Recently, I blogged about the SEC’s new EDGAR Next, then I shared a number of anecdotes from in-house practitioners who are starting to spot the challenges they will face to comply with the new rules. Here are six things you should be doing now:
- Start preparing right away. Implementing EDGAR Next is going to be a beast, and there is a lot to digest. Now is the time to start exploring, even though the compliance date of September 15, 2025, is nearly a year away. After all, these rule changes impact your C-suite officers and your directors, so handle with care. I’ll be blogging more about what you need to do with more granular detail soon enough.
- Consider the new EDGAR processes required. Your new processes will likely need to address the following:
– An administrator will need to specifically approve individuals or filing agents to submit filings on their behalf, keep track, and reapprove annually. The first step for any administrator to obtain credentials from Login.gov.
– Just having a CIK and CCC will not be sufficient – companies will need to have their own EDGAR credentials and be on the “approved list” for the entity that actually makes the filings.
– Expect to put processes in place to ensure that new filing agents or law firms are added to the list well in advance.
– For Section 16 filers, processes will need to be established so that if a director or officer serves on multiple boards, there are administrators for each company they are associated with. - Know there will be the benefits. There likely will be a steep learning curve, but once processes are put in place within your company, some things might actually be less stressful. For instance, if the CCC is changed, then it is available to anyone who is authorized to file for that entity. No more calling around to figure out who has the codes, which never was any fun. In the end, filers will have more control over their codes, making it easier to manage who can file on their behalf.
- Participate in the SEC’s beta program. Consider participating in the SEC’s beta rollout now to get your feet wet and start understanding how the SEC’s new platform works. The beta includes a new EDGAR Filer Management website, which contains a dashboard, but you won’t be able to make actual filings with the SEC using the beta site. The SEC’s new site goes live on March 24, 2025, but you probably will want to wait to start using the new site for filings until all your proxy season filings are made (if you’re a December 31st fiscal year-end company).
You have the option to wait to use the new site until you’re done with the proxy season because the SEC’s compliance date for EDGAR Next is September 15, 2025. Until then, you are permitted to use legacy EDGAR to make your filings, even if you have used the beta platform to test out the new process. - Watch the SEC’s instructional videos. The SEC is in the process of posting instructional videos on its YouTube channel, with more to come.
- Participate in the SEC’s kickoff webinars. The SEC has already held one kickoff webinar (with four attendees, but the replay will be posted on the SEC’s YouTube channel) and has two more scheduled for October 23rd and November 7th.
Authored by
Broc Romanek