diff --git a/contracts/compliance/modular/modules/InitialLockupPeriodModule.sol b/contracts/compliance/modular/modules/InitialLockupPeriodModule.sol
new file mode 100644
index 00000000..d89fe5ba
--- /dev/null
+++ b/contracts/compliance/modular/modules/InitialLockupPeriodModule.sol
@@ -0,0 +1,233 @@
+// SPDX-License-Identifier: GPL-3.0
+// This contract is also licensed under the Creative Commons Attribution-NonCommercial 4.0 International License.
+//
+//                                             :+#####%%%%%%%%%%%%%%+
+//                                         .-*@@@%+.:+%@@@@@%%#***%@@%=
+//                                     :=*%@@@#=.      :#@@%       *@@@%=
+//                       .-+*%@%*-.:+%@@@@@@+.     -*+:  .=#.       :%@@@%-
+//                   :=*@@@@%%@@@@@@@@@%@@@-   .=#@@@%@%=             =@@@@#.
+//             -=+#%@@%#*=:.  :%@@@@%.   -*@@#*@@@@@@@#=:-              *@@@@+
+//            =@@%=:.     :=:   *@@@@@%#-   =%*%@@@@#+-.        =+       :%@@@%-
+//           -@@%.     .+@@@     =+=-.         @@#-           +@@@%-       =@@@@%:
+//          :@@@.    .+@@#%:                   :    .=*=-::.-%@@@+*@@=       +@@@@#.
+//          %@@:    +@%%*                         =%@@@@@@@@@@@#.  .*@%-       +@@@@*.
+//         #@@=                                .+@@@@%:=*@@@@@-      :%@%:      .*@@@@+
+//        *@@*                                +@@@#-@@%-:%@@*          +@@#.      :%@@@@-
+//       -@@%           .:-=++*##%%%@@@@@@@@@@@@*. :@+.@@@%:            .#@@+       =@@@@#:
+//      .@@@*-+*#%%%@@@@@@@@@@@@@@@@%%#**@@%@@@.   *@=*@@#                :#@%=      .#@@@@#-
+//      -%@@@@@@@@@@@@@@@*+==-:-@@@=    *@# .#@*-=*@@@@%=                 -%@@@*       =@@@@@%-
+//         -+%@@@#.   %@%%=   -@@:+@: -@@*    *@@*-::                   -%@@%=.         .*@@@@@#
+//            *@@@*  +@* *@@##@@-  #@*@@+    -@@=          .         :+@@@#:           .-+@@@%+-
+//             +@@@%*@@:..=@@@@*   .@@@*   .#@#.       .=+-       .=%@@@*.         :+#@@@@*=:
+//              =@@@@%@@@@@@@@@@@@@@@@@@@@@@%-      :+#*.       :*@@@%=.       .=#@@@@%+:
+//               .%@@=                 .....    .=#@@+.       .#@@@*:       -*%@@@@%+.
+//                 +@@#+===---:::...         .=%@@*-         +@@@+.      -*@@@@@%+.
+//                  -@@@@@@@@@@@@@@@@@@@@@@%@@@@=          -@@@+      -#@@@@@#=.
+//                    ..:::---===+++***###%%%@@@#-       .#@@+     -*@@@@@#=.
+//                                           @@@@@@+.   +@@*.   .+@@@@@%=.
+//                                          -@@@@@=   =@@%:   -#@@@@%+.
+//                                          +@@@@@. =@@@=  .+@@@@@*:
+//                                          #@@@@#:%@@#. :*@@@@#-
+//                                          @@@@@%@@@= :#@@@@+.
+//                                         :@@@@@@@#.:#@@@%-
+//                                         +@@@@@@-.*@@@*:
+//                                         #@@@@#.=@@@+.
+//                                         @@@@+-%@%=
+//                                        :@@@#%@%=
+//                                        +@@@@%-
+//                                        :#%%=
+//
+/**
+ *     NOTICE
+ *
+ *     The T-REX software is licensed under a proprietary license or the GPL v.3.
+ *     If you choose to receive it under the GPL v.3 license, the following applies:
+ *     T-REX is a suite of smart contracts implementing the ERC-3643 standard and
+ *     developed by Tokeny to manage and transfer financial assets on EVM blockchains
+ *
+ *     Copyright (C) 2024, Tokeny sàrl.
