SEC Announces Updated EDGAR Filer Management Platform

The US Securities and Exchange Commission (SEC) is making some big changes to its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Filer Management platform. The updated version, called EDGAR Next, is set to launch on March 24, 2025, with a deadline for filers to switch over by September 15, 2025.

So, what’s all the fuss about? Well, EDGAR Next is designed to beef up security, make managing EDGAR accounts easier, and give the whole system a modern makeover. The SEC finalized the rule and form amendments for EDGAR Next back in September 2024, and now they’re providing details on what’s changing and how to make the transition smoother.

Here’s the scoop on the key changes: everyone handling EDGAR accounts will need to get Login.gov credentials to sign up for the new platform. Login.gov is like a super secure login service provided by the US General Services Administration. Filer folks will also need to assign account administrators in the new system. These admins can do things like delegate filing authority, generate confirmation codes, and manage groups of users.

Starting in 2025, folks who don’t have EDGAR codes yet will have to go through a refreshed Form ID application process to get them. The SEC is updating the form to be more user-friendly, but they’ll still review each one individually. And don’t forget, any natural person or entity looking to submit filings through EDGAR will need those codes.

But wait, there’s more! Filers can now use Application Programming Interfaces (APIs) to enroll in EDGAR Next and submit filings. APIs are like a tech shortcut that lets computers talk to each other and make the filing process more efficient. With APIs, filers can use machine-to-machine communication to submit filings faster and even delegate filing authority to multiple entities at once.

For those diving into the API world, having a couple of technical administrators is key. These tech-savvy folks will handle API tokens, which are like digital passes that allow action on the EDGAR Next platform. And you don’t have to be a tech wizard to make it work—just a basic understanding of API processes is recommended.

So, there you have it! The SEC is revamping EDGAR with EDGAR Next to make things more secure, easier to manage, and more tech-friendly. Get ready to make the switch and enjoy a smoother filing experience!