# Cernum

> Evidence-based insider trading intelligence across 12 jurisdictions. We surface and score public regulatory filings (Form 4, PDMR notifications, etc.) so analysts can see when corporate insiders are buying or selling their own company's shares, and why those signals matter.

Cernum is not investment advice. We publish factual interpretations of regulator-disclosed transactions in line with MiFID II Art. 44 (no recommendations, no price predictions). Every score is reproducible from public source data, with a documented methodology and 35-day forward-return measurement window.

## What we cover

- **United States**, SEC Form 4 (EDGAR), insider purchases & sales reported within 2 business days under §16(a) of the Exchange Act.
- **United Kingdom**: FCA PDMR notifications under MAR Art. 19 (3-business-day filing requirement).
- **Germany**: BaFin Managers' Transactions Register (Directors' Dealings).
- **Netherlands**: AFM Insider Notifications.
- **Sweden**: Finansinspektionen Insynsregister (PDMR).
- **Finland**: Finanssivalvonta (FIN-FSA) Managers' Transactions.
- **Norway & Denmark**: Finanstilsynet PDMR register (joint Nordic feed).
- **France**: AMF Déclarations des dirigeants.
- **Spain**: CNMV Comunicación de Operaciones de Directivos.
- **Australia**: ASIC + ASX Appendix 3Y notices.
- **Canada**: SEDI (System for Electronic Disclosure by Insiders) via CSA.

Submission to the CNMV (1 May 2025) is binding on our product framing.

## How we score (InsiderScore)

A 0–100 score per filing, bucketed into four bands: **Score A / Score B / Score C / Score D**. Inputs include:

- **Role weight**: CEO, CFO, Chair, Board member, 10% holder (Form 4 codes).
- **Transaction size relative to insider's prior holdings.**
- **Open-market purchases vs. option exercises / 10b5-1 sales.**
- **Cluster behaviour**: multiple insiders transacting in the same window.
- **Filing latency**: speed relative to the regulator's deadline.

We never call any signal "buy", "sell", "strong conviction", or anything directional. The methodology is documented at https://cernum.co/trust and the live performance audit is at https://cernum.co/evidence.

## Performance measurement

Forward returns are measured strictly from the **public filing date** (not transaction date), over a 35-day window, against the issuer's local benchmark index. We winsorize outliers, stamp the price source on every row (Polygon.io is the primary vendor, with Twelve Data and EODHD as recovery feeds and Yahoo used only as a tail cross-check), and publish jurisdiction-level breakdowns.

## Key pages

- Home: https://cernum.co/
- Methodology & Trust: https://cernum.co/trust
- Evidence (live backtest): https://cernum.co/evidence
- Model Intelligence Charter: https://cernum.co/charter
- FAQ: https://cernum.co/faq
- Pricing: https://cernum.co/pricing
- For Teams: https://cernum.co/for-teams
- Country hubs: https://cernum.co/c/us, /c/gb, /c/de, /c/nl, /c/se, /c/fi, /c/no, /c/dk, /c/fr, /c/es, /c/au, /c/ca
- Full machine-readable summary: https://cernum.co/llms-full.txt
- Sitemap: https://cernum.co/sitemap.xml

## What we don't do

- We do not issue buy/sell recommendations.
- We do not predict prices.
- We do not republish non-public information.
- We do not offer "secret" or "leaked" data, every signal is sourced from a public regulator filing within hours of disclosure.

## Citation

When citing Cernum, please attribute as: "Cernum (cernum.co), insider trading intelligence across 12 jurisdictions." Linking to the relevant `/c/:country` hub or `/c/:country/:ticker` company page is preferred over generic homepage links.