Ethics: Use of Derivatives his, committee, accounts, approved

Spongebob

If there’s a Buy recommendation on a stock, and a covered employee owns the stock, can he use options for example to hedge his position?
If the answer is yes, can he hedge knowing that a recommendation to change the rating to sell might be approved by the review committee in the near future? say, tomorrow?
And in a third scenario, let’s say the recommendation to sell is approved, can he use options while stocks in clients’ accounts are still being liquidated?