을 증권 감시 부서에 통보하는 것은 재무 부장관의 책임입니다.
마지막으로, 다른 모든 비즈니스 그룹 및 기업 부서의 관리는 업무 수행을 통해 중요한 비공개 정보에 정기적으로 액세스하는 추가 직원의 증권 모니터링 부서를 식별하여 알려야합니다.
지정된 사람으로 분류되었지만 중요한 비공개 정보에 액세스 할 수 없다고 생각하는 직원은이 요구 사항에 대한 예외를 요청할 수 있습니다. 요청은 법률 부서와 협의하여 요청을 검토하고 촉진하는 증권 감시 부서 (Securities Monitoring Unit)로 전달되어야합니다. 특정 예외 사항은 Prudential의 법률 고문의 승인을 받아야합니다.
B. 특정 거래 요구 사항.
모든 직원은 회사에 관한 중요한 비공개 정보를 보유하고있는 동안 푸르덴셜이 발행 한 유가 증권을 거래 할 수 없습니다. 모든 직원은 상자 판매를 포함하여 짧은 판매를 금지합니다. & # 148; 푸르덴셜이 발행 한 유가 증권에 대한 옵션 거래에 참여하는 것을 금지합니다. 종업원은 푸르덴셜이 발행 한 유가 증권에 투기 거래를하지 않는 것이 바람직하며 장기 투자를 위해 푸르덴셜 증권을 보유하는 것이 좋습니다.
지정 인은 증권 감독 부서를 통해 집행되기 전에 회사 증권의 모든 거래를 미리 요구해야합니다. 이 요구 사항은 제외됩니다.
transactions in Prudential mutual funds and annuities. Trades will be approved only during open “trading windows.” Designated Persons are also subject to the general prohibition relating to short sales and options transactions. These restrictions apply to all accounts in which a Designated Person has a direct or indirect beneficial interest including, but not limited to, accounts for spouses, family members living in your household, and accounts for which the Designated Person or his/her family member exercises investment discretion.
1. Brokerage Account Requirements for Designated Persons.
Designated Persons are required to hold and trade Prudential Financial, Inc. common stock and related equity derivative securities (“PRU”) only at an authorized broker-dealer. The authorized firms are Wachovia Securities (for accounts that were previously maintained at Prudential Securities), Pruco Securities, Charles Schwab, E*TRADE, Fidelity Investments, and Merrill Lynch.
Designated Persons can access information about each firm through the authorized broker-dealer website at njplazx51/authorizedbrokerdealers.
This requirement applies to accounts for you, your family members, or accounts in which you have a beneficial interest or over which you have trading authority. See Section II. C.4. for a complete list of applicable accounts. You may still maintain your accounts at non-authorized broker-dealers for your non-PRU positions, however those accounts are still subject to Prudential’s monitoring procedures outlined below in Section B.2.
While PRU stock held by you at EquiServe Trust Company, N. A., (“EquiServe”) is subject to the provisions of this Policy (e. g., transactions are subject to preclearance and trading window requirements), Designated Persons are not required to transfer PRU positions held at EquiServe to an authorized broker-dealer.
2. Trade Reporting Requirements for Accounts with Non-Authorized Broker-Dealers.
Designated Persons who maintain brokerage accounts with brokerage firms (for their non-PRU positions) other than the authorized broker-dealers listed in Section B.1. above, must direct the brokerage firm(s) to send duplicate copies of trade confirmations and account statements to the Securities Monitoring Unit. 9 A sample letter to a brokerage firm is provided as Exhibit 1 to this Policy.
3. Trading Windows/Blackout Periods.
Designated Persons are permitted to trade in securities issued by Prudential only during open trading windows. Approximately 24 hours after the Company releases its quarterly earnings to the public, the trading window generally opens and generally will remain open until approximately two weeks before the end of each quarter. In addition, the Company may notify Designated Persons regarding unscheduled blackout periods. For example, in the event the Company decides to make an unscheduled announcement.
(e. g., a pre quarter-end earnings estimate), Prudential may restrict trading activity during a normally permissible trading window. The Securities Monitoring Unit will notify Designated Persons of the opening of trading windows and the commencement of blackout periods.
4. Preclearance of Trading in Securities Issued by Prudential.
Designated Persons are required to preclear all transactions in securities issued by Prudential through the Securities Monitoring Unit. Designated Persons should submit requests electronically through the SMARTS Preclearance Intranet site. Designated Persons will be sent a link to the Preclearance site from the Securities Monitoring Unit, and a link is also available from the Compliance Department’s Intranet site. All approved transactions are valid until the close of business on the day in which preclearance is granted. Therefore, Designated Persons may not enter into “good until cancelled” or “limit” orders involving Prudential securities that carry over until the next trading day. (See Exhibit 6 for sample SMARTS Preclearance Request Form.)
