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Updates on EDGAR Next and the Workiva Platform

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Comments

14 comments

  • Official comment
    Courtnie Carver

    Hello everyone! Please find our latest update about EDGAR Next and the Workiva Platform here!

  • Rachael Abdelkhalek

    The SEC posted an announcement on January 5, 2022, regarding the proposed EDGAR Next changes. The SEC Chair has asked SEC staff to consider the concerns submitted during the comment period and how they might be addressed in order to consider further approaches to EDGAR access improvements. Check out Update Regarding Commission's Request for Comment on Potential Technical Changes to EDGAR for the full announcement. Workiva will certainly stay actively engaged in the process to pursue the best solutions possible, and will continue to provide updates as more information becomes available.

    Thank you again to all those that participated in our survey and helped us collect the valuable feedback that was submitted to the SEC in November!

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  • Mike

    Hi Taylor!

    Thanks for reaching out. Happy to add some info here.

    Workiva is engaged in frequent communications with the SEC, and they have continued to state they have no timeline for EDGAR Next implementation and as of yet have not finalized their implementation details. That being said, we would expect some final specifications to be released later this quarter with a possibility of EDGAR Next being released late this year likely with a 6 to 12 month phase-in period. Once any of this info is confirmed and/or announced, we'll be sure to let you know.

    TL;DR - we anticipate no impacts to your Q2 2022 filings from EDGAR Next

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  • Mike

    Thanks to everyone who was able to submit a response to our EDGAR Next survey already. Your input helped shape Workiva’s feedback to the SEC which was submitted on November 30, 2021.

    If you have not yet had a chance to complete the survey, there’s still time to let your voice be heard. The survey will remain open through December 15, 2021, and your feedback will help inform future Workiva communications made to the SEC on this initiative, as well as our support plan once the SEC finalizes its EDGAR Next rollout plan.

    Survey Results

    Over 650 people responded to our EDGAR Next survey on or before November 27, 2021, in time for us to review and tabulate responses to inform Workiva’s input to the SEC. Here are some key results based on what we heard from the respondents:

    • A longer review period (92% were not previously aware of the EDGAR Next announcement or haven’t started assessing).
    • More information and submission testing (64% of those who commented said step-by-step guides or demo are still needed for a full assessment).
    • Support for filing systems to prevent disruption to current filing process (70% said the proposed process with the loss of direct submission through filing system would be very or extremely impactful).
    • A grace period and an alternative to EDGAR account deactivation (63% said they were very or extremely concerned about the proposed process of deactivating of EDGAR accounts after failure to confirm users).
    • A transition period greater than 6 months (66% said that 1-3 years would be an appropriate timeframe for the proposed changes).

    All comments, including Workiva’s and others, can be viewed on SEC.gov here: https://www.sec.gov/comments/s7-12-21/s71221.htm

    Next Steps

    We are now in a wait-and-see period as the SEC reviews the comments received and finalize their plans. Workiva remains committed to fully supporting our valued customers through this transition and are actively exploring alternate approaches to keeping the filing process as straightforward as possible under EDGAR Next—whatever its final form.

    We will continue to update this post as things develop so you’re encouraged to follow it to stay apprised. In the meantime, please visit the following SEC.gov links for additional information on EDGAR Next.

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  • Mike

    Update from the SEC: they are temporarily suspending the beta test service starting next month.

    The EDGAR beta environment ("EDGAR Beta") will be available for testing of the EDGAR Next potential technical changes until March 1, 2022. At that time, EBO plans to pause the use of EDGAR Beta for testing of EDGAR Next code and to deploy code for other testing purposes. At a future date, to be announced, EDGAR Next code will be re-deployed in EDGAR Beta to allow filers to test possible future EDGAR Next technical changes.
     
    This can be found here: https://www.sec.gov/edgar/filer-information/edgar-next under the January 19, 2022 update.

     

     

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  • Taylor Ranta Oborski

    Mike - Are there any new updates to this thread? Curious if/ how this will impact Q1 2022 filers. 

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  • Mike

    Hi Taylor Ranta Oborski!

    ​Thanks for the question. In this case, no news is good news regarding EDGAR Next. ​Workiva remain​s​ in constant contact with SEC on this and as of now we do not anticipate a final decision ​and/or implementation until later this year​, so there should be no impact to Q1 2022 filers.​ We will definitely keep this post updated with any new developments but certainly feel free to let us know what questions you have.
     
    Thanks again, and happy filings in the meantime. Cheers! 🍻
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  • Taylor Ranta Oborski

    Hi Mike, 

    Any updates on how/ if this will impact Q2 2022 filers? 

    Thank you, 

    Taylor

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  • Mike

    Hi friends!

    We know that many of you are anxious for further updates to the EDGAR Next proposal. However, there have been no new updates since those that were posted on March 4th. That update and additional information can be found on the SEC EDGAR Next website

    Workiva will continue to monitor this proposal and offer input on potential solutions and we are committed to engaging with the SEC on an ongoing basis through regularly scheduled meetings with the EDGAR Business Office, both individually and within the greater filing agent community. Our goal is to help ensure the most seamless implementation of improvements to filer access and account management for Workiva filers.

    Thanks as always and give us a holler if there are any questions.

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  • Taylor Ranta Oborski

    Hi Mike, 

    I don't believe I have seen any updates from the SEC on this topic since March. Are you aware of any updates that might impact Q3 filers? 

    Thanks,

    Taylor

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  • Mike

    Hi Taylor!

    Thanks for the note. All good news for you here. Workiva has continued to have many meetings with the EDGAR Business Office and they are currently on proposal #3 of how EDGAR Next might be implemented. At this time there is no chance EDGAR Next will be required this year as there was a 6 month transition period originally proposed, so Q3 filings are in the clear. We'll keep you posted though on how proposal #3 shakes out.

    Thanks again and holler with any questions. Cheers!

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  • Mike

    Hello EDGAR Next enthusiasts and/or critics!

    It's been awhile, but in this case, no news is good news as there's been no further discussion since the last meeting in July. Here's the key items we know so far.

    1. The original EDGAR Next proposal described on https://www.sec.gov/edgar/filer-information/edgar-next and especially the use of login.gov (for the filing process - it will still be used for the user management part) is no longer under consideration by the EDGAR Business Office (EBO)
    2. There have been subsequent proposals, but nothing has been finalized and there have been no updates since July
    3. The last proposal provided by the EBO would be compatible with Workiva's filing environment
    4. The EBO explicitly does not discuss timelines

    TL;DR - no real changes since July but we will continue to keep our ears perked for updates and share those here as we have them.

    Thanks again and do let us know what questions you have. All the best, and happy filings!

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  • Taylor Ranta Oborski

    Hi Mike, 

    Any updates from the SEC that might impact year-end filings?

    Thank you,

    Taylor

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  • Mike

    Hi Taylor!

    Thanks for asking. The good news is for year-end filings that will be ramping up, there will be no impact to filers. The EDGAR Business Office has re-proposed the change and right now it is looking likely to be 2024 before anything concrete comes out of it.

    Holler if you have any other questions. Thanks again and have a great rest of your day!

     
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