EDGAR Next is set to undergo a significant modernization, including a proposed rule, “Amendments to Requirements for Filer Validation and Access to the EDGAR Filing System.” Initially announced in 2022, the modernization program was paused due to technical issues, but was added back to the SEC’s RegFlex spring 2023 agenda and remains a top focus as we enter the home stretch of 2023.
The proposed rule includes new validation requirements for filers and their representatives. When implemented, these amendments will require EDGAR filers to transition their accounts to the new processes. Specific details include:
- Individuals who file on behalf of current filers would be required to obtain Login.gov credentials.
- Current filers would be provided a method to transition their EDGAR accounts.
- The SEC would provide current filers with details about how to transition accounts and the deadlines for transitioning if the potential technical changes to EDGAR filer access and account management processes are implemented.
- The new process introduces multi-factor authentication which will be an additive step in the registration and filing process.
- Current filers would not need to complete Form ID to transition accounts.
The DFIN team has been closely following these SEC developments and will continue to keep a close eye on them moving forward. That includes any updates around the timing of EDGAR modernization efforts. As always, we encourage all readers to follow this page closely to stay up to date on everything and to reach out with any questions.