+ *
+ *     This program is free software: you can redistribute it and/or modify
+ *     it under the terms of the GNU General Public License as published by
+ *     the Free Software Foundation, either version 3 of the License, or
+ *     (at your option) any later version.
+ *
+ *     This program is distributed in the hope that it will be useful,
+ *     but WITHOUT ANY WARRANTY; without even the implied warranty of
+ *     MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+ *     GNU General Public License for more details.
+ *
+ *     You should have received a copy of the GNU General Public License
+ *     along with this program.  If not, see <https://www.gnu.org/licenses/>.
+ *
+ *     This specific smart contract is also licensed under the Creative Commons
+ *     Attribution-NonCommercial 4.0 International License (CC-BY-NC-4.0),
+ *     which prohibits commercial use. For commercial inquiries, please contact
+ *     Tokeny sàrl for licensing options.
+ */
+
+pragma solidity 0.8.27;
+
+import "../IModularCompliance.sol";
+import "../../../token/IToken.sol";
+import "./AbstractModuleUpgradeable.sol";
+
+/// @dev Error emitted when the user has insufficient balance because of locked tokens.
+/// @param user the address of the user.
+/// @param value the value of the transfer.
+/// @param availableAmount the available amount of unlocked tokens.
+error InsufficientBalanceTokensLocked(address user, uint256 value, uint256 availableAmount);
+
+/// @notice Event emitted when the lockup period is set.
+/// @param compliance the address of the compliance contract.
+/// @param lockupPeriodInDays the lockup period in days.
+event LockupPeriodSet(address indexed compliance, uint256 lockupPeriodInDays);
+
+/// @title InitialLockupPeriodModule
+/// @notice Enforces a lockup period for all investors whenever they receive tokens through primary emissions
+contract InitialLockupPeriodModule is AbstractModuleUpgradeable {
+
+    struct LockedTokens {
+        uint256 amount;
+        uint256 releaseTimestamp;
+    }
+
+    struct LockedDetails {
+        uint256 totalLocked;
+        LockedTokens[] lockedTokens;
+    }
+
+    mapping(address compliance => uint256 lockupPeriod) private _lockupPeriods;
+    mapping(address compliance => mapping(address user => LockedDetails)) private _lockedDetails;
+
+    /// @dev initializes the contract and sets the initial state.
+    function initialize() external initializer {
+        __AbstractModule_init();
+    }
+
+    /// @dev sets the lockup period for a compliance contract.
+    /// @param _lockupPeriodInDays the lockup period in days.
+    function setLockupPeriod(uint256 _lockupPeriodInDays) external onlyComplianceCall {
+        _lockupPeriods[msg.sender] = _lockupPeriodInDays * 1 days;
+
+        emit LockupPeriodSet(msg.sender, _lockupPeriodInDays);
+    }
+
+    /// @inheritdoc IModule
+    function moduleTransferAction(address _from, address /*_to*/, uint256 _value) external override onlyComplianceCall {
+        if (_from == address(0)) {
+            return;
+        }
+
+        LockedDetails storage lockedDetails =  _lockedDetails[msg.sender][_from];
+        uint256 freeAmount = 
+            IToken(IModularCompliance(msg.sender).getTokenBound()).balanceOf(_from) - lockedDetails.totalLocked;
+        if (_value > freeAmount) {
+            _updateLockedTokens(_from, _value - freeAmount);
+        }
+    }
+
+    /// @inheritdoc IModule
+    function moduleMintAction(address _to, uint256 _value) external override onlyComplianceCall {
+        LockedDetails storage lockedDetails =  _lockedDetails[msg.sender][_to];
+        lockedDetails.totalLocked += _value;
+        lockedDetails.lockedTokens.push(
+            LockedTokens({
+                amount: _value,
+                releaseTimestamp: block.timestamp + _lockupPeriods[msg.sender]
+            })
+        );
+    }
+
+    /// @inheritdoc IModule
+    function moduleBurnAction(address _from, uint256 _value) external override onlyComplianceCall {
+        LockedDetails storage lockedDetails =  _lockedDetails[msg.sender][_from];
+        uint256 previousBalance = IToken(IModularCompliance(msg.sender).getTokenBound()).balanceOf(_from) + _value;
+        uint256 freeAmount = previousBalance - lockedDetails.totalLocked;
+
+        if (freeAmount < _value) {
+            // We need to calculate more accurately the free amount, as totalLocked can include now unlocked tokens.
