> That only applies to higher management, who would know of impending layoffs.
Nope, that applies to anyone for whom the employment offer says it applies to.
At the previous company I worked at, we had no such rule. At the current one I work for, it applies to all software engineers. At plenty other companies, including FAANG companies like Google, it applies to all software engineers as well. Apple, for example, also doesn't allow you to trade AAPL derivative options in any way whatsoever (so you aren't allowed on your own free time and even using your own money to trade puts and calls).
In those cases, you cannot trade the company shares during certain weeks of each quarter, despite you fully owning those (even if you bought them on your own, before joining the company). Obviously, this only applies if you are still an employee of the company, once you leave you can do whatever you want.
This is just nonsense. Once the stock vests it is yours. Now an official SEC blackout period is different. And if you are privy to insider information then yes you can be restricted but again it is the SEC that enforces this.
This is not nonsense, you are speaking confidently on the matter that you have no idea about. This has nothing to do with official SEC blackout periods or roles where you have access to some specific insider information.
I am literally employed at one of those companies now, and all engineers get regular emails announcing the company stock blackout. Ffs, there was a mandatory training session on stock blackout periods and how it affects engineers. Ask anyone in this thread working for Google or Apple (or plenty of other companies), and they will corroborate that it is indeed the case.
For extra confirmation, you can see as much on Blind threads on the matter[0] and the official Google Code of Conduct[1]. The specifically relevant part in the code of conduct section on insider trading: "[...] periodic blackout windows when no Google employee may trade Google stock."
That was several years ago. Also I think even the advertised commissions on ETrade were relatively low then too, only the stock award plan account had the ridiculous ones, hence me transfering the stock out.