Trading when in possession of unpublished price sensitive information prohibited; limited exceptions allow off market, block deal, statutory and planned trades. Trading in listed or proposed securities is prohibited when in possession of unpublished price sensitive information, subject to rebuttal by specified exceptions: off market inter se transfers between insiders with the same UPSI (with company and exchange disclosures), block deal window transactions between such persons, bona fide statutory or regulatory obligations, exercise of pre priced stock options, trades under a trading plan, and for non individuals separation between information holders and decision makers with adequate safeguards. Connected persons bear the burden to prove absence of UPSI; otherwise the Board bears the onus.