Which of the following roles typically does not qualify as an insider?

In the context of securities regulation and insider trading laws, the correct designation of "insider" typically applies to individuals who have access to non-public, material information about a company due to their position or holdings within the organization.

A regular employee of the company generally does not have access to this type of sensitive information when compared to company officers, directors, shareholders owning a significant percentage, and senior management officials. These latter groups often hold positions or ownership stakes that provide them with insights into the company's performance, future plans, or potential changes in operations that are not yet available to the average employee. Because of this lack of privileged access, a regular employee does not meet the criteria for being classified as an insider in the legal sense, which is why this option is correct.

In summary, the distinction lies in the level of access to confidential information, which informs who is considered an insider under the law.