InsidersTradesSigma
Insider Trading & Regulation
A defined period, typically before an earnings release, during which insiders are barred from trading the company's securities.
Blackout periods exist both as company policy and, in the EU, as a statutory 30-calendar-day closed period before interim and annual reports (MAR Article 19(11)). A purchase filed just after a blackout lifts, and well before the next one, is a cleaner signal because the insider had a narrow, deliberate window to act.