The U.S. Securities and Exchange Commission (SEC) last week proposed a major rule that, if implemented, will substantially change how the filing community submits documents to the Electronic Data Gathering, Analysis, and Retrieval system, better known as EDGAR.
Under the proposed rule, which is part of the SEC’s ongoing modernization initiative, filers would no longer interact directly with the EDGAR system. They would have to create individual user account credentials with a third-party service provider. In addition, each filer would have to designate a filer administrator, who would “manage the permissions of the filer’s individual users through a new filer management tool on EDGAR.”
DFIN’s technical teams are studying the proposal now, and we will participate in the SEC’s beta program, beginning on October 12, to evaluate the proposed technical changes. The Commission is accepting comments on the draft rule until December 1 and is expected to make a final decision in January 2022.
DFIN will have more to say once we participate in the beta. But rest assured, we remain committed to serving as the filing community’s most trusted partner and will help our clients seamlessly accommodate rule changes as the SEC proceeds with its modernization.