{
  "dataset": "SEC Form 4, 2026 Q2: filing timing",
  "part_of": "SEC Form 4, 2026 Q2: issuer-as-owner filings, flag spellings and filing timing",
  "publisher": "Aervik Labs (operated by EAC Ventures, LLC)",
  "url": "https://aerviklabs.com/research/sec-form4-2026q2/",
  "license": "CC BY 4.0",
  "license_url": "https://creativecommons.org/licenses/by/4.0/",
  "citation": "Aervik Labs. \"SEC Form 4, 2026 Q2: issuer-as-owner filings, flag spellings and filing timing.\" Measurement of the SEC Insider Transactions Data Set 2026q2 and 600 EDGAR Form 4 XML documents, read 2026-09-14. https://aerviklabs.com/research/sec-form4-2026q2/ (CC BY 4.0)",
  "subjects": "Filings and transaction rows, counted in aggregate. No issuer, reporting owner, CIK, accession number or document filename appears.",
  "interpretation": "An interval here is a measured distance between two dates. It is not a finding that any filing was late, and nothing here says that any filing, filer or issuer broke a rule.",
  "rounding": "Shares are exact counts, shown to one decimal.",
  "period": {
    "filing_date_from": "2026-04-01",
    "filing_date_to": "2026-06-30"
  },
  "read_date_utc": "2026-09-15",
  "sources": {
    "data_set_zip": {
      "url": "https://www.sec.gov/files/datastandardsinnovation/data/insider-transactions-data-sets/2026q2_form345.zip",
      "read_utc": "2026-09-15T02:33Z",
      "bytes": 11498860,
      "last_modified_utc": "2026-07-09T15:16:30Z",
      "sha256": "11f1b2bbbdcbe6347a34437c02d04202fda0eca1dbb023726e4b56504b802e27"
    },
    "holiday_calendar": {
      "name": "OPM federal holiday schedules",
      "url": "https://www.opm.gov/policy-data-oversight/pay-leave/federal-holidays/",
      "read_utc": "2026-09-15T02:39Z"
    },
    "edgar_calendar": {
      "name": "SEC EDGAR Calendar",
      "url": "https://www.sec.gov/submit-filings/filer-support-resources/edgar-calendar",
      "read_utc": "2026-09-15T02:39Z",
      "last_modified_utc": "2026-09-14T20:06:23Z"
    },
    "ecfr_rule_text_as_of_date": "2026-06-30",
    "ecfr_240_16a_3": {
      "citation": "17 CFR 240.16a-3",
      "url": "https://www.ecfr.gov/api/versioner/v1/full/2026-06-30/title-17.xml?part=240&section=240.16a-3",
      "read_utc": "2026-09-15T02:39Z"
    },
    "ecfr_232_13": {
      "citation": "17 CFR 232.13",
      "url": "https://www.ecfr.gov/api/versioner/v1/full/2026-06-30/title-17.xml?part=232&section=232.13",
      "read_utc": "2026-09-15T02:39Z"
    },
    "form4_instructions": {
      "name": "SEC Form 4 and General Instructions",
      "url": "https://www.sec.gov/files/form4.pdf",
      "read_utc": "2026-09-15T02:39Z",
      "last_modified_utc": "2026-08-25T17:32:15Z"
    },
    "xml_technical_specification": {
      "name": "EDGAR Ownership XML Technical Specification Version 5.5, March 2026",
      "url": "https://www.sec.gov/files/edgar/filer-information/specifications/ownershipxmltechspec-v5-5.zip",
      "read_utc": "2026-09-15T02:39Z",
      "last_modified_utc": "2026-03-25T14:24:38Z"
    },
    "edgar_filings_spot_checked": {
      "url_pattern": "https://www.sec.gov/Archives/edgar/data/<issuer_cik>/<accession_number without dashes>/<accession_number>.txt",
      "read_utc_from": "2026-09-15T03:07Z",
      "read_utc_to": "2026-09-15T03:07Z",
      "filings": 30
    }
  },
  "requests": {
    "total": 58,
    "spot_check": 30
  },
  "method": {
    "population": "Filings whose SEC data set document type is 4. Form 4/A amendments are measured separately and are in no Form 4 figure.",
    "business_day": "not a Saturday, not a Sunday, and not a date in OPM's federal holiday schedule tables",