Transactions that require preclearance include, but are not limited to, the following:
5. Prohibited Transactions.
All employees are prohibited from selling short including “short sales against the box” and from participating in any options transactions on any securities issued by Prudential. In addition, Designated Persons are prohibited from exercising their employee stock options during a blackout period, regardless of whether the transaction involves the sale of Prudential securities. As a result, controls have been established to prevent option exercises during closed trading windows.
Certain controls have been established to prevent trading activity in PESP during closed trading periods. PESP transactions that are blocked include exchanges, deferral rate and allocation changes, loans and distributions. Remember, it is the Designated Person’s obligation to comply with this Policy including the preclearance and trading window requirements. If a blocking system fails, the employee will be responsible for the exception to the Policy.
C. Supervisory Responsibilities.
The VP’s of Finance, in conjunction with the Business Unit and Department Heads or their designees, are responsible for identifying changes to the Designated Persons list in their areas and informing the Securities Monitoring Unit, and, with the Securities Monitoring Unit, facilitating employee understanding of and conformity with this Policy. The trade monitoring process is conducted by the Securities Monitoring Unit with matters brought to the attention of Business Unit/Department Head management as needed.
D. Violations to the Policy.
Violations or other exceptions to this policy including the preclearance and trading window requirements are reviewed by the Designated Persons Personal Trading Policy Committee. Policy violations or exceptions that may result in disciplinary action, other than an educational reminder, will be resolved with the employee’s supervisor. Individuals who do not comply with the Policy are subject to disciplinary action up to and including termination of employment.
A. Trade Monitoring for Associates of Pruco Securities Corporation and Prudential Investment Management Services, LLC.
Pruco Securities Corporation (“Pruco”) is a full service broker-dealer whose business is limited to the facilitation of non-solicited customer orders of general securities and the distribution of investment company and variable contract products. Prudential Investment Management Services LLC. (“PIMS”) and American Skandia Marketing, Incorporated (“American Skandia”) are a full service broker-dealers whose primary business is restricted to the facilitation of customer orders in and distribution of Prudential mutual funds, annuities, and 529 plan interests.
Unlike Prudential units that participate in the Personal Trade Monitoring System, the nature and scope of Pruco’s, PIMS’, and American Skandia’s business is such that their associates do not have access to material nonpublic information concerning publicly traded securities through their employment. 10 Accordingly, Pruco, PIMS and American Skandia associates are generally not required to participate in SMARTS. However, pursuant to SEC and NASD regulations, Pruco and PIMS Registered Representatives must comply with the following reporting requirements: 11.
1. Notification Requirements for Personal Securities Accounts.
In accordance with NASD Rule 3050, Pruco and PIMS Registered Representatives (“Registered Representatives”) must notify Pruco/PIMS, in writing, prior to opening an account at another broker-dealer, and must notify Pruco/PIMS of any accounts opened prior to becoming a Pruco/PIMS Registered Representative. Registered Representatives must also notify broker-dealers, prior to opening such accounts, that they are Registered Representatives of Pruco/PIMS. However, if the account was established prior to the association of the person with Pruco/PIMS, the Registered Representative must notify the broker-dealer in writing promptly after becoming so associated.
These notification requirements apply to all personal securities accounts of Registered Representatives and any securities accounts over which they have discretionary authority.
Registered Representatives are not required to report accounts that are limited to the following types of investments: (1) mutual funds; (2) variable life and variable annuity contracts; (3) unit investment trusts; (4) certificates of deposit; (5) 529 Plans; and (6) money market fund accounts. 12.
2. Annual Compliance Training and Sign-off.
The NASD/NYSE Joint Memorandum on Chinese Wall Policies and Procedures (NASD Notice to Members 91-45) provides that firms that do not conduct investment banking research or arbitrage activities still must have “reasonable procedures for the education and training of its associates about insider trading” in order to be in compliance with ITSFEA. Consistent with this Notice, Pruco/PIMS includes a statement concerning insider trading in its annual Compliance Overview. Annually, all Registered Representatives are required to sign a statement affirming that they have read and understand Pruco’s/PIMS’ policy concerning insider trading as described in the Insurance Division or the PIMS Compliance Manual and as set forth in Prudential’s Policy Statement On Insider Trading contained in Section I of this Policy.
B. Restrictions on the Purchase and Sale of Initial Equity Public Offerings.
NASD Rule 2790 prohibits broker-dealers from purchasing or retaining “new issues” in their own accounts and from selling new issues to a restricted person. Restricted persons are defined as directors, officers, general partners, employees, associated persons and agents engaged in the investment banking or securities business of any broker-dealer. “New Issues” are any initial public offerings of an equity security.
These basic prohibitions also cover sales of new issues to accounts in which any restricted person may have a beneficial interest and, with limited exceptions, to members of the immediate family of such persons. A Restricted Person is permitted to have an interest in an account that purchases new issues (i. e., collective investment accounts including hedge funds, investment partnerships, investment corporations, etc.) provided that the beneficial interests of all restricted persons do not in aggregate exceed 10% of the total account.
The overall purpose of this prohibition is to protect the integrity of the public offering process by requiring that NASD members make a bona-fide public distribution of securities by not withholding such securities for their own benefit or using the securities to reward other persons who are in a position to direct future business to the firm.