+            freeAmount = freeAmount + _calculateUnlockedAmount(lockedDetails);
+        }
+
+        require(
+            freeAmount >= _value, 
+            InsufficientBalanceTokensLocked(_from, _value, freeAmount)
+        );
+
+        if (_value > freeAmount) {
+            _updateLockedTokens(_from, _value - freeAmount);
+        }
+    }
+
+    /// @inheritdoc IModule
+    function moduleCheck(address _from, address /*_to*/, uint256 _value, address _compliance) external 
+        view override returns (bool) {
+        if (_from == address(0)) {
+            return true;
+        }
+
+        LockedDetails storage lockedDetails =  _lockedDetails[_compliance][_from];
+        uint256 balance = IToken(IModularCompliance(_compliance).getTokenBound()).balanceOf(_from);
+
+        return (balance - lockedDetails.totalLocked) >= _value
+            || (balance - lockedDetails.totalLocked + _calculateUnlockedAmount(lockedDetails)) >= _value;
+    }
+
+    /// @inheritdoc IModule
+    function canComplianceBind(address /*_compliance*/) external pure override returns (bool) {
+        return true;
+    }
+
+    /// @inheritdoc IModule
+    function isPlugAndPlay() external pure override returns (bool) {
+        return true;
+    }
+
+    /// @inheritdoc IModule
+    function name() external pure override returns (string memory _name) {
+        return "InitialLockupPeriodModule";
+    }
+
+    /// @dev updates the locked tokens for a user.
+    /// @param _user the address of the user.
+    /// @param _value the amount of tokens to unlock.
+    function _updateLockedTokens(address _user, uint256 _value) internal {
+        LockedDetails storage lockedDetails = _lockedDetails[msg.sender][_user];
+        for (uint256 i; _value > 0 && i < lockedDetails.lockedTokens.length; ) {
+            if (lockedDetails.lockedTokens[i].releaseTimestamp <= block.timestamp) {
+                if (_value >= lockedDetails.lockedTokens[i].amount) {
+                    _value -= lockedDetails.lockedTokens[i].amount;
+                    
+                    // Remove entry
+                    if (i == lockedDetails.lockedTokens.length - 1) {
+                        lockedDetails.lockedTokens.pop();
+                        break;
+                    } else {
+                        lockedDetails.lockedTokens[i] = lockedDetails.lockedTokens[lockedDetails.lockedTokens.length - 1];
+                        lockedDetails.lockedTokens.pop();
+                    }
+                } else {
+                    lockedDetails.lockedTokens[i].amount -= _value;
+                    break;
+                }
+            }
+            else {
+                i++;
+            }
+        }
+    }
+
+    /// @dev calculates the unlocked amount of tokens for a user.
+    /// @param _details the locked details of the user.
+    /// @return _unlockedAmount the unlocked amount of tokens.
+    function _calculateUnlockedAmount(LockedDetails storage _details) internal view 
+        returns (uint256 _unlockedAmount) {
+        for (uint256 i; i < _details.lockedTokens.length; i++) {
+            if (_details.lockedTokens[i].releaseTimestamp <= block.timestamp) {
+                _unlockedAmount += _details.lockedTokens[i].amount;
+            }
+        }
+    }
+
+}
\ No newline at end of file
diff --git a/test/compliance.test.ts b/test/compliance.test.ts
index 40f21014..7b66ab1f 100644
--- a/test/compliance.test.ts
+++ b/test/compliance.test.ts
@@ -104,8 +104,11 @@ describe('ModularCompliance', () => {
       describe('when token is a zero address', () => {
         it('should revert', async () => {
           const {
-            suite: { compliance },
-          } = await loadFixture(deploySuiteWithModularCompliancesFixture);
+            authorities: { trexImplementationAuthority },
+          } = await loadFixture(deployFullSuiteFixture);
+
+          const complianceProxy = await ethers.deployContract('ModularComplianceProxy', [trexImplementationAuthority.target]);
+          const compliance = await ethers.getContractAt('ModularCompliance', complianceProxy.target);
 
           await expect(compliance.unbindToken(ethers.ZeroAddress)).to.be.revertedWithCustomError(compliance, 'ZeroAddress');
         });
diff --git a/test/compliances/module-initial-lockup-period.test.ts b/test/compliances/module-initial-lockup-period.test.ts
new file mode 100644
index 00000000..b3c31472
--- /dev/null
+++ b/test/compliances/module-initial-lockup-period.test.ts
@@ -0,0 +1,169 @@
+import { loadFixture } from '@nomicfoundation/hardhat-network-helpers';
