Limitations on trading by research analysts bar personal trading around report publication and prohibit trading contrary to recommendations. Limitations on trading by research analysts require monitoring and approval of personal trading, prohibit trading in securities an analyst recommends or follows around report publication, bar trading contrary to published recommendations, and prevent pre IPO purchases of issuers in the same line of business; these rules apply to research entities unless activities are segregated and arm's length, with limited exceptions for significant events or unforeseen personal financial changes subject to prior written approval.