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Can somebody explain to me the requirements around the quiet period of an IPO? Is there a similar requirement when any old publicly traded company insider buys stock (non-IPO)? I guess I'm trying to wrap my head around 2 issues:

1) Assume there is a company that will go public at some point in the future and I will be considered an insider for one reason or another. In simple terms what are my obligations before buying selling stock such that my transaction will be 100% legal. Again, this IS a hypothetical situation. Not a real situation thinly veiled as a hypothetical. I understand if I was really presented with this situation I'd solicit professional advice rather than advice from a public message board.

2) Are companies themselves or their employees required to publicly stay quiet for a certain time period (but file with the SEC) before/after purchasing their own stock back or selling shares?

I apologize if this is the wrong board for such a discussion, but I wasn't quite sure where to put it and I respect the knowledge of several of the regular posters here.
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