; (4) the term future means a financial contract obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price; and (5) the term security has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). 3. Prohibitions (a) Transactions Except as provided in sections 4 and 5, no covered person may— (1) purchase or sell any covered investment; or (2) enter into a transaction that creates a net short position in any security. (b) Positions A covered person may not serve as an officer or member of any board of any for-profit association, corporation, or other entity. 4. Exceptions (a) Investments held before taking office (1) In general A covered person may have control over or knowledge of the management of any covered investment held by the covered person as of the day before the date on which the covered person took office (or in the case of a spouse described in section 2(3)(E), the date the applicable Member of Congress took office). (2) Prohibition on purchasing or selling A covered person may not buy or sell any investment described in paragraph (1) except in the case of— (A) placing the investment in a qualified blind trust described in section 5; or (B) divesting themselves of any investment under subsection (b). (b) Divestiture A covered person may sell a covered investment during the 6-month period beginning on— (1) the date on which the covered person takes office (or in the case of a spouse described in section 2(3)(E), the date the applicable Member of Congress took office)