+import { ethers } from 'hardhat';
+import { expect } from 'chai';
+import { deploySuiteWithModularCompliancesFixture } from '../fixtures/deploy-full-suite.fixture';
+import { ModularCompliance, InitialLockupPeriodModule } from '../../typechain-types';
+
+describe('InitialLockupPeriodModule', () => {
+  // Test fixture
+  async function deployInitialLockupPeriodModuleFullSuite() {
+    const context = await loadFixture(deploySuiteWithModularCompliancesFixture);
+
+    const module = await ethers.deployContract('InitialLockupPeriodModule');
+    const proxy = await ethers.deployContract('ModuleProxy', [module.target, module.interface.encodeFunctionData('initialize')]);
+    const complianceModule = await ethers.getContractAt('InitialLockupPeriodModule', proxy.target);
+
+    await context.suite.compliance.bindToken(context.suite.token.target);
+    await context.suite.compliance.addModule(complianceModule.target);
+
+    // Reset already minted tokens to have 0 balance
+    const token = context.suite.token;
+    await token
+      .connect(context.accounts.tokenAgent)
+      .burn(context.accounts.aliceWallet.address, await token.balanceOf(context.accounts.aliceWallet.address));
+    await token
+      .connect(context.accounts.tokenAgent)
+      .burn(context.accounts.bobWallet.address, await token.balanceOf(context.accounts.bobWallet.address));
+
+    return {
+      ...context,
+      suite: {
+        ...context.suite,
+        complianceModule,
+      },
+      accounts: {
+        ...context.accounts,
+        complianceSigner: await ethers.getImpersonatedSigner(context.suite.compliance.target.toString()),
+      },
+    };
+  }
+
+  async function increaseTimestamp(days: number) {
+    await ethers.provider.send('evm_increaseTime', [days * 24 * 60 * 60]);
+    await ethers.provider.send('evm_mine', []);
+  }
+
+  async function setLockupPeriod(compliance: ModularCompliance, complianceModule: InitialLockupPeriodModule, lockupPeriod: number) {
+    return compliance.callModuleFunction(
+      new ethers.Interface(['function setLockupPeriod(uint256 _lockupPeriod)']).encodeFunctionData('setLockupPeriod', [lockupPeriod]),
+      complianceModule.target,
+    );
+  }
+
+  describe('Initialization', () => {
+    it('should initialize correctly', async () => {
+      const {
+        suite: { complianceModule },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      expect(await complianceModule.name()).to.equal('InitialLockupPeriodModule');
+      expect(await complianceModule.isPlugAndPlay()).to.be.true;
+    });
+  });
+
+  describe('Lockup Period Management', () => {
+    it('should revert when calling by not owner', async () => {
+      const {
+        suite: { complianceModule },
+        accounts: { aliceWallet },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      await expect(complianceModule.connect(aliceWallet).setLockupPeriod(10)).to.be.revertedWithCustomError(
+        complianceModule,
+        'OnlyBoundComplianceCanCall',
+      );
+    });
+
+    it('should set lockup period correctly', async () => {
+      const {
+        suite: { compliance, complianceModule },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      const lockupPeriod = 10;
+      const tx = await setLockupPeriod(compliance, complianceModule, lockupPeriod);
+
+      await expect(tx).to.emit(complianceModule, 'LockupPeriodSet').withArgs(compliance.target, lockupPeriod);
+    });
+  });
+
+  describe('Transfer Checks', () => {
+    it('should allow transfer after lockup period', async () => {
+      const {
+        suite: { compliance, complianceModule, token },
+        accounts: { aliceWallet, bobWallet, tokenAgent, complianceSigner },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      const lockupPeriod = 10;
+      await setLockupPeriod(compliance, complianceModule, lockupPeriod);
+
+      await token.connect(tokenAgent).mint(aliceWallet.address, 100);
+
+      // Advance time beyond lockup period
+      await increaseTimestamp(lockupPeriod + 1);
+      expect(await complianceModule.connect(complianceSigner).moduleCheck(aliceWallet.address, bobWallet.address, 100, compliance.target)).to.be.true;
+    });
+
+    it('should prevent transfer during lockup period', async () => {
+      const {
+        suite: { compliance, complianceModule, token },
+        accounts: { aliceWallet, bobWallet, tokenAgent },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      const lockupPeriod = 100;
+      await setLockupPeriod(compliance, complianceModule, lockupPeriod);
