Question 1

How are the stocks ranked in the top insider buys and sells screeners?

Accepted Answer

The top insider buys and sells screeners rank companies by the intensity of insider buying or selling across three parameters:



* The net number of insiders buying (considering both insiders buying and selling);
* The net amount of stock bought relative to the floating stock; and
* The percentage of stock held by insiders.



From there, all companies having reported insider buys or sells in the selected timeframe are ranked across those three parameters. The company at the top of the screener is the company that scored best on average.

Question 2

How often are the screeners updated?

Accepted Answer

Screeners are updated daily, except for the 1-day screeners which are updated hourly.

Question 3

What data is shown in the Top insiders (holding-period performance) screener?

Accepted Answer

The Top insiders (holding-period performance) screener ranks all insiders by the performance of their trades over specific time periods. The data presented in the screener is as follows:

*   Name – The insider’s name.
    
*   Company – The company connected to the insider’s most recent reported trade.
    
*   Rating – A 0‑to‑5 star score that blends three elements:
    
    1.  How often the insider’s trades were profitable after the chosen number of days.
        
    2.  The average percentage price move over that same period (sales count as negative moves).
        
    3.  How many trades the insider made, with multiple trades in quick succession counting less than widely spaced trades.Each component is ranked against all other insiders and combined equally to form the star score.
        

*   Success Rate – Share of trades that moved in the insider’s favour after the specified holding period (buys that rose in price or sells that later fell). Each trade is weighted by the number of shares involved.
    
*   Average Return – Weighted average percentage price change after the holding period. Purchases contribute positive returns when prices rise, while sales contribute negative returns when prices rise (and positive returns when prices fall). Weighting is by trade size.
    
*   Transactions – Total number of trades included in the above calculations. The column also includes what proportion of those trades were purchases.

Question 4

What data is shown in the Top Insiders (realised performance) screener?

Accepted Answer

The Top insiders (realised performance) screener ranks all insiders by the performance of their closed trades, meaning the returns they earned after selling the stock they had bought in the past. The data presented in the screener is as follows:

*   Name – The insider’s full name.
    
*   Company – The issuer connected to the insider’s most recent trade.
    
*   Realised rating – A 0‑to‑5 star score derived from realised outcomes, combining three ranked components:
    
    1.  The percentage of analysed sales that closed in profit.
        
    2.  The average gain or loss from those closed positions.
        
    3.  How many sales were analysed.Each element is normalized across all insiders before being averaged.
        

*   Realised return – Weighted average profit or loss from completed positions. Each sale is paired with earlier purchases on a first‑in‑first‑out basis, using share counts as weights and prices adjusted for splits.
    
*   Realised holding days – Weighted average number of days the insider actually held positions before selling, again weighted by the quantity of shares matched to each sale.
    
*   Success Rate – Proportion of analysed sales that produced a gain relative to the matched purchase price. Each sale counts once, regardless of size.
    
*   Transactions – Number of sale transactions successfully matched with prior purchases and included in the realised calculations; trades lacking price data or matching inventory are excluded.

Question 5

What does “# net buying insiders” mean?

Accepted Answer

"# net buying insiders" is the result of \[number of insiders having bought the stock in the selected timeframe] **minus** \[number of insiders having sold the stock over the selected timeframe]. 



This data point highlights when insiders have been both buying and selling.

Question 6

What is the difference in between the insider screeners and the executive screeners?

Accepted Answer

The insider screeners include all insiders, while the executive screeners include only the trades carried out by executives, i.e. excluding the directors.

Question 7

How do you standardize insider data across countries with different rules and formats?

Accepted Answer

We standardize insider data globally by combining market-specific parsing with a single shared framework.

Each market publishes disclosures in its own format and under its own rules (for example, UK filings, SEC filings, or Nordic exchange feeds). We first read each filing in its native format, then translate it into a consistent structure so the data can be compared across countries.

From there, we normalize the key fields that matter most:

* Transaction type: We map local filing descriptions into a shared set of categories (such as buys, sells, planned purchases, and planned sales), while still keeping the original filing wording for transparency.

* Insider role: We standardize whether the filer is an officer, director, major shareholder, or another insider type, using local definitions first and additional review when disclosures are unclear.

* Identity matching: We match companies and insiders across different naming conventions and identifiers so the same person or issuer is recognized consistently.

