EDGAR Access Rules Updates: Getting Ready for Changes
The U.S. Securities and Exchange Commission (SEC) recently adopted amendments to Rules 10 and 11 of Regulation S-T and Form ID to make technical changes to the EDGAR system. These changes, known as EDGAR Next, are aimed at improving the security and accessibility of the filing system for users. The Amendments are expected to make managing EDGAR accounts easier for filers and their representatives.
The implementation of EDGAR Next will roll out in stages, with a beta testing period currently underway. The full transition is set to go live on March 24, 2025, and legacy EDGAR can still be used for filings until September 12, 2025.
One of the key changes with EDGAR Next is the requirement for filers to designate individuals to manage their accounts and file on their behalf. These designated individuals will need their own individual account credentials and complete multifactor authentication to access and file through EDGAR.
Under EDGAR Next, the current system of passwords, passphrase, and codes will be replaced by individual account credentials for authorized individuals. This change aims to enhance security and restrict access to only authorized users. Filers will also need to identify individuals for specific roles, including account administrators, users, technical administrators, and delegated entities, each with different responsibilities and privileges related to managing EDGAR accounts.
Account administrators will be in charge of managing filers’ accounts and serving as points of contact with the SEC. Users will be authorized individuals to make filings on behalf of the filers, while technical administrators will handle technical aspects of the connection to EDGAR’s APIs. Delegated entities are authorized entities to make filings on behalf of other filers, and they must comply with the same requirements as all filers.
These changes are designed to enhance the security, manageability, and accessibility of the EDGAR system, benefiting filers, representatives, and investors alike. Understanding these upcoming changes and preparing for the transition to EDGAR Next will be crucial for all users of the system.