+
+      await token.connect(tokenAgent).mint(aliceWallet.address, 100);
+      expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 100, compliance.target)).to.be.false;
+
+      await increaseTimestamp(lockupPeriod - 1);
+      expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 100, compliance.target)).to.be.false;
+    });
+
+    describe('Transfer Checks with multiple lockup periods', () => {
+      it('should allow transfer after lockup period', async () => {
+        const {
+          suite: { compliance, complianceModule, token },
+          accounts: { aliceWallet, bobWallet, tokenAgent },
+        } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+        const lockupPeriod = 100;
+        await setLockupPeriod(compliance, complianceModule, lockupPeriod);
+
+        await token.connect(tokenAgent).mint(aliceWallet.address, 100);
+        expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 100, compliance.target)).to.be.false;
+
+        await increaseTimestamp(lockupPeriod);
+        await token.connect(tokenAgent).mint(aliceWallet.address, 100);
+
+        expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 200, compliance.target)).to.be.false;
+        expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 100, compliance.target)).to.be.true;
+
+        await increaseTimestamp(lockupPeriod);
+        expect(await complianceModule.moduleCheck(aliceWallet.address, bobWallet.address, 200, compliance.target)).to.be.true;
+      });
+    });
+  });
+
+  describe('Burn Checks', () => {
+    it('should allow burn after lockup period', async () => {
+      const {
+        suite: { compliance, complianceModule, token },
+        accounts: { aliceWallet, tokenAgent },
+      } = await loadFixture(deployInitialLockupPeriodModuleFullSuite);
+
+      const lockupPeriod = 10;
+      await setLockupPeriod(compliance, complianceModule, lockupPeriod);
+
+      await token.connect(tokenAgent).mint(aliceWallet.address, 100);
+
+      // Burn will fail because the lockup period is not over
+      await expect(token.connect(tokenAgent).burn(aliceWallet.address, 100))
+        .to.be.revertedWithCustomError(complianceModule, 'InsufficientBalanceTokensLocked')
+        .withArgs(aliceWallet.address, 100, 0);
+
+      // Burn will succeed because the lockup period is over
+      await increaseTimestamp(lockupPeriod);
+      await token.connect(tokenAgent).burn(aliceWallet.address, 100);
+    });
+  });
+});
diff --git a/test/compliances/module-max-balance.test.ts b/test/compliances/module-max-balance.test.ts
index 7e05b525..af4b654c 100644
--- a/test/compliances/module-max-balance.test.ts
+++ b/test/compliances/module-max-balance.test.ts
@@ -52,9 +52,14 @@ describe('Compliance Module: MaxBalance', () => {
     describe('when token totalSupply is greater than zero', () => {
       describe('when compliance preset status is false', () => {
         it('should return false', async () => {
-          const context = await loadFixture(deployMaxBalanceFullSuite);
-          await context.suite.token.connect(context.accounts.tokenAgent).mint(context.accounts.aliceWallet.address, 1000);
-          expect(await context.suite.complianceModule.canComplianceBind(context.suite.compliance.target)).to.be.false;
+          const context = await loadFixture(deploySuiteWithModularCompliancesFixture);
+          const module = await ethers.deployContract('MaxBalanceModule');
+          const proxy = await ethers.deployContract('ModuleProxy', [module.target, module.interface.encodeFunctionData('initialize')]);
+          const complianceModule = await ethers.getContractAt('MaxBalanceModule', proxy.target);
+          await context.suite.compliance.bindToken(context.suite.token.target);
+
+          expect(await context.suite.token.totalSupply()).to.be.greaterThan(0);
+          expect(await complianceModule.canComplianceBind(context.suite.compliance.target)).to.be.false;
         });
       });
 
diff --git a/test/fixtures/deploy-full-suite.fixture.ts b/test/fixtures/deploy-full-suite.fixture.ts
index 6d3cafba..d5b8066d 100644
--- a/test/fixtures/deploy-full-suite.fixture.ts
+++ b/test/fixtures/deploy-full-suite.fixture.ts
@@ -234,6 +234,8 @@ export async function deploySuiteWithModularCompliancesFixture() {
   const complianceBeta = await ethers.deployContract('ModularCompliance');
   await complianceBeta.init();
 
+  await context.suite.token.connect(context.accounts.deployer).setCompliance(compliance.target);
+
   return {
     ...context,
     suite: {