How often are insider filings late?
Every register on this site has a legal deadline. This page counts, per register and per year, how many filings arrived after it. The text explains how we count; the numbers update with every daily run.
The deadlines
- Form 4: before the end of the second business day after the trade (Rule 16a-3(g)(1)). For a trade under a 10b5-1 plan, the date of execution can be the day the broker tells the insider, but no later than the third business day after the trade (Rule 16a-3(g)(2) to (4)).
- Members of Congress: a periodic transaction report within 30 days of being told about a trade, and no later than 45 days after the trade (5 U.S.C. 13105(l)).
- EU managers: no later than three business days after the trade (MAR Article 19(1)).
We count open-market purchases and sales only, the same trades our news covers. A filing counts in the year it was filed. The current year runs to the last day shown in the table.
Form 4 filings
Each Form 4 counts once. It is late when it reached the SEC after the deadline for its earliest trade. Weekends and US federal holidays are not business days. A filing with the 10b5-1 box ticked gets the latest deadline the rule allows, so a plan trade that could still be on time never counts as late. We leave out amendments (Form 4/A).
| Year | Form 4 filings | Filed late | Share |
|---|---|---|---|
| 2026 (Jul 1 to Oct 30) | 15,310 | 573 | 3.7% |
Trade reports by members of Congress
Each original report counts once, and it is late when one of its trades is. The deadline is the earlier of the two in the law. The Senate form does not carry the date a member was told about a trade, so there only the 45 days apply. We leave out amendments, and trades from before the member took office. The rules are in the STOCK Act guide.
| Year | Reports | Filed late | Share |
|---|---|---|---|
| 2026 (to Oct 29) | 476 | 38 | 8.0% |
| 2025 | 575 | 50 | 8.7% |
| 2024 | 387 | 43 | 11.1% |
| 2023 | 371 | 50 | 13.5% |
| 2022 (from Apr 8) | 327 | 45 | 13.8% |
Germany and Spain
A notification here is one manager, one company and one notification day. We count weekends but not national public holidays, which differ per country. A notification filed just after a holiday can therefore count as late when it was on time.
Germany: the date of the notification as BaFin's database shows it. Our German register starts in July 2025.
| Year | Notifications | Filed late | Share |
|---|---|---|---|
| 2026 (to Oct 15) | 918 | 95 | 10.3% |
| 2025 (from Jul 29) | 538 | 29 | 5.4% |
Spain: the date the CNMV registered the notification.
| Year | Notifications | Filed late | Share |
|---|---|---|---|
| 2026 (to Oct 30) | 810 | 98 | 12.1% |
| 2025 | 827 | 132 | 16.0% |
| 2024 | 887 | 126 | 14.2% |
| 2023 | 928 | 124 | 13.4% |
| 2022 | 902 | 128 | 14.2% |
| 2021 | 806 | 115 | 14.3% |
| 2020 (from Apr 1) | 794 | 107 | 13.5% |
Why the Netherlands, Belgium and Sweden are missing
To count a late filing you need the day the manager notified. The AFM register in the Netherlands gives the date of the trade but not the date of the notification. The FSMA in Belgium and Finansinspektionen in Sweden give the day they published, which can fall after the notification. A count from those dates would measure the regulator as well as the manager, so we leave them out. The Dutch registers counted by year of the trade are in the Netherlands in numbers.
How to read the numbers
A late filing tells you when a trade became public. It says nothing about why the trade took place or what the person knew. Reporting late breaks the reporting rule; trading on inside information is a separate offense, explained in directors' dealings vs insider trading.
The counts follow the dates in each register. When a register corrects a date, the next daily run counts the corrected date.
Late filings on this site
The news reports single late filings as they come in, with the number of days next to the deadline. Every member page on Congress shows how many of that member's reports were filed late. The filings themselves are on Insider Trades.
The reporting rules are in the guides to MAR Article 19, Form 4 and the STOCK Act. How the EU and US deadlines compare is in insider reporting in the EU vs the US.
Checked against the regulation and the regulator’s own pages on Oct 31, 2026. This guide explains the rules; it is not legal or investment advice.
More guides
- EUMAR art. 19What is a MAR Article 19 notification?How directors' dealings are reported in the EU under the Market Abuse Regulation: who must report, the deadline, the threshold, what a notification contains and where to find them.
- USSEC Form 4How to read an SEC Form 4A field-by-field guide to the Form 4 that US company insiders file with the SEC: who files it, the two-day deadline, the transaction codes, and the 10b5-1 checkbox.
- USSTOCK ActWhat members of Congress must disclose about their tradesHow the STOCK Act makes members of the US Congress report their stock trades: the 30- and 45-day deadlines, the $1,000 threshold, the amount ranges, and what is left out.
- EUNetherlands · AFMWhen does an insider have to report a trade in the Netherlands?Who reports trades to the Dutch AFM, the three-day deadline, the €20,000 threshold, the extra Wft duty for board members, and where you find the filings.
- EUGermany · BaFinWhen does an insider have to report a trade in Germany?Directors' dealings in Germany: who reports to BaFin, the three-day deadline, the €50,000 threshold that applies since 1 January 2026, and where the filings appear.
- EUBelgium · FSMAWhen does an insider have to report a trade in Belgium?Managers' transactions in Belgium: who reports to the FSMA through eMT, the three-day deadline, the €20,000 threshold, and why the issuer has to confirm a filing first.
- EUSweden · FIWhen does an insider have to report a trade in Sweden?Insider trades in Sweden: who reports to Finansinspektionen, the three-day deadline, the €20,000 threshold, and how the insider register (insynsregistret) works.