    "interval": "the number of business days after the transaction date, up to and including the filing date",
    "per_filing_clock": "from the earliest transaction date across both tables of the filing to its filing date",
    "percentiles": "nearest rank, the value at rank ceil(p x n)",
    "buckets": {
      "bd_0_2": "0–2",
      "bd_3_5": "3–5",
      "bd_6_30": "6–30",
      "bd_over_30": "more than 30"
    },
    "csv_line_min_rows": 100,
    "by_code_min_rows": 1000,
    "thin_tail_min_rows_over_2_bd": 20,
    "thin_tail_filings_fewer_than": 50
  },
  "population": {
    "form4_filings": 49832,
    "form4_filings_without_transaction_rows": 195,
    "form4_filings_earliest_transaction_after_filing": 1,
    "form4_filings_measured": 49636,
    "form4_rows": 107119,
    "form4_rows_measured": 107116,
    "form4_rows_transaction_date_after_filing": 3,
    "form4a_filings": 713,
    "form4a_filings_measured": 672
  },
  "per_filing": {
    "filings": 49636,
    "median_bd": 2,
    "p90_bd": 2,
    "p99_bd": 63,
    "bd_0_2": 46675,
    "bd_0_2_pct": 94,
    "bd_3_5": 1155,
    "bd_3_5_pct": 2.3,
    "bd_6_30": 1028,
    "bd_6_30_pct": 2.1,
    "bd_over_30": 778,
    "bd_over_30_pct": 1.6
  },
  "per_row": {
    "rows_measured": 107116,
    "table_i_rows_measured": 77257,
    "table_i_bd_0_2_pct": 94.5,
    "table_ii_rows_measured": 29859,
    "table_ii_bd_0_2_pct": 93.5,
    "rows_over_2_bd": 6204,
    "filings_with_rows_over_2_bd": 2961
  },
  "timeliness_value": {
    "rows": 107119,
    "blank": 106595,
    "e": 524,
    "l": 0,
    "rows_over_2_bd": 6204,
    "rows_over_2_bd_blank": 6067,
    "rows_over_2_bd_blank_pct": 97.8,
    "rows_over_2_bd_e": 137,
    "rows_over_2_bd_l": 0
  },
  "deemed_execution_date": {
    "rows_with": 950,
    "rows_with_pct": 0.9,
    "rows_over_2_bd_with": 135,
    "rows_over_2_bd_within_2_bd_of_deemed_date": 22
  },
  "transaction_form_type_5": {
    "rows": 718,
    "rows_over_2_bd": 262
  },
  "no_visible_marker": {
    "rows_over_2_bd": 6204,
    "rows": 5810,
    "rows_pct": 93.6,
    "filings_with_rows_over_2_bd": 2961,
    "filings": 2678,
    "filings_pct": 90.4
  },
  "form4a": {
    "filings": 713,
    "filings_measured": 672,
    "median_bd": 13,
    "p90_bd": 126,
    "p99_bd": 585,
    "bd_0_2_pct": 16.2
  },
  "derivative_exercise_price": {
    "codes": "M, X, O, C",
    "rows": 12673,
    "price_zero": 10632,
    "price_blank": 1540,
    "price_zero_or_blank": 12172,
    "price_zero_or_blank_pct": 96,
    "price_zero_or_blank_with_exercise_price_above_zero": 3054,
    "instruction": "Form 4 General Instruction 4(c)(iii), https://www.sec.gov/files/form4.pdf"
  },
  "by_code": {
    "min_rows": 1000,
    "codes": {
      "D": {
        "description": "Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)",
        "rows": 3446,
        "rows_measured": 3446,
        "median_bd": 1,
        "p90_bd": 2,
        "p99_bd": 24,
        "bd_0_2_pct": 97.7,
        "bd_3_5_pct": 0.7,
        "bd_6_30_pct": 0.7,
        "bd_over_30_pct": 0.9
      },
      "S": {
        "description": "Open market or private sale of non-derivative or derivative security",
        "rows": 28064,
        "rows_measured": 28064,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 21,
        "bd_0_2_pct": 96.5,
        "bd_3_5_pct": 2,
        "bd_6_30_pct": 0.6,
        "bd_over_30_pct": 0.9
      },
      "M": {
        "description": "Exercise or conversion of derivative security exempted pursuant to Rule 16b-3",
        "rows": 22184,
        "rows_measured": 22183,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 21,
        "bd_0_2_pct": 96.2,
        "bd_3_5_pct": 1.8,
        "bd_6_30_pct": 1.3,
