As we embark on the new year, it is time to consider what is next for the SEC—specifically, EDGAR Next. In September 2024, the Securities and Exchange Commission adopted amendments to Regulation S-T aimed at modernizing the agency’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. The new system—aptly named EDGAR Next—will feature improved access procedures and enhanced security measures, including two-factor authentication.
EDGAR Next will impact all electronic filers, including: public companies, Section 16 officers and directors, shareholders with reporting obligations (e.g., Schedule 13D, Schedule 13G, Form 13F, and Form 144), investment funds, and third-party filing agents.
What’s New?
- Authorized Individuals. EDGAR Next will require existing filers to authorize specific individuals—such as filing agents, members of the financial reporting team, or in-house counsel—to manage their EDGAR accounts. To access EDGAR Next, every authorized individual must have their own Login.gov account credentials, which cannot be shared. Authorized individuals can obtain Login.gov credentials by visiting the site, clicking on “Sign in with Login.gov,” selecting “Create an account,” and responding to the applicable prompts.
- Account Administrators. Filers must also designate “Account Administrators” on EDGAR Next. Individual filers (i.e., Section 16 filers) must authorize and maintain at least one Account Administrator, while all other filers (i.e., companies) must have at least two Account Administrators. Account Administrators will be able to (1) delegate filing authority to other individuals; (2) generate custom central index confirmation codes (CCCs); (3) make the newly-required annual confirmation of account information; and (4) serve as the point of contact regarding the filer’s EDGAR account.
- Users. Account Administrators may delegate other individuals as “Users” who can make submissions on behalf of filers. Any individual authorized as a User must sign into EDGAR Next with his or her own Login.gov credentials and input the filer’s central index key (CIK) and CCC.
Enrollment Procedure
Enrollment in EDGAR Next begins on March 24, 2025. Existing filers (or individuals authorized to act on their behalf) can access EDGAR Next by using the filers’ current CIK, CCC, and passphrase. New filers must submit the newly amended Form ID, which is the application to access EDGAR Next.
Each filer (or the person designated to complete the enrollment process on its behalf) will then designate the filer’s Account Administrator(s). The enrolling person will also designate the fiscal quarter in which the Account Administrator(s) must complete the annual confirmation of the accuracy of the filer’s account information. If the annual confirmation is not made within three months of the confirmation deadline, the filer’s account will be deactivated and submissions will not be able to be made until the filer has re-enrolled in EDGAR Next by submitting a new Form ID. To be sure, EDGAR Next will provide periodic notices to Account Administrators ahead of confirmation deadlines.
Once enrollment is complete, a notification will be sent by email and through the EDGAR Next dashboard to the current EDGAR point of contact for the filer, as well as the newly designated Account Administrator(s). In addition, EDGAR Next will automatically create new CCC codes for each filer.
Filers must enroll in EDGAR Next by September 15, 2025 to make any EDGAR filings on or after this date. The existing EDGAR system will remain available until December 19, 2025, but solely for enrollment in EDGAR Next; filers who have not complied by this deadline will not only be required to submit a new Form ID to make filings, but also risk filing late periodic reports, such as Forms 10-Q or 8-K.
Key Dates:
- March 24, 2025: EDGAR Next goes live.
- March 24, 2025 – September 12, 2025: both the current EDGAR system and EDGAR Next will be available.
- September 15, 2025: Existing EDGAR access codes will be deactivated, and filers cannot make SEC filings until they have enrolled in EDGAR Next.
- December 19, 2025: Enrollment of existing filers in EDGAR Next ends.
- December 22, 2025: New filers (and any existing filer that has not yet enrolled in EDGAR Next) must submit a new Form ID to access EDGAR Next.
Ahead of the rollout of the new system, electronic filers should begin making preparations now. Suggested steps include: (1) ensuring all EDGAR access codes are current, including the filer’s CIK, CCC, and passphrase; (2) identifying the individuals who will serve as Account Administrators; (3) for Account Administrators, creating log-in credentials on Login.gov; (4) for companies or individuals that use financial printers, reaching out to them to discuss the EDGAR Next transition and the process for delegating to the printer the authority to make filings on the filer’s behalf. Additionally, the SEC has rolled out an EDGAR Next beta platform, where filers can log on with their Login.gov credentials, test the new Form ID, and familiarize themselves with the updated EDGAR Next dashboard.
We will continue to monitor the rollout of EDGAR Next and provide updates as applicable.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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