(Reuters) – The U.S. Federal Reserve banned the purchase of stock by individual top officers at its central bank on Thursday and revealed a wide range of restrictions for their investment activities around six weeks following reports that senior policymakers had been engaged in active trading.

These guidelines are based on the Fed’s statement of Thursday. A Fed official will provide clarifications. More details will come out during an internal process of rulemaking. It is unclear how long it will take or when they will be in effect, but the Fed stated that they will be “over the next months.”

BROADLY, WHAT IS ALLOWED

Senior Fed officials are restricted to buying diversified investment securities like mutual funds.

One Fed official stated that the new rules would require investors to be divested as necessary. Prior to taking office, new Fed officials must divest any securities that are not allowed.

DO FED OFFICIALS HOLD OR BUY INDIVIDUAL STOCKES?

Fed officials won’t be able to purchase stocks individually.

While it may be allowed to keep ownership of stocks owned before the official assumes office, they are not permitted to buy any more. This restriction may not apply to passive investments such as dividend reinvestments.

Fed officials cannot own bank stock stocks under current rules.

WHAT IS THE STORY ABOUT INDIVIDUAL BOONDS?

The prohibition on the ownership of individual bonds is in place. Individual bonds will be prohibited, including bonds from corporations and bonds sold by states and local governments. Freddie Mac (OTC:) or Ginnie Mae.

Fed officials are not allowed to own Treasuries according to existing rules.

CAN OFFILIATES TRADE DERIVATIVES

Officials of the Fed will not be permitted to enter into derivatives agreements, including equity options or financial and commodity futures.

How will SECURITIES SALES AND PURCHASES BE MANAGED?

Fed officials must give notice at least 45 days prior to selling or buying permissible securities and seek approval. They are required to keep these securities for at most one year.

Periods of “heightened financial markets stress” may not be a good time to make purchases and sell. According to Fed officials, they are still working out how to identify such periods.

HOW ABOUT RESERVE-BANK PRESIDENTS?

Regional reserve bank heads will have to report their transactions within 30 calendar days. This aligns them with Federal Reserve Board of Governors members and senior staff.