        "bd_over_30_pct": 0.8
      },
      "F": {
        "description": "Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3",
        "rows": 9231,
        "rows_measured": 9231,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 60,
        "bd_0_2_pct": 95.1,
        "bd_3_5_pct": 2.2,
        "bd_6_30_pct": 1.5,
        "bd_over_30_pct": 1.2
      },
      "A": {
        "description": "Grant, award or other acquisition pursuant to Rule 16b-3(d)",
        "rows": 32179,
        "rows_measured": 32178,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 85,
        "bd_0_2_pct": 93.7,
        "bd_3_5_pct": 2.4,
        "bd_6_30_pct": 2.1,
        "bd_over_30_pct": 1.9
      },
      "G": {
        "description": "Bona fide gift",
        "rows": 1545,
        "rows_measured": 1545,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 186,
        "bd_0_2_pct": 91.3,
        "bd_3_5_pct": 1.2,
        "bd_6_30_pct": 3.4,
        "bd_over_30_pct": 4.1
      },
      "C": {
        "description": "Conversion of derivative security",
        "rows": 1940,
        "rows_measured": 1940,
        "median_bd": 2,
        "p90_bd": 2,
        "p99_bd": 90,
        "bd_0_2_pct": 90.6,
        "bd_3_5_pct": 1.9,
        "bd_6_30_pct": 1.9,
        "bd_over_30_pct": 5.6
      },
      "P": {
        "description": "Open market or private purchase of non-derivative or derivative security",
        "rows": 5528,
        "rows_measured": 5528,
        "median_bd": 1,
        "p90_bd": 7,
        "p99_bd": 385,
        "bd_0_2_pct": 84.4,
        "bd_3_5_pct": 4.7,
        "bd_6_30_pct": 4.1,
        "bd_over_30_pct": 6.8
      },
      "J": {
        "description": "Other acquisition or disposition (describe transaction)",
        "rows": 2436,
        "rows_measured": 2435,
        "median_bd": 2,
        "p90_bd": 15,
        "p99_bd": 302,
        "bd_0_2_pct": 79.6,
        "bd_3_5_pct": 7,
        "bd_6_30_pct": 6.5,
        "bd_over_30_pct": 6.9
      }
    }
  },
  "thin_tails": {
    "table_i_D": {
      "table": "Table I (non-derivative)",
      "code": "D",
      "rows_over_2_bd": 59,
      "filings": 46,
      "most_rows_in_one_filing": 6
    },
    "table_i_C": {
      "table": "Table I (non-derivative)",
      "code": "C",
      "rows_over_2_bd": 86,
      "filings": 44,
      "most_rows_in_one_filing": 14
    },
    "table_i_L": {
      "table": "Table I (non-derivative)",
      "code": "L",
      "rows_over_2_bd": 49,
      "filings": 20,
      "most_rows_in_one_filing": 8
    },
    "table_i_X": {
      "table": "Table I (non-derivative)",
      "code": "X",
      "rows_over_2_bd": 21,
      "filings": 19,
      "most_rows_in_one_filing": 2
    },
    "table_ii_P": {
      "table": "Table II (derivative)",
      "code": "P",
      "rows_over_2_bd": 109,
      "filings": 32,
      "most_rows_in_one_filing": 30
    },
    "table_ii_S": {
      "table": "Table II (derivative)",
      "code": "S",
      "rows_over_2_bd": 177,
      "filings": 10,
      "most_rows_in_one_filing": 30
    },
    "table_ii_I": {
      "table": "Table II (derivative)",
      "code": "I",
      "rows_over_2_bd": 21,
      "filings": 7,
      "most_rows_in_one_filing": 3
    },
    "table_ii_X": {
      "table": "Table II (derivative)",
      "code": "X",
      "rows_over_2_bd": 29,
      "filings": 21,
      "most_rows_in_one_filing": 5
    },
    "tables_i_and_ii_L": {
      "table": "Tables I and II together",
      "code": "L",
      "rows_over_2_bd": 49,
      "filings": 20,
      "most_rows_in_one_filing": 8
    },
    "tables_i_and_ii_I": {
      "table": "Tables I and II together",
      "code": "I",
      "rows_over_2_bd": 23,