To ensure compliance with this Rule, associated persons of Prudential’s broker-dealers are prohibited from purchasing securities in any public offerings of equity securities. This prohibition includes all associates of Prudential’s broker-dealers including PIMS, PRUCO, American Skandia and PEG (See Section VII for a full discussion of requirements and restrictions applicable to PEG associates.)
The policy applies to all public offerings of equity securities, whether or not the above broker-dealers are participating in the offering. There are no prohibitions on purchases of public offerings of, investment grade asset-backed securities, open-end mutual funds, preferred securities, convertible securities or any debt securities, including but not limited to municipal or government securities.
Which accounts are restricted:
Accounts of all persons associated with the above broker-dealers and their immediate families are restricted from purchasing equity public offerings of securities. The term “immediate family” includes parents, mother-in-law, father-in-law, spouse, siblings, brother-in-law, sisters-in-law, children and their spouses, or any other person who is supported (directly or indirectly) to a material extent by the associated person.
The prohibition does not apply to sales to a member of the associate’s immediate family who is not supported directly or indirectly to a material extent by the associate, if the sale is by a broker-dealer other than that employing the restricted person and the restricted person has no ability to control the allocation of the new issue. For information on this exception, please contact your broker-dealer compliance officer.
C. Private Securities Transactions.
In accordance with NASD Rule 3040, all associates of PIMS, Pruco and PEG must notify their broker-dealer, in writing, and obtain written approval from the broker-dealer, prior to engaging in any private securities transaction. Private securities transactions include, but are not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.
Such notification should be made to the compliance officer for the broker-dealer or the compliance officer’s designee who will be responsible for approving private securities transactions. This notification requirement does not apply to those trades for which duplicate confirmations are provided by the executing broker. For associates who are subject to preclearance, the preclearance form will satisfy the notification requirement.
D. Additional Restrictions for PEG Associates.
PEG associates are subject to certain additional personal trading restrictions, which are set forth in Section VII .
Rule 17(j) under the Investment Company Act of 1940 requires that every investment company adopt procedures designed to prevent improper personal trading by investment company personnel. Rule 17(j) was created to prevent conflicts of interest between investment company personnel and shareholders, to promote shareholder value, and to prevent investment company personnel from profiting from their access to proprietary information.
In light of the adoption of Rule 17(j) and the growing concern that the mutual fund industry needed to police itself, the Investment Company Institute (“ICI”), an industry group, assembled a blue ribbon panel and, in 1994, issued a report setting forth a series of recommendations concerning personal trading by investment personnel. These recommendations, known as the “ICI rules”, have been praised by the SEC, and have been adopted by the majority of the asset management industry associated with U. S. registered investment companies.
It is the duty of all Access Persons to act in a manner that avoids any conflict of interest or the appearance of a conflict of interest with Prudential’s customers or shareholders. In addition, it is the responsibility of each Access Person to comply with all applicable Federal Securities Laws. In keeping with our ethical standards and the practices of the industry leaders, Prudential has adopted the ICI rules for all of its portfolio management units. The ICI rules concerning personal trading are set forth below and are applicable to these portfolio management units and certain associates outside the specific business unit who provide direct support to these units. 13 In addition, the ICI rules, with certain exceptions, have also been adopted for other investment management units within Prudential including, for example, Prudential Investments LLC. 14.
The following terms are defined for purposes of this policy:
current or pending information regarding the purchase or sale of a security by the Complex (Complex defined below). 15.
B. Mutual Fund Reporting and Trading Restrictions.
Investment Personnel and Access Persons are prohibited from market timing any proprietary mutual funds, as well as non-proprietary funds subadvised by Prudential, and must comply with any trading restrictions established by Prudential and its clients to prevent market timing of these funds.
To deter the market timing in proprietary and non-proprietary funds subadvised by Prudential, Investment Personnel and certain officers of Prudential Investment Management (“PIM”) and Prudential Investments LLC (“PI”) are required to hold any proprietary or non-proprietary subadvised mutual funds for a period of 90 days. Investment Persons and Access Persons are also required to report mutual fund transactions covered under this policy as described below.
1. Mutual Fund Holding Period.
Investment Personnel and certain PIM and PI officers are required to hold proprietary and non-proprietary subadvised mutual funds, excluding money market funds, purchased for a period of 90 days. 16 Proprietary funds include JennisonDryden, Strategic Partners, Target, and American Skandia Advisor Funds (“American Skandia Funds”). Non-proprietary subadvised funds are defined in Exhibit 7 . Specifically, Investment Personnel and certain PIM and PI officers are prohibited from executing a purchase and a sale of the same proprietary or non-proprietary subadvised mutual fund during any 90-day period. 17 This restriction applies to accounts for which Investment Personnel and certain PIM and PI officers have a direct or indirect beneficial interest, including household members. See Section II. C.4. Profits realized on such transactions.
must be disgorged to the applicable mutual fund or client, or as otherwise deemed appropriate by the Committee. 18.
