We’ve been watching with intrigue the steps that the SEC is taking to put an end to “fake SEC filings” and make the filing process more reliable. My latest blog on this saga was earlier this year, when the Commission amended Reg S-T. Now, the SEC has also announced that it’s considering a big EDGAR upgrade that could change how filers access the system and manage people who file on their behalf. Here are a few details (see the SEC’s info page for more):
1. Requirement to obtain individual account credentials and use of Login.gov: If the SEC implements the potential technical changes to EDGAR filer access and account management processes, each individual who seeks to file on EDGAR would need unique account credentials from a third-party service provider to log in to EDGAR filing websites.
2. Filer Admins & Users: Each filer would designate at least one filer administrator, an individual authorized by the filer to manage individual users.Individuals authorized to make submissions on behalf of the filer would be known as the filer’s users.
3. Transition: If the potential technical changes to EDGAR filer access and account management processes are implemented, all current EDGAR filers would be required to transition their accounts to the new processes.
If you have opinions, you can provide those via the SEC’s request for comment. You can also sign up to test the beta version of “EDGAR Next” starting next Tuesday, October 12th.
– Liz Dunshee