* Duplicate detection: We identify and remove duplicate disclosures (for example, when the same transaction appears across multiple listings or sources).

* Transaction value: We normalize values into a common currency using date-based exchange rates, so cross-market comparisons are more meaningful.

Question 8

How quickly is a trade reported on the platform?

Accepted Answer

Trades are reported on insider screener generally less than 15 minutes after being the filing is made public. 

Due to limitations, trades on Canadian and Indian markets are checked twice a day only.

### **North America**

- **United States**
  - *Disclosure timeframe*: **2 business days**  
  - *Latency*: **Within minutes**

- **Canada**
  - *Disclosure timeframe*: **5 calendar days**  
  - *Latency*: **Twice daily**

---

### **Europe**

- **Germany, France, Spain, Italy, Belgium, Netherlands, Sweden**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**

- **Switzerland**
  - *Disclosure timeframe*: **2 trading days** (reported by the company)  
  - *Latency*: **Within minutes**

---

### **Asia**

- **India**
  - *Disclosure timeframe*: **2 trading days** (reported to the company)  
  - *Latency*: **Twice daily**

---

⁺ *Disclosure timeframe refers to how long insiders (or the listed company, where applicable) have to file the transaction after it occurs.*

Question 9

Which markets are covered by insider screener?

Accepted Answer

insider screener currently covers the markets listed below. The allowed timeframe for disclosure of trades is listed below, as is the update latency of those trades after disclosure.



### **North America**

- **United States**
  - *Disclosure timeframe*: **2 business days**  
  - *Latency*: **Within minutes**
  
- **Canada**
  - *Disclosure timeframe*: **5 calendar days**  
  - *Latency*: **Twice daily**

---

### **Europe**

- **Germany**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **France**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **Spain**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **Italy**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **Switzerland**
  - *Disclosure timeframe*: **2 trading days** (reported by the company)  
  - *Latency*: **Within minutes**
  
- **Belgium**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **Netherlands**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**
  
- **Sweden**
  - *Disclosure timeframe*: **3 business days**  
  - *Latency*: **Within minutes**

---

### **Asia**

- **India**
  - *Disclosure timeframe*: **2 trading days** (reported to the company)  
  - *Latency*: **Twice daily**

---

⁺ *Disclosure timeframe refers to how long insiders (or the listed company, where applicable) have to file the transaction after it occurs.*

Question 10

How to receive email alerts?

Accepted Answer

Follow these steps to make sure you get notified by email about the companies and searches you're tracking:

1.  **Go to your Portfolio page**  
    Navigate to **** (you'll need to be signed in).

2.  **Enable the daily email report**  
    Locate the **"Daily email report"** toggle at the top of the page and switch it to **ON**.

3.  **Choose what you want to track**  
    Under **"Your saved searches included in the daily report"**, turn on the toggles for any saved searches (e.g. "Insider Buy", "Insider Sales") that you want to receive alerts for.

4.  **Track specific companies**  
    If you'd rather receive alerts only for individual companies, add them to your portfolio---and they'll automatically appear in your daily email.

Once you've completed these steps, you'll start receiving a daily email (at around 6 a.m. UTC) summarizing all the transactions matching your preferences.

Question 11

How to track specific stocks?

Accepted Answer

insider screener offers users the ability to track specific stocks. 

When tracking stocks, you can receive daily email reports listing transactions involving those stocks and easily keep track of any activity.

To track stocks, simply click on the star ✰ icon next to the name of the stock. You can also go on the page "Tracked companies" accessible on the left side navigation bar and click on "Add company" to track multiple stocks easily.

Question 12

Do you offer a free trial?

Accepted Answer

We do not offer a free trial, however free users can check most of the platform’s features by navigating without subscription. If you are not happy with the service and let us know within a week at [emmanuel@insiderscreener.com](mailto:emmanuel@insiderscreener.com), we will be happy to refund you.

Question 13

How Insider Trading Disclosure Works in Europe: MAR Explained

Accepted Answer

The European Union takes a unified approach to insider trading disclosure. Since July 2016, the Market Abuse Regulation (MAR) has governed how corporate insiders must report their transactions across all EU member states. For investors tracking insider activity in European markets, understanding MAR is essential.