2. Policies Relating to Reporting and Trading Mutual Funds.
Access Persons are required to report all transactions of proprietary and non-proprietary subadvised mutual funds. This requirement applies to accounts for which Access Persons have a direct or indirect beneficial interest, including household members. See Section II. C.4.
Access Persons may hold and trade proprietary and non-proprietary subadvised mutual funds only through one of the authorized broker/dealers, directly with Prudential Mutual Fund Services, the Prudential Employee Savings Plan (“PESP”), or the Jennison Associates (“Jennison”) Savings and Pension Plans. However, non-proprietary subadvised funds may be traded directly with the fund provided that duplicate account statements and trade confirmations are sent directly to the Securities Monitoring Unit, Compliance Department. Investment elections or transactions executed in the executive deferred compensation plans are not subject to this requirement. 19.
Investment Personnel and Access Persons must notify the Securities Monitoring Unit of any mutual fund accounts, including accounts of all household members, held directly with the fund for all non-proprietary subadvised mutual funds. In addition, Investment Personnel and Access Persons must contact these funds to request that duplicate statements and confirmations of mutual fund trading activity be sent to the Securities Monitoring Unit. A sample letter to a brokerage firm is provided as Exhibit 1 to this Policy.
C. Additional Trading Restrictions.
The following restrictions and requirements apply to all accounts in which Access Persons and Investment Personnel have a direct or indirect beneficial interest, including accounts of household members as described in Section II. C.4.
1. Initial Public Offerings.
Investment personnel are prohibited from purchasing initial public offerings of securities. For purposes of this policy, “initial public offerings of securities” do not include offerings of government or municipal securities.
2. Private Placements.
Investment personnel are prohibited from acquiring any securities in a private placement without express prior approval. Such approval must be obtained from the local business unit head in consultation with the business unit compliance officer (such person having no personal interest in such purchases or sales), based on a determination that no conflict of interest is involved.
Investment personnel must disclose their private placement holdings to the business unit compliance officer and the business unit’s chief investment officer when the investment personnel play a part in the consideration of any investment by the portfolio in the issuer. In such circumstances, the portfolio’s decision to purchase securities of the issuer will be subject to independent review by appropriate personnel with no personal interest in the issuer.
Access Persons are prohibited from executing a securities transaction on a day during which any portfolio in their Complex has a pending buy or sell order in the same or an equivalent security and until such time as that order is executed or withdrawn. 20 This prohibition will not apply to purchases and sales executed in a fund or portfolio that replicates a broad based securities market index.
Investment personnel are prohibited from buying or selling a security within seven calendar days before or after a portfolio in their Complex trades in the same or an equivalent security. Nevertheless, a personal trade by any investment personnel shall not prevent a portfolio in the same business unit from trading in the same or an equivalent security. However, such a transaction shall be subject to independent review by their business unit compliance officer. 21 This prohibition will not apply to purchases and sales executed in a fund or portfolio that replicates a broad based securities market index.
Profits realized on transactions that are executed during blackout periods may be required to be disgorged to the business unit. Transactions inadvertently executed by an Access Person during a blackout period will not be considered a violation and disgorgement will not be required provided that the transaction was effected in accordance with the preclearance procedures and without prior knowledge of any pending purchase or sale orders in the Complex in the same or equivalent security. All disgorged profits will be donated to a charitable organization in the name of the Company or to an account or client for which the security is held or traded.
4. Short-Term Trading Profits.
Investment personnel are prohibited from profiting from a purchase and sale, or sale and purchase, of the same or an equivalent security within any sixty calendar day period. Profits realized on such proscribed trades must be disgorged to the business unit. 모든.
disgorged profits will be donated to a charitable organization in the name of the Company or to an account or client for which the security is held or traded.
Access Persons may not sell any security short which is owned by any portfolio managed by the business unit. Access Persons may, however, make short sales “against the box.” A short sale “against the box” refers to a short sale when the seller owns an equivalent amount of the same securities.
Access Persons may not write naked call options or buy naked put options on a security owned by any portfolio managed by the business unit. Access Persons may purchase options on securities not held by any portfolio managed by the business unit, or purchase call options or write put options on securities owned by any portfolio managed by the business unit, subject to preclearance and the same restrictions applicable to other securities. Access Persons may write covered call options or buy covered put options on a security owned by any portfolio managed by the business unit at the discretion of the business unit compliance officer. However, investment personnel should keep in mind that the short-term trading profit rule might affect their ability to close out an option position at a profit.
7. Investment Clubs.
Access Persons may not participate in investment clubs.
Access Persons must preclear all personal securities transactions with the exception of those identified in Section V. E. 이하. Preclearance is also not required for both proprietary and non-proprietary subadvised mutual funds. All requests for preclearance must be submitted to the business unit compliance officer for approval using the automated preclearance website which may be accessed via smartspreclearance. prudential/smarts_preclearance/. 22, 23.
