Canadian Insider Trades

SEDI, the System for Electronic Disclosure by Insiders, which is where insiders of Canadian public companies report trades in their own company's securities. Insiders generally have five calendar days from the trade to file, so a filing date and a trade date are not the same thing and both are shown.

Directors, senior officers, and anyone holding more than 10% of a company's voting rights. A filer can also be a holding company, a trust or the issuer buying back its own stock — SEDI does not flatten those into a person, and neither do we.

No. SEDI reports a separate closing balance for each security class and each way it is held — directly, through a company, through a foundation. One balance is that holding only, and an insider may hold considerably more than any single line shows.

Not on its own. Insiders sell to diversify, to pay tax on vesting shares, and under automatic plans arranged months earlier. What the record supports is the fact of the trade, its size and its timing — not a motive.