Form55 Glossary
Plain-English definitions of the Canadian securities terms behind Form55's Signal Score — drawn from SEDI insider filings, lobbying registries, and government contract data.
SEDI is the online filing system Canadian corporate insiders — directors, officers, and significant shareholders — use to report trades in the securities of companies they're affiliated with.
Form 55-102F4 — usually just called "the insider report" — is the standardized report Canadian reporting insiders file through SEDI to disclose trades in securities of their company. It's also where Form55 gets its name.
Cluster buying is when multiple insiders at the same company purchase shares on the open market within a short window — a stronger signal than any single insider's trade, because it's harder to explain away as one person's personal financial planning.
A confluence signal occurs when two or more independent data sources point in the same direction at the same time. On Form55, a confluence signal specifically means insider buying and active federal lobbying for the same company within the same 90-day window.
National Instrument 43-101 is the Canadian securities rule governing how mining and exploration companies disclose information about their mineral properties — requiring technical reports prepared and signed off by an independent "qualified person."
An Early Warning Report is a disclosure Canadian securities law requires when an investor — or a group acting together — acquires beneficial ownership of 10% or more of a company's voting or equity securities, and again for every additional 2% acquired or disposed.