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Important Information on the Insider Trade Summaries

Insider Trade Correction Information

Due to the sensitive nature of insider trading information, risk of error due to the manual update process for the insider trade marker, and possible overstatements due to bundling of orders (see below), it is important to use the correction files in conjunction with the insider trade marker files. To obtain an accurate corrections amount, it is necessary to aggregate corrections reported for a specific security on a specific date from each insider trading summary correction file on or after that trading day.

Order bundling may overstate the level of insider trading initially. For instance, if a trade is bundled to include insider and non-insider orders, the entire trade will be marked as an insider trade. To remedy this overstatement bias, brokers have been instructed to report corrections related to bundling no later than 5:00 PM on the date the trade was executed. These corrections would appear in the same-day corrections files.

In all other cases, brokers are required to report corrections immediately upon becoming aware of them.

Insider Trade Regulatory Information

Definition of "Insider"

Rule 1.1 of the Universal Market Integrity Rules (UMIR) defines the term "insider" as a person who is an insider of an issuer for the purpose of applicable securities legislation. Applicable securities legislation generally defines an insider of an issuer as including a director, senior officer or a person who owns, controls or directs 10 per cent or more of the voting rights in an issuer's securities. For further clarification, reference must be made to the securities legislation of every jurisdiction in which the issuer is a reporting issuer or equivalent. Reference should also be made to CSA Staff Notice 55-308 - Questions on Insider Reporting.

For more information on the regulation surrounding insider trades, please visit:

April 28, 2010 - Guidance on "Insider" and "Significant Shareholder" Markers

July 30, 2008 - IIROC Notice 08-0050: User Guide for the Regulatory Marker Correction Form

July 15, 2008 - IIROC Notice 08-0033: New Procedures for Order Marker Corrections

Insider Trade Information
  • The TSX Insider Trade Marker Report provides a security level, daily summary of insider buying and selling activities, one file for the Toronto Stock Exchange and one file for the TSX Venture Exchange. This information is based on a trade related marker provided to TSX by brokers at the time a company insider either buys or sells a security.
  • The data is provided by third parties and subject to error (see Insider Trading Correction Information above). TSX Inc. does not warranty or guarantee the accuracy or completeness of this information in any way. It is recommended that the daily corrections file be used in tandem with any search you conduct on this page.
  • Data is compiled each trading day after the market close and is generally posted after 6 p.m. ET.
  • Data does not include coverage of debt securities.
  • Not all securities will have insider activity each trading day. Therefore, you may receive a message to this effect when you query a certain symbol.
  • The provision of this data is for information purposes only. Insider activity should be used as an indicator and not as the sole basis for the decision to buy or sell a security.

For information on how to obtain a subscription to a full report of insider and/or significant shareholder transactions, please click here.

Insider Trade Summaries and related Insider Trade Summary Corrections are provided for information purposes only. Insider Trade Summary Corrections amend the Insider Trade Summaries to which they relate. Insider Trade Summary Corrections will be posted on this website as they are available. Insider Trade Summary Corrections may occur at any time following the applicable Insider Trade Summaries. Insider Trade Summaries information and Insider Trade Summary Corrections information is provided by third parties without verification by us, and is provided on an "as is" basis without warranties or representations of any kind. Insider Trade Summaries and Insider Trade Summary Corrections are provided with the express condition, to which everyone using these products assents, that no obligation, responsibility or liability shall be incurred by TSX Inc., its affiliated companies, or their information providers, for any loss or damage whatsoever arising from or relating to any use of or reliance on the Insider Trade Summaries or Insider Trade Summary Corrections.