> So you can follow the rules and have sales on a schedule and not be labeled "insider trading", but restrict disclosure of information that would affect the pr

> So you can follow the rules and have sales on a schedule and not be labeled "insider trading", but restrict disclosure of information that would affect the price prior to the scheduled sales. So there needs to be a mandatory disclosure deadline once something is discovered. Partially correct. Your trades will still be tagged as a trade by an insider, I can see all Mark's trades on my bloomberg terminal. But you are correct that currently you don't need to stop your scheduled trades if good or bad news is bout to be reported and there isn't a firm rule about when you need to report bad news, ie you could delay the release of bad news until after your preplaneed sale and as long as you had a reason other than "for your own benefit" as the reason why you delayed the release of bad news you would almost certainly be in the clear. Any "pre planned" trades that were originated after the news was known to you would almost certainly get you investigated by the SEC. TL/DR there is a big distinction between "Insider Trades" and "insider trading". The former is any trade by an "insider", which is a term with meaning by the SEC and the later is illegal and what Matt Levine has made a career writing about.