Designated person trading restrictions: mandatory closure periods and pre clearance govern trades to prevent misuse of inside information. Minimum standards require mutual funds to adopt a code of conduct regulating trading by Designated Persons and their immediate relatives, with the compliance officer imposing closure periods and pre clearance for trades when unpublished price sensitive information may be possessed. The code must provide Chinese Walls, execution timeframes for pre cleared trades, contra trade restrictions with possible written relaxations, disgorgement for prohibited gains, reporting formats for trades and holdings, disciplinary sanctions, and annual disclosures of specified personal and financial relationships.