# Insider

> A company's directors, its officers and owners of more than 10% of a class of its shares, who must report their trades.

Updated Oct 17, 2026.

In SEC filings, an insider is a person covered by Section 16 of the Securities Exchange Act: a company's directors, its officers (as the rules define them: the executives who make policy, not everyone with a title) and anyone who owns more than 10% of a class of its registered equity securities.

## What they must file

- [Form 3](/glossary/form-3) on becoming an insider.
- [Form 4](/glossary/form-4) within two business days of most changes in their holdings.
- [Form 5](/glossary/form-5) once a year for anything not already reported.

Insiders who make a profit from buying and selling within six months can be made to pay it back to the company.

## Not the same as insider trading

Being an insider is a status. "Insider trading" in the illegal sense means trading on material information the public does not have, and it can be done by anyone. An insider's reported trade is legal and public.

## On Listed

Each insider has a page that lists their filings across companies. Foreign private issuers' insiders do not file these forms, so those companies show no insider trades.

## Related terms

- [Form 3](/glossary/form-3.md)
- [Form 4](/glossary/form-4.md)
- [Form 5](/glossary/form-5.md)
- [Transaction code](/glossary/transaction-code.md)
- [Rule 10b5-1 plan](/glossary/rule-10b5-1-plan.md)

## Guides that use it

- [Insider trades: what Form 4 tells you](/guides/insider-trades-what-form-4-tells-you.md)

All terms: [/glossary.md](/glossary.md)