On September 27, 2024, the Securities and Exchange Commission ("SEC") adopted final amendments to Rules 10 and 11 of Regulation S-T (17 CFR 232.10 and 232.11) and Form ID to improve access to, and management of, accounts on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Known as "EDGAR Next," these enhancements are designed to bolster security, streamline access, and improve account management on EDGAR. EDGAR has long served as the SEC's central online repository for electronic filings providing free, easy access to corporate information. SEC Chair Gary Gensler noted that these amendments represent an "important next step for EDGAR account access protocols."
Key Changes to EDGAR Access and Management
Individual Account Credentials and Login.gov Integration. Currently, filers have one set of EDGAR access codes that are shared by individuals making EDGAR filings on the filer's behalf. Under the new rules, individuals accessing EDGAR on behalf of filers must create personal credentials through Login.gov, which employs encryption, multi-factor authentication and additional safeguards. This enhances the security of EDGAR accounts by requiring any person seeking to make a submission on EDGAR on behalf of the filer to sign in using their individual account credentials, providing for individual accountability. Filers must authorize and maintain at least two (and up to 20) designated individuals as account administrators responsible for managing the filer's EDGAR account. Such designations can be made using the new dashboard discussed below. Account administrators can designate additional account administrators as well as provide "user" access to up to 500 individuals. Users will have the ability to make EDGAR submissions on the filer's behalf, but, unlike account administrators, will not be able to add or remove individuals from the dashboard.
Form ID Modernization. Form ID, the initial application for EDGAR access, is being redesigned to be more user-friendly and streamlined.
API Integration for Improved Efficiency. EDGAR Next will offer optional APIs, allowing filers to automate submissions, retrieve information, and perform account management tasks without significant manual interaction. This will enhance operational efficiency for firms with high submission volumes, supporting machine-to-machine interactions that reduce errors and increase speed.
Account Management Dashboard. A new dashboard will allow filers to designate account administrators, manage user access, update information, and track submissions in real-time. This self-service portal aims to make managing EDGAR accounts simpler and more transparent. The dashboard will be available during EDGAR operating hours, 6:00 a.m. to 10:00 p.m. (ET), daily except weekends and Federal holidays. Account administrators will be required to confirm annually that the information on the dashboard remains accurate.
Important Deadlines and Transition Periods
The SEC has established a timeline for compliance:
- Beta Testing Opens (September 30, 2024): The SEC is offering a public Beta version called "Adopting Beta" to allow users to test new features and provide feedback. Until September 12, 2025, filers will continue to make live EDGAR submissions according to the current EDGAR process.
- Mandatory Use of New Form ID (March 24, 2025): Enrollment for existing filers opens and the dashboard will go live. All new prospective filers must submit the revised Form ID from this date in order to obtain EDGAR access. Existing filers have until December 19, 2025 ("Enrollment End Date") to enroll, but will not be able to make filings on EDGAR after September 15, 2025 until they have enrolled.
- Full Compliance (September 15, 2025): Filers must fully comply with all EDGAR Next rules and amendments by this date, including using the new access protocols and designated account administrators. Legacy EDGAR access codes (password, passphrase, and PMAC) will be deactivated for filing purposes, but will remain available until the Enrollment End Date.
- Enrollment End Date (10:00 p.m. (ET) on December 19, 2025): After this date, filers who have not transitioned to EDGAR Next will need to submit a new Form ID to regain EDGAR access.
Read the SEC's press release, fact sheet, and final rule.
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