Regulation & Transparency
Comparative disclosure regimes across 37 markets, with MAR, SEC, SEDI, AMF and how they differ in teeth.
Insider disclosure rules by country: a filing deadline and threshold comparison
How insider trading disclosure works in 10 markets: US Form 4, Canada SEDI, UK and EU MAR, France AMF, Germany BaFin, Japan EDINET, Korea DART, Australia ASX and India SEBI, with deadlines, thresholds and the traps that apply everywhere.
SEC Form 4 explained: how US insider filings work
Who must file SEC Form 4, the 2-business-day deadline, transaction codes P, S, A, M, F, G, and the traps (10b5-1 plans, option exercises, tax withholding) that make raw filings misleading.
SEDI filing rules: who reports what in Canada, and when
Who counts as a reporting insider under NI 55-104, the 10-day initial and 5-calendar-day subsequent deadlines, the nature-of-transaction codes (10, 30, 47, 50, 51), and the Part 5 and 6 exemptions that delay filings.
MAR Article 19 in practice: deadlines, thresholds and closed periods
How MAR Article 19 works across the EU: the 3-business-day PDMR deadline, the EUR 20,000 threshold set by the 2024 Listing Act (EUR 50,000 in France), 30-day closed periods, and why no central register exists.
FCA PDMR notifications explained: UK insider filing rules
Who counts as a PDMR under UK MAR, the 3 working day deadline plus the issuer's 2 days, the EUR 5,000 threshold the UK kept while the EU moved on, RNS and NSM publication, and the traps in reading the filings.
AMF insider declarations explained: how French dirigeant filings work
Who files declarations des dirigeants with the AMF, the 3-trading-day deadline, the EUR 50,000 threshold effective end of 2025, the BDIF database, and the traps (closed periods, zero-price gifts, two-row option exercises) in French filings.
BaFin directors' dealings explained: how German insider filings work
Who files managers' transactions with BaFin, the 3-business-day deadline, the EUR 50,000 threshold from 2026, and the BaFin Directors' Dealings database (a rolling 12-month public window) under MAR Article 19 and the WpHG.
EDINET explained: how Japan's large shareholding and insider filings work
How Japan's EDINET system and the FIEA 5% Rule work: Large Shareholding Reports, the five-business-day deadline, 1% change reports, institutional Special Reporting, and why there is no Form 4 on EDINET.
DART insider filings explained: how Korean ownership disclosure works
Who files insider and ownership reports on Korea's DART, the 5 business day deadline, the 5 percent large-holding rule, the 2024 advance-disclosure regime, and how to read a FSCMA filing.
ASX director interest notices explained: Appendix 3Y rules and deadlines
Who files ASX Appendix 3X, 3Y and 3Z notices, the 5 business day deadline under Listing Rule 3.19A, how Forms 603/604/605 substantial holder notices differ, and the traps in reading them.
SEBI insider-trading disclosures explained: PIT and SAST filings in India
How India's two disclosure regimes work: PIT Regulation 7 insider trades over Rs 10 lakh a quarter, SAST 5 and 25 percent stake thresholds, deadlines, and reading traps.
Understanding the Importance of Footnotes in Insider Trading Reports
Insider trading disclosures are often misleading without footnotes. Learn how to interpret Form 4 filings and the significance of footnotes in understanding trades.