## What MAR Covers

MAR establishes rules to preserve market integrity and prevent three core offences: insider dealing, unlawful disclosure of inside information, and market manipulation. The regulation applies to all companies with securities traded on EU regulated markets or multilateral trading facilities.

Unlike the patchwork of national rules that preceded it, MAR creates a single framework. The same disclosure obligations apply whether a company is listed in Frankfurt, Paris or Amsterdam.

## Who Must Report: PDMRs and Their Associates

MAR uses the term "Persons Discharging Managerial Responsibilities" (PDMRs) rather than "insiders." A PDMR is someone in a senior position with regular access to inside information and authority to make decisions affecting the company's prospects. This includes board members, chief executives and other senior officers.

The obligation extends beyond the executives themselves. "Persons Closely Associated" (PCAs) must also report. This category includes:

- Spouses and civil partners
- Dependent children
- Relatives sharing the same household for at least one year
- Legal entities controlled by or set up to benefit the PDMR

Each PDMR must notify their associated persons, in writing, of these obligations.

## The Disclosure Process

When a PDMR or PCA trades, they must notify both the issuer and the national competent authority within three business days. The issuer must then publish the notification promptly.

Reportable transactions include buying, selling, pledging, lending and derivative dealings linked to the company's shares or debt instruments.

### The Threshold

Not every small transaction triggers a filing. Notifications become mandatory only once cumulative transactions reach a threshold within a calendar year. Under the 2024 Listing Act amendments, this threshold rises from €5,000 to €20,000, effective June 2026. National regulators may adjust this figure between €10,000 and €50,000 based on local market conditions.

Importantly, transactions by a PDMR and their associated persons are calculated separately. A spouse's trades do not count toward the executive's threshold.

## Closed Periods: The 30-Day Trading Ban

MAR introduced mandatory "closed periods" during which PDMRs may not trade. These run for 30 calendar days before the announcement of interim or year-end financial results.

This marked a significant change. Before MAR, 18 EU member states had no mandatory closed periods at all. Now the rule applies uniformly.

The closed period ends when the company publishes its results. ESMA has confirmed that announcing preliminary figures containing all key financial information suffices to lift the restriction.

## Where to Find the Filings

Each EU member state designates a national competent authority responsible for collecting and publishing PDMR notifications. The major ones include:

- **Germany**: BaFin publishes transactions in its Directors' Dealings database, typically within one to two working days
- **France**: The AMF maintains a register of managers' declarations (déclarations des dirigeants)
- **Netherlands**: The AFM publishes notifications on its website
- **Italy**: Consob operates the relevant database

In practice, this fragmentation creates challenges. Investors can use [insider screener](https://www.insiderscreener.com) to access all PDMR transactions across Europe and beyond.

## Recent Changes: The 2024 Listing Act

The EU adopted targeted amendments to MAR in late 2024 as part of the Listing Act, with most changes taking effect from June 2026. Key reforms include:

- **Higher notification threshold**: Rising from €5,000 to €20,000
- **Simplified insider lists**: All issuers may now use an "alleviated format" previously reserved for SMEs
- **Refined closed period rules**: The trading ban now applies only to "active investment decisions," excluding transactions resulting from external factors or pre-determined arrangements
- **Clearer rules on protracted processes**: Disclosure obligations do not cover mere intentions or ongoing negotiations, only completed events

These changes aim to reduce administrative burdens while maintaining market integrity.

## Penalties for Non-Compliance

MAR violations carry serious consequences. National regulators can impose substantial fines on both individuals and companies. In severe cases, insider dealing may result in criminal prosecution and imprisonment of up to five years in some jurisdictions.

The AMF issued €13.9 million in penalties during 2024, with half relating to market manipulation or insider trading. BaFin refers corroborated suspicions of insider dealing to public prosecutors.

Question 14

Is insider transactions data legal?

Accepted Answer

Insider transactions data, which refers to information about the buying and selling of a company's stock by its officers, directors, and employees, is generally legal and publicly available. In many jurisdictions, companies are required to disclose insider transactions to regulatory bodies such as the Securities and Exchange Commission (SEC) in the United States or equivalent regulatory authorities in other countries.  
  
These disclosures are intended to provide transparency and help prevent illegal insider trading.

Question 15

Isn't insider trading illegal?

