Published 2026-04-24 · 6 min read · Cross-border research

How to Read SEDI Filings — a practical guide for Canadian investors

SEDI is the System for Electronic Disclosure by Insiders — Canada's equivalent of the SEC's EDGAR Form 4 system. If you research TSX or TSX-V names, learning to read SEDI properly is one of the highest-leverage skills available. Most US-only research tools ignore it entirely.

Who has to file on SEDI

Section 3.2 of National Instrument 55-104 requires “reporting insiders” of TSX and TSX-V issuers to file every direct or indirect change in beneficial ownership. The reporting-insider list typically includes:

Directors and senior officers of the issuer.
Significant shareholders — anyone holding 10%+ of voting securities.
Directors and senior officers of significant shareholders.
Management of the issuer's investment manager (where applicable).

The deadline matters. Initial reports are due within ten calendar days of becoming a reporting insider. Subsequent reports for ordinary trades are due within five calendar days of the transaction. Late filings are themselves a signal — the issuer's controls may be weak.

The transaction codes that matter

Every SEDI line carries a numeric “Nature of transaction” code. The full list is in the SEDI user guide; the ones that move the needle for analysis are:

Code	Meaning	Signal weight
`10`	Acquisition or disposition in the public market	High — open-market activity is the cleanest signal.
`15`	Acquisition under a stock split or consolidation	Mechanical — ignore.
`22`	Acquisition or disposition in the public market by a related party	Medium — treat similar to 10 but verify the relationship.
`30`	Stock-option grant	Low — routine compensation.
`50`	Exercise of options	Read with companion sell. Exercise + immediate sell is different from exercise + hold.
`57`	Exercise of warrants	Read with what comes next.
`97`	Other	Investigate — often used when the transaction doesn't fit a category.

Reading patterns, not single trades

One insider buying $20K of stock means little. Three insiders independently buying open-market in the same week, after a quiet quarter, while the share price is flat — that's a pattern worth examining. Specifically look for:

Cluster buying. Multiple insiders, ideally from different governance roles (director + CEO + CFO), filing code 10 within a tight window.
Open-market vs option-exercise. Code 10 is paid-for-with-cash conviction. Code 50 followed by code 10 sale is just compensation conversion — usually neutral.
Share-class context. Some Canadian issuers have multi-class structures. A founder selling restricted stock isn't the same as a director buying voting common.
Timing relative to disclosed news. Insider buys filed shortly before a major announcement are reviewed by securities regulators. We don't trade on these — we note them.

Where SEDI falls short (and how to compensate)

Slow filings. The five-day window means by the time an active retail investor sees a SEDI entry, the market may have moved. Combine SEDI with the issuer's news flow on SEDAR+ for context.
Ownership is fragmented. Indirect holdings via family trusts and holding companies appear under separate entities. Always check “Holding company” rows alongside the named insider.
Dual-listed issuers. A TSX-listed company that also lists on NASDAQ files SEDI in Canada and Form 4 in the US. The two systems use different codes for the same trade. Cross-checking surfaces filing inconsistencies.

How Quintarthai handles SEDI

The Insider Filings Explorer in our dashboard ingests SEDI daily, tags transactions by code, and surfaces clustered patterns automatically. We display the transaction-context interpretation (open-market vs exercise vs gift) alongside the raw filing so you don't have to memorise the code table. We also cross-reference Canadian SEDI entries against US SEC Form 4 entries for dual-listed issuers, so you see both jurisdictions in one row.

None of this is investment advice. Insider activity is one input among many. We surface the data — you decide what to do with it.

Try it on a real ticker. Open the free Core dashboard, search for ABX.TO or SHOP.TO, and click into the Insider Filings panel. 10 Quinn queries per day, no card required.

This article is for educational purposes only. Quintessentia Network Inc. (operating as Quintarthai) is not a registered investment adviser, broker-dealer, or securities exchange. Insider activity does not predict future returns. See Disclosures and AI Transparency for the full statement.