June 3, 2025
EDGAR Next: Becoming a “Next-Level” Headache For Some Companies
The transition to EDGAR Next began in late March. I’ve talked to a few people who said the transition was easier than they expected. For others, the transition has been “truly horrendous” – an actual quote from our Q&A Forum (#12,717). Here’s the question that prompted that response:
Is anyone else having serious issues transitioning to EDGAR Next? For some of our submissions, it’s taking multiple weeks for processing to occur and we’ve actually had clients be locked out of filing. Sytsems going down, getting locked out, resets taking an inordinately long time and staff generally communicating being overwhelmed.
To date, no one has missed a filing that would have cost them S-3 eligibility, but we’re telling clients to try to plan to transition at a time when they don’t think they will need to file anything on EDGAR for a couple weeks (which is sometimes just beyond the client’s control). I have to imagine that if someone did have to request an S-3 waiver as a result of being unable to file that the staff would grant the waiver if you could show the communications and submission materials and related issues. Not sure what you do about a plaintiff suit if something just can’t be disclosed for that period of time. I guess one could still do press releases though that seems a bit odd/potentially an FD issue.
Just curious if we are the only ones having these issues and if anyone is aware of anything being done to address this at the SEC. Maybe they’ve just lost too many people?
It sounds like finding a quiet two-week window is good advice. Here are some other tips that members have shared – please feel free to email Meredith, John or me with any other processes that are working well for you (mervine@ccrcorp.com, john@thecorporatecounsel.net, liz@thecorporatecounsel.net):
1. Promptly reset the CCC to match the code used on the old platform
2. Take the lead for directors who have additional directorships
3. Handle insiders one by one at a time when they don’t expect upcoming filings
Check out our March Section16.net/NASPP webcast – “How to Prepare for EDGAR Next” – for additional info & suggestions, as well as our “Q&A Forum” on this site where we and other members of the community are continuing to receive and respond to questions.
– Liz Dunshee
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