- EUSpain · CNMVWhen does an insider have to report a trade in Spain?Managers' transactions in Spain: who reports to the CNMV, the three-day deadline, the €20,000 threshold in Article 230 of the Securities Market Act, and where the filings appear.
- EUMAR art. 19(11)What is a closed period?The 30 days before a listed EU company publishes its results, when its managers may not trade its shares: the rule, the exceptions, the Listing Act changes and the US blackout.
- EUMAR art. 3What is a PDMR?Who counts as a person discharging managerial responsibilities (PDMR) under EU law, who is closely associated with them, and why it matters for reporting trades.
- USSEC Section 16Form 3, 4 and 5: what's the difference?The three SEC forms that US company insiders file: Form 3 when they become an insider, Form 4 after a trade, Form 5 once a year. Who files each one, and by when.
- USSEC Rule 10b5-1What is a 10b5-1 plan?How US insiders trade through a pre-arranged plan under SEC Rule 10b5-1: the rule, the 2022 changes (cooling-off, certification, overlapping plans) and the Form 4 checkbox.
- USSEC Form 13FHow to read a 13F filingWho files Form 13F with the SEC, by when, and what it shows: the long positions of large US fund managers at the end of each quarter, without shorts or cash.
- USLobbying Disclosure ActHow does US lobbying disclosure work?How the US Lobbying Disclosure Act works: registration on Form LD-1, quarterly LD-2 reports with amounts rounded to $10,000, and the twice-yearly LD-203 contribution reports.
- USOGE Form 278What must the President and senior officials disclose?The OGE Form 278e financial disclosure of the US President, Vice President and senior officials, and the 278-T report of trades within 30 or 45 days.
- EUShort Selling RegulationShort positions in Europe: what is the 0.5% rule?How the EU Short Selling Regulation works: net short positions go to the regulator from 0.1% of a company's shares and become public from 0.5%, with each 0.1% step above.
- EU/USMAR vs Section 16Insider reporting in the EU vs the US: what's different?How EU and US rules on reporting insider trades compare: who reports, the three-day and two-day deadlines, the thresholds, what a filing shows and who publishes it.
- EU/USMAR art. 14 · Rule 10b-5Directors' dealings vs insider trading: what is legal?The difference between a reported directors' dealing and illegal insider trading under EU law (MAR Articles 7, 8 and 14) and US law (Rule 10b-5), with the penalties.
- EUNetherlands · AFMHow many insider trades are reported in the Netherlands?Managers' trades reported to the Dutch AFM, counted per year and per sector: entries in both AFM registers, companies, and open-market buys and sales.
- USSTOCK ActWhich members of Congress trade the most?Members of the US Congress ranked by the number of trades they reported for the last full calendar year, with purchases, sales and the amount ranges as filed.
- EU/USInsider salesWhy do insiders sell stock?The common reasons company insiders sell their own shares: pay in stock, tax, spreading risk, cash for a house, a pre-set 10b5-1 plan. And what research found about sales.
- USSEC Form 4Form 4 transaction codes explainedEvery transaction code on an SEC Form 4, from P and S to A, M, F, G and J, with its meaning from the SEC's own instructions, and which codes are trades at the market.
- EU/USInsider purchasesWhat is cluster buying?Cluster buying: several insiders of one company buying its shares within a short period. How this site counts a cluster: three buyers within 90 days, by filing date.
- EU/USRegistersHow to track insider trades for freeThe official free registers of insider trades: SEC EDGAR in the US, and AFM, BaFin, FSMA, FI and CNMV in Europe. What each one lets you search and download.
- EU/USResearchDo insider purchases predict stock returns?What studies of US, UK and German filings found about share returns after insiders buy, from Lakonishok and Lee to Cohen, Malloy and Pomorski, and the limits of those findings.
- USSTOCK ActCan members of Congress trade stocks?Yes: members of the US Congress may trade stocks, but must report each trade within 45 days under the STOCK Act. The late fee, and the bills to ban trading as of 31 October 2026.
- USResearchDo politicians beat the market?What studies found about the stock returns of US senators and representatives, from Ziobrowski in 2004 to studies of trades after the STOCK Act, and why the results differ.
- USOGE Form 278What stocks does Trump own?Where to find what President Trump owns: the annual OGE Form 278e with assets in value ranges, the 278-T reports of trades, and what neither form shows.
- EUMAR art. 19Biggest insider purchases in Europe this yearThe largest open-market share purchases by company insiders in the Netherlands, Germany, Belgium, Sweden and Spain this year, ranked by amount in euros.
- EUMAR art. 19(11)When do insiders buy? Purchases by monthOpen-market purchases and sales by company insiders in the Netherlands, Sweden and Spain, counted per calendar month over all full years, and how closed periods fit in.
- USSEC Form 13FWhat is Berkshire Hathaway buying?Berkshire Hathaway's largest US stock holdings from its latest Form 13F, how many positions grew, shrank, appeared or disappeared, and what the filing leaves out.
- EU/USTransparency DirectiveMajor shareholdings in the EU: the 3% and 5% ruleWhen an investor in an EU listed company must report its stake: the 5% threshold of the Transparency Directive, lower national thresholds, the deadlines, and the US Schedule 13D.
- EU/USMCPInsider trading data in Claude and ChatGPT (MCP)Connect InsiderRadar to Claude or ChatGPT over MCP: the address, the sign-in steps, and the six read-only tools for insider, Congress, 13F and lobbying filings.