Accepted Answer

An insider transaction is the buying or selling of a company's securities (such as stocks or options) by individuals who have access to nonpublic information about the company, including officers, directors, and employees.  
  
Insider transactions are legal and are not to be confused with illegal insider trading. The Securities and Exchange Commission defines illegal insider trading as _"buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, on the basis of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information."_

Question 16

Ist das dasselbe wie „Insiderhandel“?

Accepted Answer

Nein. Im Deutschen meint „Insiderhandel“ oft den **illegalen Handel mit Insiderinformationen**. Directors’ Dealings sind dagegen **legale, gemeldete und veröffentlichte** Transaktionen. (Trotzdem verwenden viele „Insiderhandel“ umgangssprachlich für beides – daher die Verwirrung.)

Question 17

Legal vs. Illegal Insider Trading: What You Should Know

Accepted Answer

The term "insider trading" conjures images of handcuffs and perp walks. Yet most insider trading is perfectly legal, and publicly available data about it can give ordinary investors a genuine edge.

## The Legal Kind

Corporate insiders—directors, officers and shareholders owning more than 10% of a company—trade their own stock all the time. A chief executive buying shares before earnings, a board member selling to diversify, a founder offloading a small stake: all routine, all legal.

The catch is disclosure. The Securities and Exchange Commission requires insiders to file Form 4 within two business days of any transaction. These filings create a public record, levelling the playing field. When insiders trade on the same information available to everyone else, and tell the world about it promptly, no law is broken.

## The Illegal Kind

Trouble begins with material non-public information—facts that would move a stock price if widely known. Trading on such information, or passing it to someone who does, crosses the line.

Three varieties dominate enforcement actions:

- **Direct trading**: An executive dumps shares after learning, privately, that quarterly results will disappoint.
- **Tipping**: That executive tells a friend, who trades. Both face liability.
- **Misappropriation**: A lawyer, accountant or consultant trades on confidential client information, breaching a duty of trust.

The SEC detects violations primarily through pattern analysis. Unusual trading volumes before major announcements raise red flags. Investigators then trace relationships and communications.

## The Grey Zone: 10b5-1 Plans

Rule 10b5-1 allows insiders to establish pre-scheduled trading plans when they possess no material non-public information. Once set, trades execute automatically regardless of what the insider later learns.

These plans offer legal protection but have drawn scrutiny. Critics note that some executives appeared to time plan adoptions suspiciously well. Reforms introduced in 2023 now require a cooling-off period of at least 90 days before the first trade and mandate disclosure of plan details.

## Why This Matters for Investors

Legal insider transactions are signals, not noise. An executive investing personal wealth in company stock has skin in the game. Multiple insiders buying in concert suggests conviction. Conversely, heavy selling—especially outside a 10b5-1 plan—may warrant attention.

The key is context. Option exercises, tax-related sales and planned diversification tell you little. Discretionary open-market purchases, particularly by those with strong track records, tell you rather more.

Understanding the distinction between legal and illegal insider trading is not merely academic. It explains why this data exists, why you can access it, and why paying attention to it might be worth your while.

Question 18

Wann erscheinen Meldungen – warum sieht man Trades manchmal „spät“?

Accepted Answer

Zwischen **Transaktionsdatum** und **Veröffentlichung** kann Zeit liegen (Meldung, Verarbeitung, Veröffentlichung). Deshalb ist es sinnvoll, **beide Daten** zu prüfen und nicht nur den Publikationstag.

Question 19

Was sind „Directors’ Dealings“ (insider trades) in Deutschland?

Accepted Answer

Directors’ Dealings sind **offengelegte, meldepflichtige Transaktionen** von Personen mit Führungsaufgaben (z. B. Vorstand/Aufsichtsrat) und ggf. nahestehenden Personen. Es geht um **Insiderkäufe/-verkäufe, die veröffentlicht werden**.

Question 20

Wer muss melden – und welche Geschäfte zählen?

Accepted Answer

Meldepflichtig sind typischerweise **Führungskräfte** (und teils **nahestehende Personen**) bei Transaktionen in **Aktien/aktienähnlichen Instrumenten** ihres Unternehmens. Ob etwas meldepflichtig ist, hängt von Rolle, Instrument und lokalen Detailregeln ab.

Question 21

Who are insiders?