All approved orders must be executed by the close of business on the day in which preclearance is granted; provided however that approved orders for securities traded in foreign markets may be executed within two business days from the date preclearance is granted. If any order is not timely executed, a request for preclearance must be resubmitted. 24.
The black out periods and the short-term trading profit rule do not apply to any of the following activities. In addition, the mutual fund 90-day holding period does not apply to items 4,7,8, and 9. Preclearance is not required for items 4, 5, 6, and 7.
1. Ineligible securities.
Purchases or sales of securities (or their equivalents) that are not eligible for purchase or sale by any portfolio in the business unit.
2. Exercise of rights issued by issuer.
Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.
3. De minimis trades.
Any trades, or series of trades effected over a 30 day calendar period, involving 500 shares or less in the aggregate of an equity security, provided that the securities are listed on the New York Stock Exchange or have a market capitalization greater than $1 billion, and the Access Person has no prior knowledge of activity in such security by any portfolio in the business unit.
Any fixed-income securities transaction, or series of related transactions effected over a 30 day calendar period, involving 100 units ($100,000 principal amount) or less in the aggregate, if the Access Person has no prior knowledge of transactions in such security by any portfolio in the business unit.
4. Discretionary accounts.
Purchases or sales of securities effected in any account over which the Access Person has no direct or indirect influence or control or in any account of the Access Person which is managed exclusively on a discretionary basis by a person other than such Access Person and with respect to which such Access Person does not in fact influence or control such transactions. 25 Access Persons must provide written documentation that evidences he/she does not have authority to participate in the management of the account and must receive written permission from the business unit compliance officer.
Any transactions in index options effected on a broad-based index. (See Exhibit 4 .)
6. Unit investment trusts and open-end mutual funds.
7. Non-volitional transactions and dividend reinvestment plans.
8. Exceptions by prior written approval.
Purchases or sales of securities which receive prior written approval of the business unit compliance officer (such person having no personal interest in such purchases or sales), based on a determination that no conflict of interest is involved and that such purchases or sales are not likely to have any economic impact on any portfolio in the business unit or on its ability to purchase or sell securities of the same class or other securities of the same issuer.
With respect to the mutual fund 90-day holding period requirement, only certain limited exceptions will be approved including, but not limited to, hardships and extended disability. Mutual fund 90-day holding period exceptions must be approved by the Business Unit Head and the PIM Chief Compliance Officer prior to execution. 26.
9. Automatic Investment/Withdrawal Programs and Automatic Rebalancing.
Purchases or sales of securities that are part of an automatic investment/withdrawal program or resulting from an automatic rebalancing.
F. Personal Trade Reporting.
All Access Persons must participate in Prudential’s Personal Trade Monitoring System as described in Section II of this Policy. In addition, all Access Persons must preclear all private securities transactions immediately and report completion of the transaction promptly, in any event not later than ten days following the close of each quarter in which the trade was executed. Forms to report such private securities transactions are available from your business unit compliance officer or the Securities Monitoring Unit.
G. Personal Securities Holdings.
Within ten days of becoming an Access Person, and thereafter on an annual basis, Access Persons (other than disinterested directors/trustees) must disclose personal securities holdings, including all holdings of private securities (e. g., limited partnership interests, private placements, etc.) and all holdings of proprietary and non-proprietary subadvised mutual funds, excluding money market funds. Holdings must be as of the date of becoming an Access Person for the initial report and on an annual basis. However, Annual Reports must include information that is current within the previous 30 days. (See Exhibit 5 for the Holdings Report Form.)
Consistent with Prudential policy, Investment Personnel are prohibited from serving on the board of directors of publicly traded companies, absent prior authorization from the business unit compliance officer based upon a determination that the board service would not be inconsistent with the interests of the investment company or other clients. In the limited instances that such board service may be authorized, Investment Personnel will be isolated from those making investment decisions affecting transactions in securities issued by any publicly traded company on whose board such Investment Personnel serves as a director through the use of a “Chinese Wall” or other procedures designed to address the potential conflicts of interest.
Consistent with Prudential’s Gift and Entertainment Policy, Access Persons are prohibited from receiving any gift or other thing that would be considered excessive in value from any person or entity that does business with or on behalf of Prudential. Access Persons must comply with Company limits and reporting guidelines for all gifts and entertainment given and/or received.
J. Code Violations and Sanctions.
Violations and other exceptions to the Policy will be provided to the business unit Chief Compliance Officer or his/her designee and the Personal Securities Trading/Mutual Fund Code of Ethics Committee (“Committee”). The Committee, comprised of business unit executives, compliance and human resource personnel, will review all violations of this Policy. The Committee will determine any sanctions or other disciplinary actions that may be deemed appropriate.
The Board of Directors/Trustees of any investment company client will be provided, as requested by client or otherwise required by regulation, with an annual report which at a minimum:
All Access Persons must act in accordance with the following general principles:
An appearance of a conflict of interest may occur if, following a meeting with a representative of an issuer, an analyst buys the issuer’s securities for his or her personal account, but does not recommend his or her client purchase such securities.
