They can trade without his permission for now but one slip up-- just one!-- and it'll be "Please Mr. Bharara, can I please buy shares of [company that will make a major announcement in the morning]," "Oh thank Mr. Bharara, good day Mr. Bharara."
The U.S. government plans to negotiate an agreement to allow SAC Capital Advisors LP to continue its operations even as it faces criminal insider-trading charges and an effort by prosecutors to seize most of its assets, according to a law-enforcement official. No agreement is in place and no terms have been set, the official said. The official added that if prosecutors felt the firm engaged in any further improper behavior, they could "ratchet up" the terms of any agreement and make them more restrictive, including requiring that SAC seek advance approval of significant transactions, the official said.
Obviously "improper behavior" leaves things nice and intentionally vague/broad, so as to potentially include infractions like leaving dishes in the sink, using foul language in IMs, and whistling while you work. Everybody had better check themselves.