Dressing is reportedly forbidden, period! (7)
I believe the answer is:
bandage
'dressing' is the definition.
(dressing for a wound)
'reportedly forbidden period' is the wordplay.
'reportedly' shows a homophone (sound like).
'forbidden' becomes 'banned' (banning is a kind of forbidding).
'period' becomes 'age' (age is a kind of period).
'banned' sounds like 'band'.
'band'+'age'='BANDAGE'
'is' is the link.
(Other definitions for bandage that I've seen before include "Material for wound or injury" , "Surgical dressing" , "Dress" , "First-aid item" , "medical cover" .)