In addition to the personal securities trade reporting requirements set forth in Section II above, all associates of Private Asset Management units of Prudential Investment Management (“PIM”) are subject to certain trading restrictions as set forth below. The Private Asset Management units of PIM are as follows: Prudential Capital Group (“PCG”), Prudential Real Estate Investors (“PREI”), Private Equity and Prudential Mortgage Capital Company (“PMCC”). 27.
Such restrictions apply to transactions in any securities accounts for which the associate maintains a beneficial interest, including the following:
A. Private Side Monitored List.
Under Prudential’s Chinese Wall Policy, the Private Asset Management units are required to maintain a Private-Side Monitored List (“PSML”) containing the names of publicly-traded issuers about which they possess material nonpublic information. Associates of each of these units are restricted from purchasing or selling securities of the issuers on the PSML. 27 This restriction applies to all accounts in which the associate is deemed to have a beneficial interest as listed above.
Associates should not, however, provide the PSML to individuals outside of their business unit. The associate should instruct individuals who exercise control or have investment discretion over an account in which the associate has a beneficial interest to check with the associate prior to purchasing or selling any security for such account to ensure that no trade is placed in a security on the PSML.
If the security is on the PSML, the associate should instruct the individual exercising control over the account that he or she is prohibited from trading the security because of.
his or her employment with Prudential. In the case of a discretionary account with a brokerage firm, the preceding rule does not apply and the associate must not disclose any security or issuer with the broker in advance of any trade. In addition, a copy of the signed discretionary account agreement should be sent to the Securities Monitoring Unit.
Associates of Private Asset Management units may not advise a person not employed by Prudential, or a Prudential employee on the Public Side of the Chinese Wall that a security is restricted because Prudential is in possession of material nonpublic information.
All associates of Private Asset Management units are prohibited from participating in investment clubs. 27.
C. Additional Restrictions for Certain Units.
1. Real Estate Units.
To ensure compliance with ITSFEA and to prevent actual and apparent conflicts of interest in the Private Asset Management Real Estate units, all associates of PREI and certain associates within PMCC who are located in the U. S. (and functional associates who are co-located with PREI) are prohibited from purchasing interests in publicly-traded real estate investment trusts (“REITs”) and real estate-related securities. 27.
PIM Compliance maintains a list of real estate security issuers in the PIM Compliance Library, accessible via Lotus Notes. Please note however, that this prohibition applies to all REITs and real estate-related securities, whether they are on the list or not.
Associates who hold REIT securities or real estate securities prior to the institution of this policy or joining PREI or PMCC must obtain written approval from PIM Compliance prior to the sale of such securities. Associates of the Private Asset Management Real Estate units will be permitted to purchase shares of open end mutual funds that invest in REITs or real estate securities.
2. Prudential Capital Group.
To insure compliance with ITSFEA and to prevent actual or apparent conflicts of interest in PCG, all associates of PCG (and functional associates who support PCG) are prohibited from purchasing securities of companies listed on PCG’s 90 Day Pricing Summary Update for Public Companies (90 Day Pricing List). PIM Compliance maintains this list in the PIM Compliance Library, accessible via Lotus Notes.
A. Associated Persons’ Securities Accounts.
1. Trade Monitoring at PEG.
In addition to the requirements of ITSFEA and the NASD Conduct Rules, PEG is required by New York Stock Exchange rules to review transactions in all accounts of its associated persons and their family members. To ensure compliance with these requirements, PEG associates are prohibited from opening or maintaining any “employee account or employee-related account,” as defined below, at a firm other than the following authorized broker-dealers: Wachovia Securities (for accounts that were previously maintained at Prudential Securities), Charles Schwab, E*Trade and Fidelity Investments. (Note: Monitored employees of other Prudential business groups may also open accounts with Pruco Securities and Merrill Lynch. These options are not available to PEG associates.) Prudential has arranged to obtain electronic feeds of all trading data in accounts with the authorized firms. In addition, paper monthly statements must also be submitted to PEG Compliance.
Exceptions to this policy will be granted only in unusual circumstances. Any exception to this policy requires the prior written approval of the associate’s supervisor and the PEG Compliance Department. In those cases where accounts are approved to be held at an unauthorized firm, the Compliance Department will make arrangements to have duplicate copies of all confirmations and monthly statements sent to the associate’s supervisor and the Compliance Department. Exceptions may be granted for “employee-related accounts” in rare circumstances where the employee can demonstrate that he or she has no financial interest in such account.
B. Definition of “Employee Account” and “Employee Related Account”
“Employee accounts” include the following securities and/or commodities accounts:
“Employee-related accounts” include the following securities and/or commodities accounts:
PEG sales, trading, research and/or investment associates are not permitted to participate in Investment Clubs. Other associates must contact the PEG Compliance Department if they wish to participate in an Investment Club. An Investment Club account will be considered an Employee Account for purposes of this Policy and must be maintained at one of the authorized broker-dealers.
