TheCorporateCounsel.net

As the calendar turns over to 2025, it is now time to focus on what’s next – and that is EDGAR Next. As I noted last October, the SEC adopted its “EDGAR Next” amendments in September 2024, and there has been a considerable amount of hand-wringing since that time as we have absorbed everything that is contemplated by the significant changes to the EDGAR access system.

In short, EDGAR Next will replace the current EDGAR access system that relies on old-fashioned passwords with a new access system that requires each person who accesses the EDGAR filing system to establish a user account and select a method for two-factor authentication. Filers will generally establish two account administrators, who have the responsibility for designating other persons authorized to make EDGAR filings on behalf of the filer. Filers with valid electronic filing credentials as of March 21, 2025 will have until September 12, 2025 to transition to EDGAR Next. Filers that do not complete EDGAR Next enrollment by that date will be unable to file or submit documents using the EDGAR filing system after September 12, 2025, and filing agents will be unable to make filings or submissions on behalf of the filer after that date. Existing EDGAR filers that have not completed enrollment by December 19, 2025 will not be able to enroll online, but will be required to submit a new Form ID to obtain access to the EDGAR filing system. The SEC has provided a resource page on the transition to EDGAR Next that includes this handy infographic highlighting the key steps toward implementation.

The transition to EDGAR Next will obviously have a big impact on Section 16 filers, and the SEC’s EDGAR Business Office is hosting a webinar focused on this topic on Thursday, January 23, 2025 from 1:00 to 2:30 pm Eastern time. You must register in advance for this webinar. Staff from the EDGAR Business Office will be available to answer questions during this live webinar.

There are very few things in life that are certain, but one thing I can say for certain after living with EDGAR for thirty years is that EDGAR is glitchy and rollouts of big changes can be very rocky. So it is important to focus on these EDGAR Next changes now to avoid surprises and frustrations down the road.

– Dave Lynn