President-elect Obama is circulating an ethical code of conduct for members of his White House transition team, laying down a marker for their interaction with K Street.

The rules, which are making their way through Washington’s lobbying community, address allowable behavior for Obama transition team members. The code of conduct addresses numerous issues related to lobbyist involvement, financial conflicts and use of non-public information.

During the election, the Obama campaign said it would not hire registered lobbyists in any future administration unless they had taken a two-year leave of absence from influence peddling on specific issues.

For the transition team, however, lobbyists only have to “disqualify” themselves from working on certain matters if they have “engaged in regulated lobbying activities” within the previous 12 months.