On October 21, the Federal Reserve Board announced new rules to prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosure. According to the announcement, the new rules apply to the Reserve Bank and Board policymakers and senior staff. Among other things, the rules require that Fed policymakers and senior staff provide 45 days’ advance notice and obtain approval before purchasing or selling approved securities. In addition, they will be required to hold investments for a minimum of one year.