Ethics - IPO (vis-a-vis Facebook!)

So IPO’s show up multiple times in the Code and I find the explanations to be rather vague. When can you invested in IPO’s? When can’t you? I’d love a synopsis of how you handle IPO’s for ethics questions…

As for a real life IPO - I hope none of the MS or Goldman bankers involved in the Facebook IPO roadshow were CFA Charterholders! Let’s count the violations…Fair Dealing, Material Inside Information…what else was violated?