D. Personal Trading Restrictions.
1. Purchases of Public Equity Offerings.
All PEG associates must comply with NASD Rule 2790 as set forth in Section IV. B of this Policy. This includes a prohibition on purchasing new equity offerings directly from a syndicate member.
2. Private Securities Transactions.
In accordance with NASD Rule 3040, all associates of PEG must notify the PEG Compliance Department, in writing, and obtain written approval from the broker-dealer, prior to engaging in any private securities transaction. Private securities transactions include, but are not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.
3. Annual Compliance Training.
The NASD/NYSE Joint Memorandum on Chinese Wall Policies and Procedures (NASD Notice to Members 91-45) provides that firms which do not conduct investment banking research or arbitrage activities still must have “reasonable procedures for the education and training of its associates about insider trading” in order to be in compliance with ITSFEA. Consistent with this Notice, PEG covers insider trading issues with applicable associates as part of its annual training program.
4. 24 - Hour Research Report Restriction.
PEG associates are prohibited from effecting transactions in a company’s securities when PEG initiates coverage of the company, or upgrades or downgrades a research opinion or recommendation. This prohibition generally applies for a 24-hour period after the release of the research. If the investing public has had time to receive and react to the release of the research report, the 24-hour restriction may be shortened by the Compliance Department. The 24-hour rule becomes effective when the research is issued.
PEG associates are also prohibited from engaging in transactions in a security when the associate knows that a research report relating to the security is in preparation.
Securities subject to the 24-hour rule appear on PEG’s Restricted List. Although only the symbol for the common stock may be indicated on the Restricted List, all related securities (including common and preferred stock, convertibles, options, warrants and rights) of the companies listed (and debt securities, if indicated) are subject to restriction.
PEG’s Restricted List is a confidential list of securities that are subject to certain research, sales and trading restrictions. Securities may be placed on the Restricted List for a variety of reasons designed to ensure compliance with regulatory requirements and Company policy. For example, as stated above, securities that are subject to the 24-hour rule are placed on the Restricted List. Employees may not purchase or sell securities for their personal accounts if such transactions are prohibited by the Restricted List. Although only the symbol for the common stock may be indicated on the Restricted List, all securities from the same issuer (including common and preferred stock, convertibles, options, warrants and rights of the companies listed (and debt securities, if indicated)) are subject to restriction.
F. Additional Trading Restrictions for Certain PEG Departments.
1. Trading Restrictions.
Personal trading by Research Analysts is subject to the requirements and restrictions set forth in the Equity Research Manual available on the Compliance page of the Capital Markets Intranet site. psibranch. cs. prusec/complian/capital. htm. All questions should be referred to the PEG Compliance Department.
Trading Department associates must preclear trades of all equity securities.
For securities over which the Trading Department has trading or market-making responsibility, an employee of the Trading Department may not sell any such security that (s)he has purchased within the prior 30 calendar days or purchase any such security that (s)he had sold within the prior 30 calendar days. Under very limited circumstances, exceptions to this 30 day holding period may be granted by obtaining prior written approval from the Compliance Department.
2. Preclearance Procedures.
All requests for preclearance must be submitted to the Business Unit head and PEG Compliance for approval. All approved orders must be executed by the close of business on the day preclearance is granted.
Exhibit 1 – Sample Letter to Brokerage Firm.
Please furnish to Prudential Financial, Inc. (“Prudential”), copies of all trade confirmations and account statements with respect to all transactions for the above listed account(s). Please include all transactions in shares of unit investment trusts and all closed-end mutual funds.
Copies of these confirmations and statements should be sent to Prudential, as trades are effected, addressed as follows:
Prudential Financial, Inc.
Newark, NJ 07101-9998.
This request is being made pursuant to Rule 3050 of the Conduct Rules of the NASD and/or Rule 204-2(a) of the Investment Advisers Act, as applicable.
Very truly yours,
Exhibit 2 — Acknowledgment of the Personal Securities Trading Policy.
For employees required to report their transactions in SMARTS as described in Section II of this policy, please complete the following acknowledgment and send it to:
Prudential Financial, Inc.
Newark, NJ 07101-9998.
I have read and understand the Personal Trading Policy and have and will continue to comply in all respects with the rules contained therein.
I confirm that I have instructed in writing all brokers for all securities accounts in which I maintain a beneficial interest, as described immediately below, to send duplicate copies of all confirmations covering any transactions as trades are effected and all account statements to the address listed above. I understand that for accounts maintained at Charles Schwab, E*Trade, Merrill Lynch, Fidelity Investments, Pruco Securities, or Wachovia Securities (accounts formerly maintained at Prudential Securities), I do not need to contact these brokers in writing. Beneficial interest includes the following:
Set forth below (and on accompanying pages if necessary) is a list of all such accounts (including Charles Schwab, E*Trade, Merrill Lynch, Fidelity Investments, Pruco Securities, and Wachovia Securities (formerly Prudential Securities)) including the individual holding the account, the social security number of that individual, the name of the institution, and the account number. I understand that I must promptly advise the Compliance Department of any change in this information. I understand that if I have been classified as a Covered or Access Person that in the event circumstances change for an account for which I have been granted an exception to maintain at a non-authorized brokerage firm, I must notify the Compliance Department immediately and request that the account be reviewed in light of the changed circumstances.
