Does anyone know if there are specific restrictions around buying options (call/puts) as an employee, post IPO, pre lockup expiration?
My thought is if you aren’t selling or hedging shares you own in any way, this shouldn’t be an issue (assuming you have no confidential information). When you’re buying a call/put it’s another party’s obligation to deliver and doesn’t represent pre-IPO ownership in the company.
This is matter of discussion between you and the SEC, Bill
If I recall correctly .. options whose underlying is a security are considered securities. I believe that all securities (also included debt) are locked up by insiders prior to expiration.
Other thing to consider here .. is the stick of dynamite in your hands when your HR/MD/Compliance find out you're purchasing puts on the company your work for.
When in doubt, call compliance.
Seriously, this isn't a situation where "I'm sorry" will solve things. If it's a 'no,' then the best scenario is that you have to give up your gains, the worst is you get fired and barred from the industry. If it's a 'yes' then you know you're in the clear. I'm not a very active trader, but I prefer to tell compliance that it might make sense for me to get extra monitoring if I might have MNPI. The more times you play it safe in a grey area, the more likely they are to be forgiving of a fuck-up.
It also provides your company more ground to protect themselves as well as you in the case of a surprise audit.
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