Accepted Answer

The definition of an insider can vary slightly depending on the jurisdiction and the specific regulations in place, but generally, insiders include individuals who have access to nonpublic information about a company. The following categories of individuals are commonly considered insiders:  

-   **Officers**: This includes top executives such as the CEO (Chief Executive Officer), CFO (Chief Financial Officer), COO (Chief Operating Officer), and other high-ranking officers.
-   **Directors**: Members of a company's board of directors are often considered insiders. This includes both executive directors (who are also officers of the company) and non-executive directors.
-   **Employees**: Some employees, especially those in key positions or with access to sensitive information, may be classified as insiders. This can include individuals in finance, legal, research and development, and other departments.
-   **Major Shareholders**: Individuals or entities that hold a significant percentage of a company's shares may be considered insiders, especially if they have access to nonpublic information.

Question 22

What is SEC Form 4?

Accepted Answer

SEC Form 4 is the filing used by U.S. corporate insiders to report changes in their beneficial ownership of a public company’s securities.

It is typically filed by directors, officers, and beneficial owners of more than 10% of a registered class of equity securities when they buy, sell, exercise, convert, gift, or otherwise change their holdings. In most cases, it must be filed **within two business days** of the transaction.

A Form 4 usually shows:
- the security involved
- the transaction date
- the transaction code
- whether shares were acquired or disposed of
- the price and number of shares
- the insider’s holdings after the transaction
- whether ownership is direct or indirect
- any explanatory footnotes

Question 23

How do you read a Form 4 filing?

Accepted Answer

Start with the header. It tells you who filed, their relationship to the issuer, the earliest transaction date, and whether the trade was made under a Rule 10b5-1 plan.

Then review the transaction tables:
- **Table I** covers non-derivative securities such as common stock
- **Table II** covers derivative securities such as options, warrants, and convertible instruments

Focus on:
- the **transaction date**
- the **transaction code**
- whether shares were **acquired or disposed of**
- the **number of shares**
- the **price**
- the insider’s **ownership after the trade**
- whether ownership is **direct or indirect**

Finally, read the footnotes carefully. Important context is often disclosed there, including weighted-average pricing, option mechanics, tax withholding, trust ownership, vesting schedules, and Rule 10b5-1 plan adoption dates.

Question 24

What do Form 4 transaction codes mean?

Accepted Answer

Form 4 transaction codes describe the nature of the reported transaction.

Common codes include:
- **P** = open-market or private purchase
- **S** = open-market or private sale
- **A** = grant, award, or other acquisition from the issuer
- **D** = disposition back to the issuer
- **F** = payment of exercise price or tax liability by delivering or withholding securities
- **M** = exercise or conversion of a derivative security
- **C** = conversion of a derivative security
- **G** = bona fide gift
- **J** = other acquisition or disposition, with details explained in footnotes

For investors, the most important distinction is between **discretionary open-market trades** and **administrative or compensation-related transactions**. A code **P** usually carries more signal value than codes linked to grants, exercises, or tax withholding.

Question 25

Are insider buys more important than insider sells?

Accepted Answer

Usually, yes.

Insider purchases are generally viewed as more informative than insider sales because a purchase usually involves an insider committing fresh capital to their own company. A sale, by contrast, may happen for many reasons unrelated to the company’s prospects, including diversification, liquidity, or tax planning.

That does not mean every insider buy is significant or every insider sale should be ignored. It means that, all else equal, **open-market purchases** tend to be the clearer signal of conviction.

Question 26

What counts as a meaningful insider purchase?

Accepted Answer

There is no fixed legal threshold that makes an insider purchase "meaningful." In practice, investors usually mean a purchase that looks **discretionary, economically significant, and unusual**.

A purchase is often more meaningful when it:
- is an **open-market purchase** rather than a grant or option event
- is made by a senior executive or director
- is large relative to the insider’s prior holdings or compensation
- is not offset by nearby sales
- is unusual for that insider or company
- occurs alongside purchases by other insiders

By contrast, grants, conversions, option exercises, and small administrative transactions usually carry less informational value than a sizeable cash purchase in the open market.

Question 27

Are 10b5-1 sales less informative than open-market sales?

Accepted Answer

Generally, yes.

