IPO and restricted stock pre-clearance

Last updated: July 1, 2026

Pre-clearance is required before buying into an IPO or trading in securities your firm has designated as restricted. Do not execute the trade until you receive approval.

Submitting a pre-clearance request

  1. Go to Disclosures → New Disclosure → Pre-clearance.

  2. Enter the security name, ticker, transaction type (buy/sell), the account it's in, and your intended trade date.

  3. Submit. Your compliance admin will approve or deny it, typically within one business day.

Pre-clearance approvals usually expire within 2–5 business days — execute the trade promptly after approval or submit a new request.

What requires pre-clearance

Your firm's restricted list and watch list are maintained by your compliance team. If you're unsure whether a security needs pre-clearance, ask before trading.

Private placements and pre-IPO securities

Pre-IPO investments — secondary shares, SPVs, and similar — also require pre-clearance. When submitting, select Private placement / pre-IPO from the security type dropdown. These may require additional documentation such as an offering memorandum.

Approval not arriving

If your request has been pending for longer than expected, follow up with your compliance admin directly.

The following video covers how to submit a personal trade preclearance: https://www.loom.com/share/ad0fb03588234008a8a337d703bf7a30

⚠ Don't assume silence means approval. An unanswered request is not an approved request.