Prepare for EDGAR: What Filers Need to Know and How to Get Ready
The adoption of the “EDGAR Next” changes by the Securities and Exchange Commission (SEC) on September 27, 2024, marks a significant shift in the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). These changes, set to go into effect on March 24, 2025, will have far-reaching implications for both current and prospective EDGAR filers.
Under the new EDGAR Next system, filers will no longer be able to utilize a single set of credentials to access the platform. Instead, each individual will be required to obtain a distinct Login.gov account and complete multi-factor authentication. This enhanced security measure is aimed at bolstering the overall security of the EDGAR system.
Additionally, EDGAR Next introduces a new website with a user-friendly dashboard that will allow each filer to manage their account efficiently. Furthermore, filers will now be required to designate specific individuals to serve in various roles. Each filer must appoint at least two “account administrators” who have the authority to add and remove other account administrators, technical administrators, and users. Moreover, the filer must designate at least two “technical administrators” unless they do not plan to use any application programming interfaces (APIs).
One of the key changes brought about by EDGAR Next is the requirement for account administrators to confirm annually that the information in the filer’s EDGAR Next account is accurate. This ongoing confirmation process is intended to ensure the integrity of the data submitted to EDGAR.
Starting from 6 a.m. ET on September 15, 2025, compliance with all EDGAR Next and form changes will be mandatory for filing on the platform. To access EDGAR websites, including EDGAR Online Forms, EDGAR Filing, and EDGAR Filer Management, filers will need Login.gov credentials and must complete multifactor authentication.
For new filers who have not obtained password-based credentials under the legacy system by March 21, 2025, compliance with the amended Form ID and submission of the Form ID through the dashboard will be required from March 24, 2025. Existing filers, on the other hand, will have until September 12, 2025, to transition to the new system using a simplified enrollment process.
To ensure a smooth transition to the new EDGAR Next system, filers are advised to take several preparatory steps. These include obtaining Login.gov credentials, designating account administrators, coordinating with individuals with beneficial ownership reporting obligations, and delegating filing authority to relevant users.
Awareness of key dates, such as the compliance deadline and ongoing confirmation deadline, is crucial for filers to avoid any potential delays. Additionally, logging into the SEC’s EDGAR Next Beta system during the transition period and attending webinars posted on the SEC’s YouTube channel can provide valuable insights into the new filing process.
In conclusion, the EDGAR Next changes represent a significant step towards enhancing the security and efficiency of the EDGAR system. By preparing in advance and familiarizing themselves with the new requirements, filers can navigate the transition seamlessly and ensure compliance with the revised regulations.
