In a significant move aimed at strengthening the integrity of its filing system, the SEC has adopted new rules for the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. These changes promise to enhance security measures and improve the user experience for filers.
For anyone familiar with EDGAR, improvements are long overdue, but we remain cautiously hopeful. But for CCOs and compliance professionals in general, any improvements will be a great step forward into the 21st century.
The newly adopted amendments mark a pivotal step forward in refining EDGAR account access protocols.
1. Authorized Account Management: One of the key changes requires filers to designate specific individuals responsible for managing their EDGAR accounts. This aims to bolster security and ensure accountability.
2. Enhanced Access Credentials: Individuals acting on behalf of filers must now use personal account credentials obtained from Login.gov to access EDGAR.
3. User-Friendly Form ID: The application process for accessing EDGAR, known as Form ID, will undergo modernization to enhance user experience.
4. APIs for Greater Efficiency Optional Application Programming Interfaces (APIs). These machine-to-machine interfaces allow filers to automate submissions, retrieve information, and manage their accounts more efficiently.
But of course, they can’t do it all on their own. Compliance officers and those who support them must do their part to integrate the changes. Filers must ensure that their amended Form ID will be in compliance by March 24, 2025, with all rule and form amendments taking effect on that date. Filers will be required to fully comply with the changes by September 15, 2025.
