This excerpt taken from the CVS DEF 14A filed Mar 24, 2009.
2. Securities Trades by Company Personnel
The Committee and the executive management of the Company take very seriously their responsibilities and obligations to exhibit the highest standards of behavior relative to selling and trading Company stock. All transactions in Company stock contemplated by any officer must be pre-cleared by either the CLO or the General Counsel. Executive officers are prohibited from trading in any securities of the Company during a period around the release of the Companys financial results for each quarter, and may be required to refrain from trading during other designated periods when significant developments or announcements are anticipated. Of course, even during periods when trading is otherwise permitted, no director or employee is permitted to trade in the securities of the Company if he or she possesses material
non-public information. In addition, it is the Companys policy that directors and executive officers may not engage in any of the following activities with respect to securities of the Company: