Submit a preclearance approval request

  • Release version: Xanadu
  • Updated August 1, 2024
  • 1 minute to read

    • As a designated access person, submit a request to obtain the preclearance approval from the legal department before you can trade in the securities of your organization.

    Before you begin

    Role required: sn_lg_ops.legal_user

    About this task

    You can submit a preclearance request during an open trading window period only if you are in the Access Persons list.

    Procedure

    1. Navigate to All > Legal Request > Legal Service Portal.
      Note:
      If you’re using Employee Center, you can submit a legal request by navigating to the Employee Center portal and selecting a request from the Legal services > Browse Legal services menu.
    2. Click Service Catalog to view all available request categories.
    3. Search for the stock preclearance request item.
    4. Click Stock Preclearance.
    5. On the form, fill in the fields.
      Table 1. Stock Preclearance form
      Field Description
      Transaction type Type of securities transaction for which you need a preclearance approval.
      • Purchase
      • Sell
      • Transfer
      • Gift
      Number of securities Number of shares to trade.
      Nature of securities Type of shares for which you need a preclearance approval.
      • Open Market
      • ESPP (Employee Stock Purchase Plan)
      • ESOP (Employee Stock Option Plan)
      • RSU (Restricted Stock Unit)
      Proposed transaction date Date on which you want to perform the securities transaction. The date must be within the current trading window.
      Short description Description for the preclearance approval.
      I agree Option to confirm your consent to trade in securities in accordance with your organization's insider trading policies.
    6. Click Submit.

    Result

    • A preclearance approval request is created and assigned to the legal stock approvers group. If configured by the administrator, you get the notification about the progress of your request.
      Note:

      The approval details appear under the Approvals tab on the Standard Ticket page.

    • When submitting the stock preclearance request as a Sec-16 officer, the Subcategory in the request is automatically set as Sec-16 Officer.
    • The Standard Ticket page displays that has the following tabs to perform different tasks:
      • Activity: Track the activity history of the request and post messages for the fulfiller working on the request.
      • Attachments or Documents: Upload and manage the documents in the legal request.
        Note:
        If the external storage option is enabled, the Documents tab is displayed. Otherwise, the Attachments tab is displayed.
      • Request Details: Review request details.