A sale made under a Rule 10b5-1 plan is usually seen as less informative than an unscheduled discretionary open-market sale because the plan is intended to be adopted in advance, when the insider is not aware of material nonpublic information, and the trade is then executed according to predetermined terms.

That said, a 10b5-1 sale should not be treated as meaningless. It can still matter if:
- the plan was adopted recently
- the trade is unusually large
- sales recur in a consistent pattern
- multiple insiders are selling
- other context suggests the transaction is important

So the best approach is to treat 10b5-1 sales as **generally weaker signals**, but still evaluate size, timing, and pattern.

Question 28

What is cluster buying in insider trading?

Accepted Answer

Cluster buying means that **multiple insiders at the same company buy shares within a relatively short period of time**.

The idea is that one insider may buy for idiosyncratic reasons, but several insiders buying around the same time can be a stronger indication of internal confidence in the company’s prospects.

Cluster buying is generally considered most meaningful when:
- the trades are **open-market purchases**
- the insiders are senior executives or directors
- the purchases are economically significant
- the buying is unusual relative to the company’s normal pattern

Investors often pay particular attention to cluster buying because it may be a stronger signal than a single insider purchase.

Question 29

What is a PDMR in European insider trading?

Accepted Answer

PDMR stands for Person Discharging Managerial Responsibilities. Under the EU Market Abuse Regulation (MAR), PDMRs include board members, C-suite executives, and senior managers who have regular access to inside information and the power to make management decisions. PDMRs — and their closely associated persons — are required to report their transactions in the company's financial instruments to the national regulator and the public.

Question 30

How quickly must European insider trades be disclosed?

Accepted Answer

Under MAR, the issuer must publish a PDMR's transaction within **3 business days** of the trade date. The PDMR themselves must notify both the company and the relevant national regulator promptly — and in practice, most notifications arrive within 1–2 days.

Question 31

Are UK insider trades still covered after Brexit?

Accepted Answer

Yes. The UK retained the Market Abuse Regulation in domestic law after leaving the EU. UK insider trade disclosures are regulated by the Financial Conduct Authority (FCA) and follow substantially the same PDMR reporting rules as the EU version. insider screener covers UK filings alongside EU filings.

Question 32

Is Norway included in European insider trading data?

Accepted Answer

Yes. Although Norway is not an EU member state, it is part of the European Economic Area (EEA) and has adopted MAR into its regulatory framework. Norwegian PDMR filings from Oslo Børs are collected and processed by insider screener alongside EU market data.

Question 33

What is the "closed period" for European insiders?

Accepted Answer

MAR mandates a **30-calendar-day closed period** before the announcement of a company's annual or half-yearly financial report. During this window, PDMRs are prohibited from trading in the company's instruments. This is a binding legal requirement — unlike in the US, where trading blackout periods are set by each company's own policies.

Question 34

How is European insider trading data different from US SEC Form 4?

Accepted Answer

In the US, insider filings are centralized through EDGAR on the SEC website. In Europe, filings are published by each country's national regulator — BaFin in Germany, AMF in France, FCA in the UK, and so on. This means European data is fragmented across **20+ sources** in different formats and languages. insider screener aggregates all of these into one searchable, normalized feed.

Question 35

Can I filter insider trades by specific European country or exchange?

Accepted Answer

Yes. insider screener allows you to filter insider trades by country, exchange, sector, transaction type (buy/sell), and more. You can also save custom filters as alerts and receive **daily email notifications** when new trades match your criteria.

Question 36

Why do insiders sell stock?

Accepted Answer

Insiders sell stock for many reasons, and a sale is not automatically a negative signal.

Common reasons include:
- diversification
- liquidity needs
- tax planning
- estate planning
- scheduled sales under a Rule 10b5-1 plan
- option exercises and related tax withholding
- compensation-related portfolio rebalancing

Because insiders may sell for many non-bearish reasons, insider sales are generally harder to interpret than insider purchases. The most relevant questions are whether the sale was discretionary, whether it was open-market, whether it was large relative to the insider’s holdings, whether it was part of a pattern, and whether several insiders were selling at the same time.

Question 37

What is a 10b5-1 trading plan?

Accepted Answer

A Rule 10b5-1 trading plan is a contract, instruction, or written plan that can provide an affirmative defense against insider trading liability if it is set up when the insider is not aware of material nonpublic information and the rule’s conditions are satisfied.

In practical terms, it allows insiders to pre-arrange trades by specifying:
- the amount
- the price
- the timing
- or a formula or mechanism for determining those terms

The SEC strengthened the rule in 2022. Among other changes, it introduced:
- mandatory cooling-off periods for many plans
- a good-faith requirement
- restrictions on overlapping plans
- limits on certain single-trade plans
- additional disclosure requirements for Rule 10b5-1 transactions

As a result, a 10b5-1 plan is meant to separate the decision to trade from the later execution of the trade.

Question 38

What is a closed period under MAR?

Accepted Answer

Under the Market Abuse Regulation (**MAR**), a **closed period** is the **30 calendar days before the announcement of an interim financial report or a year-end report** during which a **PDMR** must not conduct transactions on their own account or for a third party, directly or indirectly, in the issuer’s shares, debt instruments, derivatives, or other linked financial instruments.

A **PDMR** is a person discharging managerial responsibilities, such as:
- a director
- or a senior executive who regularly has access to inside information and power to make managerial decisions affecting the issuer’s future developments and business prospects

The rule is designed to reduce the risk of trading while senior managers may possess unpublished financial information ahead of results.

There are limited exceptions. In certain narrowly defined cases, the issuer may permit trading during a closed period, for example:
- in exceptional circumstances such as severe financial difficulty
- for certain employee share scheme transactions
- or for transactions where there is no active investment decision or no real change in beneficial interest

Even where an exception may apply, the general prohibition on insider dealing still remains fully in force.

Question 39

Can I track TSX and TSX Venture insider activity in insider screener?

Accepted Answer

Yes. insider screener provides Canadian SEDI coverage for **TSX, TSX Venture, CSE, and NEO Exchange** insider filings.

You can browse Canadian insider trades in the [Canada Insider Trading Tracker](https://www.insiderscreener.com/en/explore/ca), where filings can be filtered by company, insider, transaction type, insider role, date range, transaction value, market cap, sector, and more.

You can also start from the Canada market page: [Canada Insider Trading](https://www.insiderscreener.com/en/canada/).

Question 40

How quickly does insider screener update after new Canadian SEDI filings are published?

Accepted Answer

insider screener monitors Canadian SEDI filings continuously during the trading day. New Canadian insider filings typically appear in insider screener **within minutes of publication**.

The Canada page explains that reporting insiders in Canada generally disclose changes in beneficial ownership within **five calendar days**, so the transaction date and the filing/publication date may be different. insider screener then surfaces the filing once it is publicly available.

You can view newly published Canadian filings here: [Canada Latest Insider Trades](https://www.insiderscreener.com/en/explore/CA).

Question 41

Can I create alerts for Canadian insider trades?

Accepted Answer

Yes. insider screener supports alerts for Canadian insider trades through tracked companies, tracked insiders, and saved custom screens.

For Canada, this means you can monitor specific TSX, TSX Venture, CSE, or NEO-listed companies, or save filtered searches for Canadian transactions. Saved screens can be included in daily email reports, and Premium users can receive real-time email alerts as filings are processed.

Start with the [Canada Insider Trading Tracker](https://www.insiderscreener.com/en/explore/CA), then use the filters and save the search as a custom screen. You can also read more about alerts here: [Insider Trading Alerts](https://www.insiderscreener.com/en/l/insider-trading-alerts).

Question 42

Can I export Canadian insider trading data to CSV or Excel?

Accepted Answer

Yes. Paid insider screener plans include transaction exports in CSV or Excel-compatible formats, including Canadian insider trading data.

Export limits depend on the subscription plan.

Canadian data can be exported from the [Canada Insider Trading Tracker](https://www.insiderscreener.com/en/explore/CA). See current plan limits on the [Pricing](https://www.insiderscreener.com/en/pricing) page.

Question 43

Can I access Canadian insider trading data through the insider screener API?

Accepted Answer

Yes. Canadian insider trading data is available through the insider screener API as part of the platform’s structured insider transaction data and market feeds.

The API is designed for dashboards, scripts, research workflows, and internal tools. API plans include access to historical insider trading data, core transaction endpoints, issuer and market feeds, and higher-tier research or screener endpoints.

View current API options here: [Insider Trading API Pricing](https://www.insiderscreener.com/en/api-pricing).

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