UPDATED NOV. 2023
On September 13, 2023, the SEC re-proposed changes to access and account management on the Commission’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”). This is also known as ‘EDGAR Next.’
Changes to access and account management were originally proposed in September 2021. Workiva conducted a customer survey for feedback on the original proposal. That feedback was valuable and was evaluated by the SEC, which supported some of their redesign decisions. The SEC has now introduced updates since the original proposal, with the most significant change in adding support for APIs that will enable software systems connection to continue with the multi-factor authentication requirement.
In coordination with the updated proposal, the SEC also announced a beta testing program for filers to try EDGAR Next updates. As the EDGAR access and management process will be applicable to all SEC filers, we encourage companies to participate. More details on how to get involved can be found in the ‘Next Steps’ section.
Key Highlights of the Proposed Rule:
- Filers are expected to utilize Login.gov for individual account credentials and will include multi-factor authentication.
- Filers would be required to authorize and maintain designated individuals as account administrators and account administrators manage accounts on a dashboard on EDGAR. This also includes confirming annually those authorized to act on a filer’s behalf.
- Filers may only authorize individuals as account administrators or in the other roles described within the proposed rule if those individuals first obtain individual account credentials.
- APIs will be available to enable software, like Workiva, for filing submission, filing status, and EDGAR operational status.
- The EDGAR Next proposal comment period runs through November 21, 2023.
- The SEC introduced the beta program for EDGAR Next that began September 18, 2023 and will be available until March 15, 2024. Sign-up to participate in the beta is not required. Further information can be found at EDGAR Next—Filer Access and Account Management page on the SEC website.
- The SEC hosted a kick-off webinar on September 19, 2023. A recording of this webinar will be made available on the SEC’s YouTube page for further information.
- Through the remainder of September to mid-October, the SEC is hosting support development sessions around the use and implementation of the APIs to support the filing process, which Workiva plans to utilize to support our product efforts.
- The proposed rules specifies a 6 month phase-in period if the rule is adopted.
- EDGAR Next will be a full process in EDGAR account management that all SEC filers would have to manage. We expect if this rule goes final, the enrollment process will be a substantial task and its in a company’s best interest to start early in understanding the enrollment process. We encourage companies to participate in the beta for understanding account set up and management needs. The EDGAR Next page includes test cases to help understand what some testing capabilities may be. You can get started by creating Login.gov credentials, as outlined in the test case materials. Note that the Login.gov credentials created should be real and accurate information. Remaining information within the beta program will be test data.
- As the SEC is providing a beta environment, note that not all functionality may be running immediately. We encourage participants to report issues on https://feedback-bravo.edgarfiling.sec.gov/ and/or through EDGARNextBeta@sec.gov.
- There are still unknowns around the full beta program testing process, especially in terms of commercial software testing and when companies could test file through the Workiva Platform. Workiva is actively participating in the SEC’s available sessions around the EDGAR Next beta and API support. As we have additional information on next steps for software testing, we’ll share as soon as it is available.
- One important new concept under this new EDGAR user management process is the delegation to another entity (parent companies, filing agents, etc.) Delegation enables filers to authorize filing agents to submit filings on the filer's behalf. This would be an important aspect to learn about in the EDGAR beta for those who want to have the option of having Workiva to help with filing submission, including unforeseen situations such as account logout, expired credentials, etc.
How does this impact your Workiva filings?
- Check out this post outlining our proposed changes to the Workiva filing experience
To stay up to date on the latest information with EDGAR Next, follow this Community post or connect with our support team.
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