Updates on EDGAR Next and the Workiva Platform
At the tail end of September, the SEC announced a new proposal—EDGAR Next. This proposal included potential technical changes to how filers access the EDGAR system to make submissions, and how filers manage individuals who file on their behalf. This would change the way all filers log into EDGAR, and applies to all existing EDGAR filers, including entities and individuals. The proposed timeline for these changes is for Spring 2022, with a 6-month transition period. The SEC has provided a website here with more info on EDGAR Next.
As the market leader in SEC filings, and as third-party filing agents ourselves, Workiva has been heavily involved in this process ever since the announcement. We have been investigating this change, have engaged with the SEC, and are collaborating with other filing agents.
What we know now
This change will certainly impact Workiva (and all other filing agents) in many ways. If implemented today, EDGAR Next would discontinue the current EDGAR password, PMAC, and passphrase and all filers would obtain and utilize Login.gov credentials to sign into EDGAR with multi factor authentication after this change. There are also new requirements for EDGAR user management, including designating at least two administrators; individual filers need to designate at least one administrator using the new EDGAR Filer Management function. These Admins can add additional users who can submit filings but cannot administer other users. Filers also need to delegate a filing agent (such as Workiva) and the filing agent needs to accept delegation, in order for filers to use an outside service to submit filing (i.e. Workiva). Filers’ administrators will have an annual responsibility to confirm users, and users will also need to confirm their roles as a part of this annual confirmation process. Non-compliance would result in deactivation of EDGAR account under the proposed rule
There is an EDGAR Next beta available for testing which allows filers to review and test many of the potential technical changes to EDGAR filer access and account management. Filers can register using the Sign up for EDGAR Beta page, however, there are still some features missing, including the ability to perform a full filing submission. The SEC states that additional functions are expected to be added to EDGAR Beta in November 2021 and that EDGAR beta will remain open during the consideration of the proposed changes.
Next steps
You can take part in the EDGAR Next beta process right now, which includes obtaining your Login.gov credentials, selecting the multi-authentication method, and testing the user validation process. Note that any Login.gov credentials created during EDGAR Beta may be used in the future if the proposed technical changes are implemented. Here's a website for all things EDGAR Next.
We encourage you to begin thinking about the number of admins and users appropriate for you under this new proposal, who will be responsible for this management, and also making sure to delegate Workiva as a filing agent, even if they plan to or are currently self-filing.
The SEC will have an open comment period regarding EDGAR Next. Workiva is actively evaluating the proposed changes and a potential response to the SEC's request for comments with our feedback and questions. You can also submit your own comments too either through the Commission’s internet comment form or sending an email to rule-comments@sec.gov, including File Number S7-12-21 in the subject line. If you would prefer, you can email us your comments to Workiva at community.manager@workiva.com and Workiva will strive to reflect your voice in our own submission. The deadline to submit those is December 1st.
We continue to wait on specifications for software implementation of these proposed changes, the exact timeline and requirements, if and when the proposed rule is passed. That being said, as your trusted partner, we want to reassure all filers that Workiva is working tirelessly on your behalf and will make every effort to ensure a smooth transition. We also promise to keep you informed along the way so you too can be ready to go.
In the meantime, let us know what questions you have. Thanks as always for using Workiva. We look forward to our continued partnership. Cheers!
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Officiële opmerking
Hello everyone! Please find our latest update about EDGAR Next and the Workiva Platform here!
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.
- SEC's beta sign up to review and test the proposed technical changes: https://signup-beta.edgarfiling.sec.gov/
- SEC Information regarding EDGAR Next: https://www.sec.gov/edgar/filer-information/edgar-next
- Official proposal document: https://www.sec.gov/rules/other/2021/33-10993.pdf
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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!2
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.0
Mike - Are there any new updates to this thread? Curious if/ how this will impact Q1 2022 filers.
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Thanks for the question. In this case, no news is good news regarding EDGAR Next. Workiva remains 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! 🍻0
Hi Mike,
Any updates on how/ if this will impact Q2 2022 filers?
Thank you,
Taylor
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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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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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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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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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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.
- 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)
- There have been subsequent proposals, but nothing has been finalized and there have been no updates since July
- The last proposal provided by the EBO would be compatible with Workiva's filing environment
- 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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Hi Mike,
Any updates from the SEC that might impact year-end filings?
Thank you,
Taylor
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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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