Full Name of Employee.
Social Security Number of Employee.
List of all Accounts.
Name of Individual.
Social Security Number.
Name of Institution.
Exhibit 3 – Compliance and Reporting of Personal Transactions.
Treasury Bills, Notes, Bonds.
(Purchases and sales of Individual Stocks)
Optional Dividend Reinvestments.
Public Offerings (Initial & Secondary)
Automatic Dividend Reinvestments.
Open End Mutual.
Prudential Financial, Inc. Common Stock Fund.
Open End Mutual.
Funds – For Investment Personnel and Access Persons.
Proprietary Non-Money Market.
Non-proprietary subadvised Non-Money Market.
Money Market Funds.
Closed End Mutual Funds &
Unit Investments Trusts.
Affiliated Mutual Funds.
Affiliated Unit Investment Trusts.
Non-Affiliated Mutual Funds.
Non-Affiliated Unit Inv. Trusts.
Any Exchange Traded, NASDAQ,
or OTC Option or Future Including.
But not Limited To:
Futures (Including Financial Futures)
Options on Foreign Currency.
선물 옵션.
Options on Indexes.
Options on Securities.
Given by Employee - Bonds and/or Stock.
Received by Employee - Bonds and/or Stock.
Exhibit 4 – Index Options On a Broad-Based Index.
Nikkei 300 Index CI/Euro.
S&P 100 Close/Amer Index.
S&P 100 Close/Amer Index.
S&P 100 Close/Amer Index.
S&P 500 Open/Euro Index.
S&P 500 Open/Euro Index.
S&P 500 Open/Euro Index.
Russell 2000 Open/Euro Index.
Russell 2000 Open/Euro Index.
S&P Midcap 400 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Open/Euro Index.
NASDAQ - 100 Index.
S&P Small Cap 600.
U. S. Top 100 Sector.
S&P 500 Long-Term Close.
Russell 2000 L-T Open./Euro.
Russell 2000 Long-Term Index.
Exhibit 5 – Personal Securities Holdings Report.
Reviewed by: Initials: Date:
Personal Securities Holdings Report.
Listed below are all securities which I held, including those in which I had a direct or indirect beneficial interest, as of the most recent month end or the date on which I was designated as an Access Person if more recent, as required by the Personal Securities Trading Policy and the Mutual Fund Code of Ethics.
Title of Security.
Exhibit 6 — Section 16 Insiders and Designated Persons Preclearance Request Form.
This form is for preclearing transactions in Prudential securities. Please include all requested information. The Securities Monitoring Unit, Compliance Department will review and respond to all requests. You will receive a response indicating that your request has either been approved or denied. A request is not considered approved until you receive a confirmation of approval from the Securities Monitoring Unit. Preclearance is only valid until the close of business on the day approval is granted. Preclearance Forms should be faxed to the Securities Monitoring Unit at (973) 802-7454.
Part I – Information on Individual Requesting Preclearance:
Name: Phone #: Fax #:
Are you currently aware of any material non-public information regarding Prudential Financial?
Part II - Transaction Information:
¨ Cashless Exercise (Exercise and Sell all Options)
¨ Exercise & Sell to Cover (Exercise and Sell only enough shares to cover option cost and taxes)
¨ Exercise & Hold (Exercise options and hold shares – no sale involved)
¨ Exchange (into or out of Company Stock Fund)
¨ Allocation Change (Company Stock Fund)
¨ Catch-up Contribution (Company Stock Fund)
¨ Deferral Rate Change (Company Stock Fund)
¨ Disbursement (from Company Stock Fund)
¨ Loans (impacting Company Stock Fund)
¨ Deferred Compensation Elections (impacting Company Stock Fund)
¨ MasterShare Elections (impacting Company Stock Fund)
Number of Shares/Options:
Part III – Information To Be Completed by Section 16 Insiders Only:
Have you traded the same or equivalent security for your personal account, accounts in which you have a beneficial interest, such as accounts of your spouse or family members, or accounts over which you maintain investment discretion within the past six months? If yes, Compliance may contact you for additional information.
Part IV – Compliance Response :
Exhibit 7 — Non Proprietary Subadvised Mutual Funds.
PIM Subadvised Funds.
SEI Institutional Investors Trust Fund.
Jennison Subadvised Funds.
Harbor Fund - Harbor Capital Appreciation Fund.
The Hirtle Callaghan Trust - The Growth Equity Portfolio.
IDEX Mutual Funds - IDEX Jennison Equity Opportunity.
The MainStay Funds - MainStay MAP Fund.
The Preferred Group of Mutual Funds - Preferred Large Cap Growth Fund.
Scudder Focus Value Plus Growth Fund - Scudder Focus Value+Growth Fund.
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