      "filings": 9,
      "most_rows_in_one_filing": 3
    },
    "tables_i_and_ii_X": {
      "table": "Tables I and II together",
      "code": "X",
      "rows_over_2_bd": 50,
      "filings": 21,
      "most_rows_in_one_filing": 6
    }
  },
  "verification": {
    "computations_compared_values": 17523,
    "computations_disagreements": 0,
    "xml_spot_check": {
      "filings": 30,
      "long_tail_filings": 20,
      "long_tail_more_than_calendar_days": 45,
      "normal_filings": 10,
      "normal_calendar_days_up_to": 3,
      "filings_matching_every_field": 30
    }
  },
  "calendar": {
    "check_year": "2026",
    "holidays_compared": 11,
    "daily_index_checked_from_date": "2025-01-01",
    "daily_index_checked_to_date": "2026-06-30",
    "business_days_without_daily_index": 3,
    "sensitivity_bucket_counts_changed": 0,
    "sensitivity_max_percentile_shift_bd": 3,
    "weekends_only_before_date": "2011-01-01"
  },
  "specification": {
    "name": "EDGAR Ownership XML Technical Specification Version 5.5, March 2026",
    "section": "4.3.8.2",
    "quote_leave_empty": "The <transactionTimeliness.value> element is optional and should be left empty.",
    "quote_form4_on_time": "By definition, a “4” transaction is on time. Provide no value for this case.",
    "quote_form5_early": "By definition, a “5” transaction is early."
  },
  "rules": {
    "two_business_days": {
      "citation": "17 CFR 240.16a-3(g)(1)",
      "text": "Form 4 must be filed before the end of the second business day following the day on which the subject transaction has been executed."
    },
    "deemed_date_cap": {
      "citation": "17 CFR 240.16a-3(g)(4)",
      "text": "if the notification date is later than the third business day following the trade date of the transaction, the date of execution is deemed to be the third business day following the trade date of the transaction."
    },
    "deemed_date_instruction": {
      "citation": "Form 4, General Instruction 4(a)(ii)",
      "text": "A deemed execution date must be reported in Column 2A of Table I or Column 3A of Table II only if the execution date for the transaction is calculated pursuant to §240.16a-3(g)(2) or §240.16a-3(g)(3)."
    },
    "form5_on_form4": {
      "citation": "17 CFR 240.16a-3(g)(5)",
      "text": "At the option of the reporting person, transactions that are reportable on Form 5 may be reported on Form 4, so long as the Form 4 is filed no later than the due date of the Form 5 on which the transaction is otherwise required to be reported."
    },
    "filing_date_cutoff": {
      "citation": "17 CFR 232.13(a)(4)",
      "text": "a Form 3, 4, or 5 … submitted by direct transmission commencing on or before 10 p.m. Eastern Standard Time or Eastern Daylight Time, whichever is currently in effect, shall be deemed filed on the same business day."
    },
    "deemed_date_sections": "17 CFR 240.16a-3(g)(2) and (g)(3)"
  },
  "prior_work": {
    "dev_to": {
      "publisher": "dev.to",
      "title": "How late is Form 4 'real-time' data? Measuring filing delay on 11,241 insider filings",
      "published_date": "2026-08-24",
      "scope": "July 2026 filings via a commercial API",
      "url": "https://dev.to/itsraxzey/how-late-is-form-4-real-time-data-measuring-filing-delay-on-11241-insider-filings-2e9j"
    },
    "quantinsti": {
      "publisher": "QuantInsti",
      "title": "Form 4 Insider Trading in Python: A Filing-Date Event Study",
      "published_date": "2026-08-25",
      "scope": "C-suite code-P purchases, 2022 to 2026 Q2, trading sessions",
      "url": "https://blog.quantinsti.com/sec-form-4-insider-trading-python-event-study/"
    }
  }
}