On September 27, 2024, the SEC announced significant amendments to the rules governing access to the EDGAR system, collectively referred to as "EDGAR Next." These changes, effective March 24, 2025, aim to enhance security by replacing the current password-based access with a more secure method.

EDGAR is the SEC’s primary system for submitting filings under federal securities laws. Traditionally, EDGAR assigned access codes that could be used by multiple individuals, but it lacked multifactor authentication, a key security measure. EDGAR Next enhances security by requiring individual login credentials for each user, ensuring clear identification of those making submissions.

Filers must also designate and authorize individuals to manage their EDGAR accounts through a new dashboard, improving account security, streamlining the filing process, and simplifying account management. Additionally, optional APIs will enable machine-to-machine submissions, data retrieval, and account management, significantly boosting efficiency and speed for filers interacting with EDGAR.

Key highlights

• Enhanced security measures: EDGAR Next will require all users to obtain individual login credentials through Login.gov, implementing two-factor authentication to ensure that only authorized individuals can access the EDGAR system.
• Applicability: The new access requirements apply to all entities and individuals interacting with the EDGAR system, including:
  • Emerging growth companies, smaller reporting companies, and foreign private issuers
  • Reporting companies, IPO applicants, and co-registrants
  • Operating companies, investment companies, funds, institutional advisers, and asset-backed issuers
  • Section 16 filers and others with filing obligations related to a reporting company's securities
  • Non-reporting companies required to file Form D notices for Regulation D exempt offerings
  • Filing agents such as financial printers, law firms, financial institutions, and broker-dealers
• Implementation timeline:
  • March 24, 2025: New filers must comply with EDGAR Next requirements immediately upon applying for EDGAR access.
  • March 24 – September 12, 2025: Existing filers can transition using a simplified enrollment process, during which they can use both existing and new credentials interchangeably.
  • September 15 – December 19, 2025: Existing filers who haven't transitioned will lose EDGAR access but can still enroll using the simplified process to regain access.
  • December 21, 2025, Onward: All filers must have completed the full EDGAR Next application process to make filings.
• Role designations: Filers must assign specific roles within their organization, including account administrators, technical administrators, and users, each with defined responsibilities. Ongoing annual confirmations and compliance measures are also required.

These amendments are designed to bolster the security and integrity of the EDGAR filing system, ensuring that only authorized individuals have access and that all activities are traceable to specific users.